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One week left to get £175 income boost as last major bank offering switching bonus to withdraw deal in days
Includes which banks offer free cash
THE opportunity to get an incredible £175 income boost will soon end - so act fast to avoid missing out.
The last major bank offering an exciting switching bonus will withdraw the deal in just days.
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First Direct launched a no-brainer £175 free cash scheme in a bid to lure new customers.
It's the sixth bank to kick off the deal but it's drawing to a close in the coming days.
The deal started on March 26 and new customers will have until April 22 to take advantage of the tempting offer.
On top of the free cash, people have been promised to receive a £250 interest-free overdraft.
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Other perks that come with opening an account include a fee-free overseas transactions and ATM withdrawals which come in handy ahead of the holiday season.
First Direct clients will also benefit from access to a seven per cent interest on a regular saver account.
Chris Pitt, CEO of First Direct, said: “Our switching incentive has proven incredibly popular amongst our customers, which is why we’re excited to bring it back.
"This is in addition to our award-winning service, which is available 24 hours a day, 7 days a week.
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“To receive the offer, customers simply need to meet certain criteria that reflects they have switched their everyday banking to us.”
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In order to be able to receive the £175 switching offer, customer must meet the below criteria:
- Open a first direct account on or after March 26 and before the offer closes on April 22 or is withdrawn
- Go through a full CASS switch process to transfer their everyday banking, including switching at least two direct debit or standing orders within 30 days of opening the account (this must be from a provider that participates in CASS)
- Deposit a minimum of £1,000 into their account within 30 days of the account opening
- Registering and logging onto digital banking, within 30 days of the account opening
- Be a new customer of first direct, who has not previously held a first direct product or opened a HSBC current account on or after January 1, 2018
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up - there's a full list on CASS' website.
Under the switching service, swapping banks should take seven working days.
You don't have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts - but these accounts might come with a monthly fee.
What other banks offer free cash?
Santander
- £185 in free cash, which will get paid within 90 days of the switch process
The deal is open to both new and existing Santander UK customers.
Customers using the Current Account Switching Service (CASS) to switch to either an Everyday Current Account, Santander Edge Current Account, Santander Edge Up Current Account, or Private Current Account v2 will earn £185.
New customers can switch online through the Santander website, over phone, or in branch.
Existing Santander UK customers must visit a branch to take advantage of this offer.
To qualify for the £185 payment, customers must:
- Complete the full switch within 60 days of requesting the switch process (including the closure of the old account).
- Pay in at least £1,500 within 60 days of requesting the switch process (this does not need to be in one payment).
- Set up two active direct debits within 60 days.
- Continue to hold the qualifying current account on the day the payment is made.
HSBC
- Up to £220 free cash, which includes £10 a month cashback for a year. Plus, you'll get access to a linked saver paying 5%
The current switching offer with HSBC means new customers can get up to £220 by switching from their current bank to a HSBC UK Advance or Premier account.
The money is paid in separate amounts. You'll get one lump sum payment of £100 for switching, and then you can earn £10 a month cashback for 12 months.
Certain criteria must be met to get the full £220 and the switching process must be done through CASS.
CASS is a free service that lets you swap your old current account to a new one completely hassle-free.
You just have to contact your new bank to apply for their current account, and if you are accepted they will offer to make the switch for you.
In order to get the first £100 payment, you must meet the following criteria:
- Apply for a HSBC Advance or Premier bank account on or after March 11 and successfully open the account
- Switch an existing account from another bank using the CASS within 30 days of opening the account
- The switch must include at least two direct debits or standing orders
- Within 60 days, deposit at least £1,500 into the account over one or more payments
- Make a minimum of 20 transactions using your HSBC debit card
- Register and log on to mobile banking
- Open an Online Bonus Saver account and deposit at least £50
If new customers complete all the above steps, they will receive £100 into their current account within 30 days.
To get the further £120, they must continue to complete a number of the above steps each month for a further 12 months.
Customers must continue to log onto mobile banking, pay in £1,500, make a minimum of 20 transactions and keep their direct debits active each month, with the addition of making a monthly deposit of £50 in their online bonus saver account.
For each month they meet this criteria, £10 will be paid into their account up to a maximum of £120 - or 12 monthly payments - by the 20th of the following month.
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Do bear in mind that this extra cash depends on meeting the monthly criteria, so if one month is missed, you will miss out on that month's £10 bonus payment.