UK markets close in 4 hours 9 minutes
  • FTSE 100

    6,627.66
    +39.13 (+0.59%)
     
  • FTSE 250

    21,240.98
    +19.52 (+0.09%)
     
  • AIM

    1,190.40
    -1.77 (-0.15%)
     
  • GBP/EUR

    1.1569
    +0.0016 (+0.14%)
     
  • GBP/USD

    1.3916
    -0.0005 (-0.03%)
     
  • BTC-GBP

    35,056.34
    +597.68 (+1.73%)
     
  • CMC Crypto 200

    983.67
    -2.98 (-0.30%)
     
  • S&P 500

    3,901.82
    +90.67 (+2.38%)
     
  • DOW

    31,535.51
    +603.14 (+1.95%)
     
  • CRUDE OIL

    60.74
    +0.10 (+0.16%)
     
  • GOLD FUTURES

    1,726.30
    +3.30 (+0.19%)
     
  • NIKKEI 225

    29,408.17
    -255.33 (-0.86%)
     
  • HANG SENG

    29,095.86
    -356.71 (-1.21%)
     
  • DAX

    14,092.81
    +79.99 (+0.57%)
     
  • CAC 40

    5,826.35
    +33.56 (+0.58%)
     

First Direct reintroduces £100 switching offer

Vicky Shaw, PA Personal Finance Correspondent
·2-min read

Competition to attract current account customers is being ramped up as First Direct has reintroduced its £100 switching offer.

The £100 “welcome” is open to new customers switching to its 1st account.

Benefits of the account include a £250 interest-free overdraft, subject to status, and access to a 1% interest regular saver account.

The online and telephone bank, which is often rated highly in customer service surveys, has offered new customers £100 to switch in the past.

Chris Pitt, chief executive of First Direct, said: “The past 12 months have seen a defining shift in our online habits. More of us are now comfortable doing things remotely, but people are now looking to businesses who can offer them digital services that are supported by real people.”

To get the £100 cash offer, people need to open a 1st account and switch their everyday banking to it using the Current Account Switch Service (Cass). They need to pay in at least £1,000 within three months of opening the account.

Other terms and conditions also apply, including the offer not being available to customers who have opened an HSBC or M&S Bank account since January 1 2018.

First Direct is a division of HSBC UK and M&S Bank is part of the HSBC Group.

First Direct said its switching offer may be withdrawn at any time.

It is not the only provider to be offering cash to new customers.

On February 8, HSBC UK launched a £125 cash incentive to new customers switching to its Advance or Premier current accounts. Terms and conditions also apply with HSBC’s offer.