First Direct will give the money to all savers who switch their current accounts using the Current Account Switch Service (CASS). Customers must also pay at least £1,000 within three months of opening the account to be eligible for the £175.

This offer is limited to one payment per customer or joint account, and the money will be credited within 28 days of all the criteria being met.

First Directs website further adds, "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.

Once your current account is open, give us a call and tell us to begin the switching process. We let your old bank know you're moving - and they should get ready to close your old account once everything's been transferred safely."

The Current Account Switch Service is designed to make your bank switching process simple and stress-free. First Direct guarantees that their service is free to use and that they will take care of moving all your outgoing payments (Direct Debits and standing orders etc.) and those coming in (such as your salary).

Moreover, First Direct will refund any interest (paid or lost) and all charges incurred on your old or new current accounts should anything go wrong during the switching period.

Those interested in opening a new account at First Direct but not yet ready to switch completely via Current Account Switch Service (CASS) can still get £20 just for opening an account and logging in to online/mobile banking.

Their cash offer is only available to people who haven't previously held an account with First Direct and those who haven't opened any HSBC current accounts on or after 1 January 2019.

First Direct reserves the right to refuse your application and withdraw its offers at any time. Credit is subject to status and an assessment of the bank account owner's financial circumstances.

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