First Direct switching offer from 7 May 2024

EarthBoy

The First Direct switching offer is back:

Current Account | Open Online Current Account - first direct

Terms and conditions:

first direct
CASS switcher offer Terms and Conditions Effective from 7 May until the Offer is withdrawn.

Who’s running the offer?

first direct a division of HSBC UK plc (‘we, us’) is the promoter of the Offer

 Switch criteria
• open a first direct 1st Account on or after 7 May and before the Offer is withdrawn
• switch your everyday banking to us using the Current Account Switch Service (CASS). This must be from an account of another UK bank or building society that participates in CASS: (participating banks and building societies)
• where your first direct 1st Account is a joint account, at least one of the joint account holders must complete the CASS switch from either a sole account in their own name or another in the same names
• a full CASS switch including at least two Direct Debits or Standing Orders must be made within 30 Days of us opening your first direct 1st Account
• deposit a minimum of £1,000 (in single or multiple deposits) in your account and retain the amount of £1,000 for a duration of at least 24 hours. This amount should be reflected in your account balance overnight. Deposit must be made within 30 days of us opening your first direct 1st Account
• use your debit card 5+ times, including where you have set up your card in Google pay, Apple Pay etc. and the transactions must be posted to your account within 30 days of us opening your first direct 1st Account. The following are excluded: gambling transactions, credit card or insurance payments, cash withdrawals and card to card payments
• register and log on to Online Banking, within 30 days of us opening your first direct 1st Account
• you must continue to hold your first direct 1st Account on the date we make the Offer payment
• be a new customer to first direct, who has not previously held a first direct product, or has opened an HSBC current account on or after 1 January 2018.

Switch Offer Payment
If you meet all of the eligibility, we will make the payment of £175 (the ‘Offer Payment’) to you before the 20th of the following month.
The Offer Payment will be made by a direct credit into your first direct 1st Account.
The Offer is limited to one payment per first direct 1st Account.

What else do I need to know?
We can change these terms or cancel the Offer without telling you in advance if:
• required by law, or
• there are reasons beyond our control, or
• there’s a fair or valid reason.

WillPS

Interesting, so now they're back to an open ended offer.

I noticed over the weekend that Lloyds Bank seem to have done a big rebrand/relaunch on Club Lloyds, so I wonder if we'll be seeing another offer from them soon.

overspender22

Not having had a HSBC account open since 2018, which is now SIX years ago is absolutely ridiculous. Not having received a switch offer maybe, but a six year timeframe is a joke.

Nasqueron

overspender22 said:

Not having had a HSBC account open since 2018, which is now SIX years ago is absolutely ridiculous. Not having received a switch offer maybe, but a six year timeframe is a joke.

Yeah it was the first thing I scrolled to in case HSBC do it too, I switched in Feb 22 so I wasn't expecting something this year but 2028 until I could potentially get an HSBC one if they do it is crazy!

WillPS

overspender22 said:

Not having had a HSBC account open since 2018, which is now SIX years ago is absolutely ridiculous. Not having received a switch offer maybe, but a six year timeframe is a joke.

Agree - but from my own experience and what I've read, they rarely (if ever) enforce this. They seem less good at enforcing their own 'never had an account with FD' stipulation than they once were too, I got a second bonus from them last year despite having had another in 2018.

YMMV of course.

propunter99

I opened a First Direct account at the end of 2023 and got the free cash earlier this year. My account with them is still open.

I know I'm not technically eligible, but obviously people get multiple from banks all the time. (I've had two in 1 year from Lloyds).

Does anyone know if I'll be likely to get it if I close my existing account this week then apply next week? 

jbrassy

WillPS said:

I noticed over the weekend that Lloyds Bank seem to have done a big rebrand/relaunch on Club Lloyds, so I wonder if we'll be seeing another offer from them soon.

I hope not. I switched to Lloyds last week to get a better mortgage rate and received no switching bonus.

WillPS

jbrassy said:

WillPS said:

I noticed over the weekend that Lloyds Bank seem to have done a big rebrand/relaunch on Club Lloyds, so I wonder if we'll be seeing another offer from them soon.

I hope not. I switched to Lloyds last week to get a better mortgage rate and received no switching bonus.

They tend to not exclude existing customers, so I wouldn't worry.

Tonski

I opened a joint account with FD in 2011 which I closed in 2023 (didn't get a switching bonus for this). After reading the T&C's I believe I am ineligible for this offer, is that correct?

jimjames

Tonski said:

I opened a joint account with FD in 2011 which I closed in 2023 (didn't get a switching bonus for this). After reading the T&C's I believe I am ineligible for this offer, is that correct?

Yes according to the T&Cs

Nasqueron said:

overspender22 said:

Not having had a HSBC account open since 2018, which is now SIX years ago is absolutely ridiculous. Not having received a switch offer maybe, but a six year timeframe is a joke.

Yeah it was the first thing I scrolled to in case HSBC do it too, I switched in Feb 22 so I wasn't expecting something this year but 2028 until I could potentially get an HSBC one if they do it is crazy!

They're clearly not aiming at serial switchers so for the average account customer it won't be a problem as most people don't want to switch to the same bank more than once.

Ed-1

Tonski said:

I opened a joint account with FD in 2011 which I closed in 2023 (didn't get a switching bonus for this). After reading the T&C's I believe I am ineligible for this offer, is that correct?

Yes.

be a new customer to first direct, who has not previously held a first direct product