New Monday ‘increase’ announcement means customers ‘now get £200 in accounts’

The first direct bank announced on Monday morning that it was raising its switching incentive on its current account to £200 with immediate effect, “for a limited time only”. To qualify for the £200 payment, new customers have until July 15 to open their account with first direct.

New customers transferring their current account to first direct can also look forward to benefiting from the “numerous perks the account offers”, the bank confirmed. These include discounts and benefits, access to a 7% interest Regular Saver account, fee-free overseas transactions and ATM withdrawals, a £250 interest-free overdraft and 24/7 customer service.

To be eligible for the £200 switching offer, customers have 45 days to satisfy the account’s criteria following opening. This involves completing the full CASS switch process to transfer their everyday banking, including switching at least two direct debits or standing orders – this must be from a provider that participates in CASS – the Current Account Switching Service.

Customers must deposit a minimum of £1,000 into their account and register for and log onto digital banking. They must also use their debit card at least five times and must not be an existing customer of first direct or HSBC.

Colin Harrison, head of banking and propositions at first direct, said: “We are really pleased to be increasing our long-standing switching incentive to £200 for a limited time, giving our customers even more back as a thank you for choosing to bank with us.

“This is just one of many rewards we offer customers, as well as a fee-free overdraft and transactions abroad, and a range of gifts and perks each month through our loyalty programme. This is on top of the award-winning customer service that first direct is famous for, which is available 24 hours a day, 365 days a year.”

The bank said it had won a range of accolades in recognition of its service, including ‘Best Banking Brand 2026’ at the Which? awards.