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The bank’s switching incentive is one of the top currently available on the market, but it is soon to disappear. This is because it will be withdrawn today at midnight, leaving savers with just hours to take action. To secure the cash offer, Britons will need to open first direct’s ‘1st Account’, a current account offer with a range of benefits.
The account allows access to first direct’s 1.00 percent Regular Saver Account as well as a £250 interest-free overdraft, subject to status.
To secure the £130 cash offer, the account must be opened and a saver must use the official Current Account Switch Service (CASS).
They will also be required to pay in £1,000 within three months of opening the account.
The offer is limited to one payment per customer or joint account.
People can expect to receive the money within 28 days of all the criteria being met.
However, there are some who will not be eligible for the offer, so it is important to pay attention.
first direct explained: “We can only offer this to people who haven’t previously held an account with us, and/or has not opened a HSBC current account on or after January 1, 2018.
“You may hold a HSBC account and still qualify for the offer, as long as the current account was opened before 1 January 2018.”
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To be eligible for this account, people must be over 18 as well as being a resident in the UK.
They must not have been declared bankrupt or registered for an Individual Voluntary Agreement in the last six years or be in the process of doing so.
Finally, they must also have a phone number and email address for the bank to contact them with.
Switching offers have been particularly popular recently, however, the individual deals don’t tend to stick around for long.
As a result, Britons will need to keep an eye out on the deals and take action before it is too late.
Rachel Springall, Finance Expert at Moneyfacts, said: “Banking customers looking to switch their current account will find a variety of cash switching perks on offer today to entice them, but some offers will vanish over the next three weeks.
“Current account providers launched free cash perks for customers who switch using the Current Account Switcher Service (CASS).
“However, some gave just a small window of opportunity for customers to apply, such as HSBC which gave consumers 14 days.
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“One of the biggest cash perks on a current account which does not charge an account fee is for £130 with first direct, which is due to expire at midnight.
“The festive season draws ever closer, so some consumers may be considering a quick switch using the CASS for a free cash perk, but it is vital they choose an account which will work hard for them.
“Weighing up any incentives and fees, such as an overdraft tariff is important, and consumers must be confident to utilise any perks if an account charges a fee.”
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