The bank, which is a retail bank division of HSBC Bank plc, is offering new customers a £100 payment if they switch current account via the Current Account Switch Service. Rules do apply, for instance the switcher can’t have tried out the bank before.
Eligibility rules state people who have previously held an account with first direct are not able to get the offer.
Furthermore, anyone who has opened an HSBC or M&S Bank current account on or after January 1, 2018, can’t get the offer.
“You may hold a HSBC and/or M&S Bank current account and still qualify for the offer, as long as the current account was opened before January 1, 2018,” the bank confirms.
It’s also important to note that first direct reserves the right to refuse applications, and the offer can be withdrawn at any time.
Additionally, new customers can access the bank’s linked savings account.
This is the Regular Saver Account which pays one percent AER/gross.
It is possible to put away between £25 and £300 into this account each month, for a fixed 12-month term.
During this term, the interest rate is fixed – meaning it will stay at one percent AER/gross pa throughout the period.