Top News

has relaunched its popular £175 switching offer for new banking customers.

The online - owned by - has brought back the offer for the new year. This means Brits who choose to switch could be able to boost their bank balances this month

To get the free cash, you need to close and switch your current account using the Current Account Switch Service (CASS). This free service will move your balance, direct debits, and salary to the new bank within seven days. With bank switching offers, you often need to jump through a few hoops to be eligible for the money. These often include depositing a certain amount of money into the account or logging in to online or mobile banking.

With First Direct, you must also pay at least £1,000 and open two direct debits or standing orders from the account within 30 days of opening it - it must be from a provider that takes part in CASS. You must also register and log onto digital banking within 45 days of the account opening. Once completed, you'll get your free £175 by the 20th of the following month.

READ MORE:

READ MORE:

It's important to remeber that you must be a "new" customer of First Direct to get this cash - this means you must not have had a bank account with them, or opened an HSBC current account on or after January 1 2018. Although customers may hold an HSBC current account and still qualify for the offer, as long as the current account was opened before this date.

To be eligible, you must also be 18 and over, a UK resident, and not have been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years.

If you choose to switch to First Direct's current account, then you will be able to access the bank's 7% regular saver. This is the highest interest rate on the market at the moment and it is fixed at this level for 12 months. So if the Bank of England's base interest rate drops over the next few months your savings will keep the high interest until your account matures.

READ MORE: