£25 free from First Direct

123xyz

First Direct seem to be offering me a one off sum of £25 free for opening a current account with £100. 25% seems a too good an interest rate to me(!), but I just cannot find the catch, even with my best glasses on.

Does anyone know what the catch is?

realaledrinker

They seem to change the offer very regularly!

When I applied in early December they were quoting a monthly credit of £1000 to qualify.

Try quoting reference LU130 which was offering a £35 credit. This was on an insert in my BMW Magazine received early Dec. It is payable as soon as the account starts to be used, supposedly. I am giving them another couple of weeks & then I'll start chasing!

Walletwatch

First Direct seem to be offering me a one off sum of £25 free for opening a current account with £100.  25% seems a too good an interest rate to me(!), but I just cannot find the catch, even with my best glasses on.

Does anyone know what the catch is?

There is no catch, unless as quoted above, they insist that you put a fixed amount per month into your account. Frankly, even if this is the case, you can just put the money in and withdraw it every month till you do get the £25 (which I think should be immediately).

BTW, I wouldn't term it as a 25% interest rate. This is more a marketing ploy to win fresh customers by paying them a one-off incentive, in the hope that they won't close their accounts / leave them dormant once they get the £25.