First Direct has boosted its switching bonus by an extra £35
First Direct regularly offers cash for switching your current account over to them. This time, it’s offering £175 and an extra £35 -so £210 in total.
Here’s how the offer works and my analysis.
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How much can you get for switching to First Direct?
This First Direct switch offer is pretty straightforward. You’ll get a fixed £175 if you meet the conditions outlined below plus another £35 if you make the switch before 2 December.
You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts.
You’ll also only get one payment per joint account, not one each. So if two of you want the cash you’re better off opening two new individual accounts.
Who can get the First Direct switch offer?
The offer is only available to new First Direct customers, so no luck if you are an existing or previous customer.
You’re also barred from getting the free cash if you opened an HSBC current account (other products are fine) on or after 1 January 2018. It used to allow you to get the cash if you opened one before 2020, so you can tell that banks have caught on to regular switchers and want to make it harder for people to keep getting the bonus.
However, if you opened an HSBC account prior to this date, even if you still have it, then you’ll be eligible for the First Direct money.
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What are the requirements for the First Direct switch offer?
To get the cash, you need to open a 1st Account (this is First Direct’s standard current account) and pay in £1,000 within 45 days of opening the account. This doesn’t have to be in one go but each deposit does need to remain in the account for at least 24 hours.
As with most switching deals, you need to use the Current Account Switching Service to move over an account from a different bank, also within 45 days of opening it. You’ll also need to register and log into the First Direct app or online banking.
In 2025, First Direct added the requirement to move over two direct debits or standing orders from the old bank. If you don’t already have direct debits in place, then the easiest thing to do will be to set up standing orders. These are simple payments from your account to another of your accounts. Once the switch is complete and you’ve got the cash, you can cancel these payments.
And you’ll also need to use the debit card five times within the first 45 days.
When does the offer end?
First Direct usually has an open-ended offer on launch, and that’s the case with this one too. We’ll update you with an end date when we know more.
When will the money be paid?
The full switch offer will be paid to your account before the 20th of the month following you completing all the criteria.
Get an additional £25 cashback
If you go via TopCashback to sign up for First Direct, then you can get £20 in cashback. And if you go via Quidco, you can get £25.
If you don’t have a TopCashback account already, you can also a welcome bonus when you first sign up and spend £10 – this offer won’t qualify, so you’d need to spend £10 via TopCashback in addition to get the additional bonus.
And if you want to go via Quidco, you can also get a welcome offer if you’re a new customer.
First Direct switch offer summary
| Switching bonus | £210 |
| Open to existing customers | No |
| Requirements | Move two direct debits or standing orders from your old bank |
| Switch using the Current Account Switch Service and close old account | |
| Pay in £1,000 within 45 days of opening the account (and keep it there for 24 hours) | |
| Use your debit card five times in the first 45 days. | |
| Sign up for and log into the First Direct app or online banking | |
| Exclusions | Not already have or ever had a First Direct account |
| Not have opened an HSBC account since 1st January 2018 | |
| Offer limited to once per person | |
| Bonus paid | By the 20th of the following month after meeting the criteria |
| Offer ends | 2 December for the £35 bonus |
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Plus, new TopCashback customers get a high paying £18 welcome offer
Is First Direct any good?
First Direct always scores well on customer service, but bear in mind there are no branches – banking is all on the phone or online. It’s also part of the HSBC group, so the FSCS protection is shared between the two.
First Direct 1st account benefits
The account is pretty bog standard, with no rewards or fancy features. The app has improved a lot, but it’s still not as good as what you’ll get with Starling or Monzo.
The £250 0% buffer is a useful feature for anyone who occasionally goes overdrawn by a small amount. The standout is access to a 7% regular saver, fixed for a year.
However, customer service is well thought out, with a decent phone support line.
Over at customer reviews site Smart Money People, the 1st account scores 4.69 out of 5.
| Benefits | £250 0% overdraft (subject to status) |
| Access to 7% AER (fixed for 12 months) regular saver (Save between £25 and £300 a month) | |
| “Sweep” autosaving feature (moves spare money in account to savings) | |
| Fee-free spending overseas | |
| Fee | None |
| Requirements | None |
| Notes | Shared FSCS protection with HSBC |
Is it worth switching to First Direct?
The Be Clever With Your Cash team’s analysis
If you’ve not had free cash from HSBC or First Direct before, then it’s well worth grabbing it.
HSBC offers tend to be higher but more complicated, so if you just want an easy switch we’d favour First Direct. Plus there’s that decent regular saver and you might be able to get cashback on top.
Personally we wouldn’t use it as my primary bank because you can get better apps or better rewards elsewhere. However, if you occasionally go overdrawn then it’s hard to beat the 1st account.
Are there better switching offers?
If you’re a repeat switcher and aren’t planning to keep an account then this is one of the best. But if you plan to just switch once I’d actually look at other options which have added rewards or cashback.
These come and go, so here’s everything you need to know about all these and other different bank switching deals.
The best bank switch bonuses
Check out our list of all the bank switch offers you can get when opening a new current account
Previous First Direct switching deals
- £175 (March 2024)
- £175 (September to late 2023)
- £175 (early 2023)
- £150 (February to August 2022)
- £130 (January to February 2022)
- £130 (November 2021)
- £100 (October 2021)
- £100 (July 2021)
- £125 (June 2021)
- £100 (Feb 2021)
