UPDATE: |First Direct issues update over deadline to claim £175 payments News

You have to make several transactions to qualify for the cash

First Direct has issued a statement about a £175 one-off payment for certain customers. You can get the cash incentive when transferring to a 1st Account through the Current Account Switch Service.

To be eligible for the payment, customers must do the switch within 45 days of opening the 1st Account, including the transfer of at least two standing orders or direct debits. Customers also have to deposit a minimum of £1,000, make at least five debit card transactions, and log into digital banking to qualify.

First Direct was asked about the end date for the cash offer, with the group saying there is no deadline set for now. But the bank urged would-be switchers to act soon as the offer could be withdrawn at any time.

Carl Watchorn, head of banking at First Direct, said: “Our £175 switching offer is a great incentive to switch your banking to first direct, and join almost two million other customers who experience our award winning customer service.”

He also highlighted some of the other benefits for customers, saying: “In addition to having our customer service teams on hand 24 hours a day, 365 days a year, first direct customers enjoy access to our market leading 7% Regular Saver account, an interest-free overdraft, and fee-free spending abroad – a great perk as we head into the holiday season.”

Savers can contribute between £25 and £300 monthly into the Regular Saver, which has a fixed rate for a one-year term. If you deposit the maximum amount of £3,600 over the year, you stand to earn an interest payout of £136.50 by term’s end.

Interest is calculated daily and paid at the end of the 12-month term. Nationwide Building Society is also handing out some bonus cash as a thank you to its members, with one-off payments of £50 being sent out.

Asked about the timeline of these payments, Nationwide recently stated: “We plan to make payments to the current account, instant access savings account, and limited access savings account by April 30, 2025. Mortgage payments will also be made by April 30, 2025. We plan to send cheques by May 14, 2025.”

To qualify, you must have been a Nationwide customer on September 30, 2024, and you must be a member when the payments go out.

Other qualifying criteria you have to meet are that in the 12 months to the end of September 2024, you must have had either:

• At least one qualifying transaction on your Nationwide current account or savings account
• At least £100 in total in one or more of your Nationwide current accounts and savings accounts
• Owed at least £100 in total on one or more Nationwide residential mortgages.