First Direct, the online banking arm of HSBC, has reintroduced its popular £175 switching bonus for 2025. This incentive aims to attract new customers who opt to switch their current accounts to First Direct, providing a financial boost to their bank balances this January.
How to Qualify for the £175 Bonus
To be eligible for the £175 reward, new customers must close their existing current account and switch to First Direct using the Current Account Switch Service (CASS). This service facilitates a seamless transition by transferring the account balance, direct debits, and wage payments to the new bank within seven days, according to MirrorOnline.
Eligibility Criteria:
- Switching Process: Use CASS to transfer your current account.
- Deposit Requirements: Deposit at least £1,000 within 30 days of account opening.
- Direct Debits: Set up a minimum of two direct debits or standing orders from the new account.
- Digital Banking: Register and log into First Direct’s digital banking within 45 days.
Upon meeting these criteria, the £175 will be credited to your account by the 20th of the following month.
Important Eligibility Conditions
First Direct defines a “new customer” as someone who has not held a First Direct account or opened an HSBC current account on or after January 1, 2018. However, individuals with HSBC accounts opened before this date remain eligible.
Additional requirements include:
- Must be 18 years or older.
- Must be a UK resident.
- Must not have been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years.
Additional Benefits of Switching
New customers who switch to First Direct can also access the bank’s 7% regular saver account. This account offers the highest interest rate on the market, fixed for 12 months. Regardless of potential changes in the Bank of England’s base interest rate, customers will enjoy the high return until the account matures.
Summary
First Direct’s £175 switching offer provides an attractive incentive for new customers willing to switch their current accounts. By fulfilling the outlined criteria and utilizing the benefits of CASS, customers can enjoy a financial boost and access one of the best savings rates available.
For more details on how to switch and take advantage of this offer, visit First Direct’s official website or contact their customer service.
Manish Kumar is a seasoned journalist and the Senior Editor at NewIndiaNetwork.com, with over a decade of experience in uncovering stories that matter. A leader both in the newsroom and beyond, he thrives on guiding his team to deliver impactful, thought-provoking content. When he’s not shaping headlines, you can find him sharing his insights on Twitter @humanish95 or connecting via email at manishdhanda60@gmail.com.
