First Direct relaunches £175 switching deal for new customers just two weeks after pulling it

First Direct has relaunched its £175 switching bonus after pulling it just two weeks ago.

From today, new customers will receive £175 if they switch their current account to a First Direct current account though the Current Account Switch Service (CASS).

The digital bank says the deal is available for a limited time and the cash will be paid within a month of making the switch.

It comes as the challenger saw ‘significant take up’ when First Direct launched its last switching deal for four weeks between March 26 and April 22. 

It also suggests that without this incentive, it could be struggling to attract new current account customers. 

This is now the only switching deal on the market as all other switching deals have been pulled by banks.

Andrew Hagger, founder of website Money Comms said: ‘First Direct has probably had time to evaluate how successful it was last time round and are confident enough to launch a further campaign to give more people a chance to take advantage – there’s not much else around in terms of switching incentives right now so it should prove popular.

‘First Direct has an excellent reputation for customer service and a £250 interest free overdraft limit, so there won’t be any shortage of takers.’

What you need to do to get the cash

To get the £175 cash bonus, new customers must open a First Direct current account and switch their current account through the CASS process.

Customers need to set-up at least two direct debit or standing orders within 30 days of opening the account

They must also deposit at least £1,000 into the account within 30 days of opening and log-in to its app.

Customers who snapped up First Direct’s last switching deal will not be able to get the cash. 

Indeed, the offer is only open to new First Direct customers who have not previously held any First Direct product or opened an HSBC current account on or after 1 January 2018.

As well as the bonus, the account comes with a £250 interest-free overdraft, fee-free spending abroad and a 7 per cent regular saver.

Chris Pitt, chief executive of First Direct, said: ‘We want to reward customers for choosing to bank with us, which is why we are bringing back our popular £175 incentive. 

‘The offer will only be around for a limited time only, so we’d encourage people to make the most of it while it’s available.’