About This Offer
First Direct is offering £175 cash to new customers who switch their current account and meet the minimum requirements. This is one of the more straightforward bank switch bonuses - the requirements are manageable, and First Direct is one of the most highly regarded banks in the UK.
The official PDF says the offer is live until withdrawn, so there is no fixed public deadline to work to.
Why First Direct?
First Direct has been voted the UK's best bank for customer service consistently for over a decade. Unlike its parent company HSBC, First Direct is a digital-first bank with a reputation built on actually helping customers.
What you get with the account:
- Award-winning customer service - 24/7 UK-based phone support, year-round, no premium line needed
- £250 interest-free overdraft - automatically available to most customers
- Regular Saver account - competitive fixed interest rate (currently one of the best available)
- No monthly account fee - the 1st Account is free to maintain
- Full digital banking - well-rated app and online banking
Eligibility: The Critical Check
Before applying, confirm you meet the key eligibility criteria:
- New to First Direct - you must never have held a First Direct current account before
- HSBC cut-off applies - first direct says you are excluded if you opened an HSBC current account on or after 1 January 2018
- UK resident aged 18+
- Pass First Direct's credit checks - the application includes a hard credit check
This HSBC group rule is narrower than the older blanket wording you sometimes see online, so checking the current PDF matters.
How to Qualify for the £175
The requirements beyond the switch itself are:
| Requirement | Detail |
|---|---|
| Full CASS switch | Must use the Current Account Switch Service, not just open a new account |
| Deposit £1,000 | Within 45 days of account opening |
| 2+ payment instructions | At least two direct debits or standing orders must move with the switch |
| 5+ debit card payments | Within 45 days of the switch completing |
| Log into digital banking | At least once within 45 days |
Meeting the £1,000 deposit: This doesn't need to be your salary. A bank transfer from another account counts. Transfer in £1,000, then transfer it back to your main account after a few days if needed.
Setting up the switch: first direct allows the switch to include direct debits or standing orders, which is slightly more flexible than some competing offers.
Card payments: Five transactions is very easy - simply use the new debit card for your coffee, supermarket shop, or any small purchase five times.
Timing: When Does the £175 Arrive?
The official terms say first direct will make the payment before the 20th of the following month after you meet the criteria and still have the account open.
Can You Claim a First Direct Bonus More Than Once?
No. First Direct's offer is for new customers, and once you've claimed a bonus, you won't be eligible for another one. However, the account itself - with its free overdraft and Regular Saver - is worth keeping long-term regardless.
Is First Direct Worth Keeping After the Switch?
Many people switch to First Direct for the bonus and end up staying permanently. The combination of no fees, a £250 interest-free overdraft, and genuinely excellent customer service makes it a strong everyday account.
If you later want to earn another bank switch bonus, you'd switch away from First Direct - but given its quality, consider keeping it as your permanent "staying" account and switching sacrificial accounts elsewhere instead.
Frequently Asked Questions
Does the £1,000 deposit have to be all at once?
No - you can make multiple deposits totalling £1,000 within the 45-day window.
What if I've had an HSBC account in the past?
The current PDF specifically says you are excluded if you opened an HSBC current account on or after 1 January 2018. If your situation is messier than that, check with first direct before applying.
Is the CASS switch mandatory?
Yes. You must use the Current Account Switch Service - simply opening a new First Direct account and transferring money in does not qualify. The switch must be a full CASS switch from an existing account.
Does the application affect my credit score?
Yes - First Direct runs a hard credit check as part of the application. This has a small, temporary impact on your credit score. If you're planning a mortgage application in the next 3-6 months, consider timing carefully.