Major bank brings back £175 free cash offer to ring in New Year – see if you’re eligible for the cash boost
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A MAJOR bank has brought back its £175 free cash offer to celebrate the New Year. Customers who make the switch to First Direct's current account will be entitled to the money, although there are some requirements that must be met. The £175 is a welcome bonus that’s given to all customers who switch to First Direct’s 1st Account using the Current Account Switch Service, including at least two Direct Debits or standing orders.
![[First Direct has brought back its £175 current account switch bonus]](https://www.thesun.co.uk/wp-content/uploads/2025/01/editorial-use-920789446.jpg?strip=all&w=960)
The bank's current account offers access to a linked 7% regular saver in which you can put up to £300 per month in for 12 months, as well as a £250 interest-free overdraft and no debit card fees when spending abroad. In order to get the bonus, you must also deposit a minimum of £1,000, make at least five debit card payments, and log on to digital banking, all within 45 days of the account being opened.
Once completed, you'll then get your free £175 by the 20th of the following month. We should note that this switching bonus is limited to new customers only who crucially have not previously held a First Direct product. This means it's also not available to any customers who have opened an HSBC current account on or after January 1, 2018.
You must also be aged 18 and over, be a UK resident and have not been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years, in order to be eligible. First Direct said: “If you meet all the Switch criteria and still have your new 1st Account on this date, we’ll make one direct credit of £175 (the ‘offer payment’) to your new 1st Account before the 20th of the following month.
