One of the UK's largest banks, First Direct, is offering new customers a free £175 payment when they open a current account. The bank champions its 1st Account as the account where "you come first," and advises customers to open an account "within minutes" to receive the welcome bonus.
How to Get the £175 Bonus
To qualify for the bonus, customers must complete the following steps within 45 days of account opening: switch using the Current Account Switch Service, including at least two Direct Debits or standing orders; deposit £1,000; make five or more debit card payments; and log on to digital banking. The offer is for new customers only who have not previously opened a First Direct product. It is not available to those who have opened an HSBC current account on or after January 1, 2018.
Additional Benefits
Customers can enjoy a £250 interest-free overdraft and access to the 7.00% AER/gross Regular Saver account. There are no first direct debit card fees when spending abroad. The bank also offers a £100 cashback reward for those who deposit £10,000 or more into a First Direct Cash ISA by May 4, 2026, provided the amount remains until July 31.
Overdraft and Savings Details
The overdraft features a 0% EAR variable on the first £250, with 39.9% EAR variable thereafter, giving a representative rate of 30.5% APR variable (assumed arranged overdraft of £1,200). For customers with an offset mortgage linked to a first account, the interest-free limit does not apply. The Regular Saver account allows monthly savings of up to £300 for 12 months, earning approximately £136.50 interest at the 7.00% AER/gross rate. Interest is calculated daily and paid 12 months after account opening. No partial withdrawals are allowed, and early closure results in interest paid at the standard account variable rate.
