Bank customers have been urged to see if they can cash in on an account offer. It’s worth checking how this particular offer works as you could earn more than you think.

Several bank providers currently have switch offers, where they try to entice new customers by offering some bonus cash. These typically involve a one-off payment into your account if you’ll move over your account to them.

Many of the big name banks often roll out these switching incentives, available for a limited time only. For example, Lloyds Bank was offering £200 to move your current account over to them, in an offer that was wrapped up in December 2025.

One provider which has such a deal on at the moment is First Direct. The bank is offering £175 if you’ll move over your current account to a 1st Account with them. But you could cash in on even more extra payments.

To get the one-off payment of £175, you need to open a a 1st Account and then complete several steps within 45 days of opening your account. These include completing a switch using the Current Account Switch Service.

The switch needs to include at least two direct debits or standing order. You also need to deposit at least £1,000 into the new account, make five debit card payments and log in to digital banking, within the same 45-day window.

The offer is only available to new customer. Guidance on the First Direct website explains: “New customers only, who haven’t previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018.”

Another £135 payment

However, you could get even more from the provider. By opening a 1st Account, you also gain access to the Regular Saver. This pays 7 percent for a 12-month term.

The amount you can pay ranges from a minimum £25 up to £300 each month. This means if you paid in the maximum £300 a month over the 12 months you would deposit £3,600, and could earn £136.50 in interest.

Interest is calculated daily and is added to your account at the end of the 12 months. This means together with the £175 switch offer, customers could get over £310 in payments from the bank.

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