British bank says it will give customers £175 cash for free

First Direct has a few conditions though

UK bank First Direct has announced that they will give new customers £175 cash for switching their current account and the process can be completed in the space of a week. The high street bank has explained the simple requirements needed to be eligible for the one-off payment to encourage people to not fear switching banks. Given the ongoing cost of living crisis, the offer couldn't come at a better time either. First Direct writes on its website: "We know switching banks sounds like it'll be a nightmare, but we promise it's not. With the Current Account Switch Service (CASS), choose a date and we’ll move everything over for you in just seven working days." [caption id="attachment_354284" align="alignnone" width="1200"] Firs Direct current account switch offer

Firs Direct current account switch offer

Credit: First Direct/Wikimedia Commons[/caption] Other than that, all newcomers need to do is ensure that they pay in at least £1,000 within three months of opening the current account in order to receive the payment. The switch must completed using CASS in order to qualify for the £175, the bank said, and is only available to people who haven't previously held an account with the bank. Is is also unavailable to anybody who has opened a HSBC current account on or after January 1, 2019. New customers joining the bank as normal are eligible for £20 by simply opening an account via First Direct's online banking service. Chris Pitt, chief executive officer of the banking firm, said the new switching offer was "market leading" but said the bank reserves the right to refuse applications and withdraw the offer "at anytime". "Credit is subject to status and an assessment of your financial circumstances," he added.