The First Direct 1st Account already offers a £125 cashback switching incentive to new customers. But if you switch using MoneySuperMarket (either by using this link or our comparison tables) this incentive will be boosted by £25.
To qualify, you’ll need to switch your banking to First Direct using the Current Account Switch Service and pay in at least £1,000 within three months of opening your account. You’ll then receive your £150 within 28 days. T&Cs apply.
There is no in-credit interest paid on the 1st Account, but it does offer a £250 interest-free overdraft which could come in handy if you dip into the red. It also has a relatively low arranged overdraft rate of 15.9% EAR (variable) if you go over your £250 limit. (Overdrafts are subject to status and approval.)
First Direct is also renowned for its excellent customer service and if you’re not happy with your account, you’ll be given £100 if you leave after six months (and within 12 months).
Is this for you?
If you’re considering switching your current account, the £150 switching incentive is a bonus whatever you situation.
But it will particularly appeal if you’re fed up with your existing bank’s poor customer service as First Direct regularly receives positive reviews on this front. You can call the bank 24 hours a day, seven days a week.
The 1st Account is also worth considering if you currently have a small overdraft that’s charging you high fees or interest.
If you’re considering switching your current account, the £150 switching incentive is a bonus whatever you situation
Finally, this account is only suitable for you if you’re happy not to have a local bank branch as First Direct is primarily an internet and telephone bank.
What makes it special?
Although a number of banks currently offer cashback switching incentives, this offer from First Direct and MoneySuperMarket is one of the most generous you’ll find.
Watch out for
As mentioned, to qualify for the cashback, you’ll need to pay £1,000 or more in to your account within the first three months.
In addition, you’ll need to pay in at least £1,000 each month or have another product – such as a mortgage or savings account – with First Direct to avoid a £10 monthly fee.
Remember too that the account pays no in-credit interest and First Direct is an internet and telephone bank.
What else is worth a look?
Clydesdale and Yorkshire Banks both offer the same £150 for switching to their current accounts.
To qualify, you’ll need to use the Current Account Switch Service, have at least two direct debits on the account and pay in at least £1,000 a month. T&Cs apply.
Clydesdale’s and Yorkshire’s Current Account Direct could be a good option if you regularly use your overdraft as it offers a competitive overdraft rate of 9.9% EAR (variable). (Overdrafts are subject to status and approval.)
However, if you stay in credit, it also pays 2.00% AER (variable) on balances up to £3,000.
Alternatively, if you’re after a more competitive interest rate on your current account, TSB’s Classic Plus current account pays a handsome 5.00% AER (variable) on balances up to £2,000.
You’ll need to pay in at least £500 a month and register for internet banking and paperless correspondence.
If you tend to keep a much larger balance in your account, the Santander 123 current account pays 3.00% AER (variable) on balances between £3,000 and £20,000 (or 1.00% on balances above £1,000 and 2.00% on balances above £2,000).
The account also pays cashback of up to 3.00% on some of your household bills.
To qualify, you’ll need to pay in £500 or more a month, have at least two direct debits on the account and pay a £2 monthly fee.
Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.