Major bank offers free £200 bonus plus 7% interest rate on savings - but its not around for long
Martin Lewis has rated this offer "top all round," compared to other deals on the market
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New customers can get a free £200 bonus if they switch their every day savings account to a first direct 1st account.
To get the welcome bonus of £175 , customers need to complete the switch using the Current Account Switching Service.
The remaining £25 boost is in the form of an Amazon voucher.
In the latest MoneySavingExpert's Money Tips Email, the experts explained the provider has boosted its £175 switching bonus by adding a £25 Amazon voucher.
It said: "First direct been near-top of every banking customer service poll we've ever run and right now, via this special link, it has boosted its £175 switching bonus by adding a £25 Amazon voucher, though it's unlikely to be around too long."
First direct can can also benefit from zero per cent overdraft, the top debit card abroad and a seven per cent regular saver.
As interest rates remain frozen at 5.25 per cent, savers are urged to get the best rate possible on their savings
GETTYOnce people switch, they will need at least two Direct Debits or standing orders going into their new account.
They will then pay in £1,000, make five plus debit card payments, and log on to digital banking, within 30 days of their account opening.
Card transactions can be made in-store or online, and could be from one's digital wallet or using their actual card.
Once these steps have been completed, customers can get the initial £175 welcome bonus.
The £25 Amazon voucher can be access via "a special link" provided on the MSE website.
This offer is limited to one payment per customer or joint account. Customers will get the money by the 20th of the following month in which all criteria has been met.
This account can’t be offered to people who have opened an HSBC current account on or after January 1, 2018.
Those who switch will also have access to first direct's Regular saver.
Savers can put away between £25 to £300 each month with the Regular Saver Account and they'll get a fixed rate of seven per cent AER/Gross for 12 months.
Interest is calculated daily and paid after 12 months.
This account is available to first direct 1st Account customers via their App and Online Banking.
First direct is not the only bank offering current account switch incentive.
Barclays is offering a free £175 boost plus extras, e.g. 5.12 per cent saver.
Club Lloyds is offering also offering a free £175 plus extras, e.g. free Disney+ and 6.25 per cent regular saver.
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