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Major bank brings back £175 free cash offer to ring in New Year – see if you’re eligible for the cash boost
We also reveal the other major banks offering free cash this month
A MAJOR bank has brought back its £175 free cash offer to celebrate the New Year.
Customers who make the switch to First Direct's current account will be entitled to the money, although there are some requirements that must be met.
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The £175 is a welcome bonus that’s given to all customers who switch to using the , including at least two Direct Debits or standing orders.
The bank's current account offers access to a linked 7% regular saver in which you can put up to £300 per month in for 12 months, as well as a £250 interest-free overdraft and no debit card fees when spending abroad.
In order to get the bonus, you must also deposit a minimum of £1,000, make at least five debit card payments, and log on to digital banking, all within 45 days of the account being opened.
Once completed, you'll then get your free £175 by the 20th of the following month.
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We should note that this switching bonus is limited to new customers only who crucially have not previously held a First Direct product.
This means it's also not available to any customers who have opened an HSBC current account on or after January 1, 2018, as they are part of the same company.
You must also be aged 18 and over, be a UK resident and have not been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years, in order to be eligible.
First Direct said: “If you meet all the Switch criteria and still have your new 1st Account on this date, we’ll make one direct credit of £175 (the ‘offer payment’) to your new 1st Account before the 20th of the following month.
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"If you open a 1st account in joint names, we’ll only make one payment of £175 into that account.”
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The bank had previously run the scheme in September last year, and it's unclear when this offer will expire
Banks often offer free cash to attract new customers, though deals can be pulled at any time.
The criteria for each varies and it’s worth checking the terms and conditions closely so you don’t miss out on the switch bonus.
Remember too that you’ll need to make sure that the account suits your needs too.
For instance that it has the customer service levels you’re looking for, offers withdrawals abroad if you travel often, or that it offers an overdraft if you need one.
In some cases you can still switch current accounts if you have an existing overdraft, though check before committing - and remember this is often one of the most expensive ways to borrow.
If you don't meet the criteria for First Direct, a range of other banks are also offering current account switch bonuses.
Nationwide is also offering customers a for those opening a current account, with similar payment requirements to the First Direct deal.
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Santander will pay who make the switch to them, although it should be noted that its bonus payment is only made around 90 days after the switch is requested.
Co-operative Bank is also offering who make the switch, although half of this comes from meeting additional spending and deposit requirements.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
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