First Direct is relaunching a £175 switching deal for new customers just two weeks after it closed

First Direct has relaunched its £175 switching bonus after pulling it just two weeks ago.

Starting today, new customers will receive €175 if they switch their checking account to a First Direct checking account via the Current Account Switch Service (CASS).

The digital bank says the deal is available for a limited time and the funds will be paid within a month of the switch.

It comes as the challenger saw ‘significant uptake’ when First Direct launched its latest four-week switching deal between March 26 and April 22.

It also suggests that without this incentive it could struggle to attract new checking account customers.

This is now the only switching agreement on the market, as all other switching agreements have been concluded by the banks.

What you need to do to get the money

To receive the £175 cash bonus, new customers must open a First Direct current account and change their current account through the CASS process.

Customers must set up at least two direct debits or standing orders within 30 days of account opening

They must also deposit a minimum of £1,000 into the account within 30 days of opening and logging into the app.

Customers who took out First Direct’s latest switching deal will not be able to get the money.

Indeed, the offer is only open to new First Direct customers who have not yet owned a First Direct product or opened an HSBC current account on or after 1 January 2018.

In addition to the bonus, the account comes with a £250 interest-free overdraft, free spending abroad and a 7 percent fixed savings account.

Chris Pitt, CEO of First Direct, said: ‘We want to reward customers who choose to bank with us, which is why we’re bringing back our popular £175 incentive.

“The offer will only be around for a limited time, so we encourage people to make the most of it while it’s available.”