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First Direct was inundated with applications for the £175 current account switching bonus
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First Direct has been bombarded with requests to switch to its current account – where customers receive a £175 cash bonus.
The bank’s website warns that the high demand means it could take up to seven business days to reach applicants.
Customers must pay at least £1,000 within three months of opening the account – and can access a 7 per cent rate through First Direct’s regular savings account.
High Demand: Customers who open a First Direct checking account will receive a £175 cash bonus if they pay at least £1,000 within three months
Applicants calling the bank’s helpline have been warned of long waiting times due to an influx of questions about competitive savings rates. The £175 cash offer is also the only switching bonus on the market today.
Nationwide and HSBC both scrapped their £200 bonus at the end of last year.
It comes amid a wave of customers looking to use the Current Account Switch Service (CASS) to join a rival bank.
In October 2022, 118,000 bank users switched accounts through the official service – a new record.
Experts say the surge in interest is due in part to families looking to increase their budgets.