First direct offering free £175 to new customers but Britons could 'miss out' - how to claim
The digital bank's cash deal is still on offer
PA
First direct has recently relaunched its popular account switching deal which offers new customers the opportunity to earn a free £175.
In order to earn this amount, new customers will need to take out the retail bank's 1st Account using the Current Account Switch Service (CASS).
On top of the free £175 cash sum, there are a variety of other benefits which are attached to the first direct account to further entice savings customers.
These include no debt card fees when spending abroad and access to the bank's Regular Saver which offers a seven per cent interest rate.
This particular savings deal has previously been withdrawn from the market by first direct and could be removed again in the near future.
Caitlyn Eastell, a spokesperson at Moneyfactscompare.co.uk, broke down why Britons should take advantage of the banks' offering before its late.
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First direct is offering one of the best rates on the market with an account offering seven per cent PAShe explained: "Adding to its appeal, customers can expect to receive a £250 interest-free buffer on its arranged overdraft, which some may find beneficial.
"However, the account does not pay any credit interest, which should be considered."
After the 1st Account has been opened, customers will have 45 days to register for online banking to get the £175.
On top of this, they will have to make at least five debit card payments, which can include third-party payment platforms.
Within this 45-day period, new first direct customers will need to transfer a minimum of two direct debits or standing orders over to the account.
Furthermore, they will have to deposit £1,000 minimum which can either be a a one-off payment or spread over the 45 days.
Once this criteria has been met, account holders will receive the £175 incentive before the 20th of the following month.
It should be noted that existing first direct customers will not be able to qualify for this deal.
Notably, Britons will not be eligible if they previously held a first direct account or opened a current account with its sister bank, HSBC, on or after January 1 2018.
Free cash account switch incentives have been popular in recent years however many banks have removed these deals from the market in recent weeks.
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Finance expert Rachel Springall previously warned that many of these deals will likely no long exist in the coming months.
She said: "Cstomers who have not made time to explore the variety of offers and switch using the CASS would have missed out on free cash from some of the biggest banking brands last month.
"This should not deter customers from ditching and switching to an account that works harder for them, as there are still some decent packages available to suit different circumstances. It’s vital that customers choose an account based on its overall value, and not just for a free cash incentive.