First Direct offers free £175 to switch as Lloyds and Halifax close | Personal Finance | Finance

First Direct is offering customers who switch to its bank £175. With bank providers such as Lloyds, Halifax and NatWest across the country rapidly closing branches, the bank has shared its offer.

On its website, it says that its Current Account Switch Service (CASS) will seamlessly move balances, standing orders, payees and more over to First Direct. It says customers can choose a date and the bank will move everything over in seven working days.

It says step one is to let the bank know if planning to make the switch. Once a customer has opened a First Direct account, they should let the provider know if they wish to switch another current account to them via the App.

First Direct says it will ask for the new and old account details and the preferred switching date.

It says for step two, First Direct will inform the customer’s old bank that they are moving.

It says for step three, the customer does not need to do anything and instead should wait for First Direct to make the switch.

As part of this, it will also let Direct Debit recipients know so that there’s no disruption to outgoings.

First Direct adds that it will inform everyone who needs to know about the switch, including customers’ employers, so that salaries are paid into the right place.

To claim the £175, it says that within 45 days of the account opening, customers need to: switch to First Direct using the Current Account Switch Service (including at least 2 Direct Debits or standing orders), deposit £1,000, make 5+ debit card payments, and log on to digital banking.

It says card transactions can be made in-store or online, and could be from customers’ digital wallets or using actual cards.

This offer is limited to one payment per customer or joint account.

Customers will get the money by the 20th of the following month in which all criteria have been met.

It is for new customers only, who haven’t previously held a First Direct product.

First Direct says: “Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time. Subject to status. UK residents only.”