First Direct switching offer 2026 — is it worth it?

First Direct is one of the UK's most respected banks — and right now they're offering £200 to new customers who switch their current account. Here's everything you need to know, including whether it's worth it and exactly how to claim it.

What's the First Direct switching offer?

• Bonus: £200 cash (plus up to £35 extra via TopCashback or Quidco)
• Account: First Direct 1st Account
• Monthly fee: None
• Offer deadline: Must initiate switch by 29 June 2026

Am I eligible?

You qualify if:

• ✅ You switch via CASS
• ✅ You have two active Direct Debits
• ✅ You have not held a First Direct account before
• ✅ You have not held an HSBC current account since January 2018
• ✅ You initiate the switch before 29 June 2026

You do not qualify if you've previously banked with First Direct or HSBC within the eligibility window. Note: First Direct and HSBC are part of the same banking group.

How do I claim the bonus?

1. Open your First Direct 1st Account online or via the app
2. Request a CASS switch from your existing bank
3. Ensure your two Direct Debits transfer across (they do automatically via CASS)
4. Meet any pay-in requirement within the specified period
5. Bonus is paid within 28 days of conditions being met

How to get the extra £35 cashback

Apply via TopCashback or Quidco instead of going directly to First Direct's website. Create a cashback account (free), find the First Direct offer, click through, and complete the application. The cashback tracks automatically and pays out alongside your switching bonus. This stacks — you get both the £200 switching bonus and the cashback.

What is the First Direct 1st Account like?

First Direct consistently ranks as one of the UK's top-rated banks for customer service. The 1st Account offers:

• No monthly fee
• £250 interest-free overdraft buffer
• Fee-free spending abroad
• Access to a 7% AER regular saver (subject to availability)
• 24/7 UK-based phone support

Is the First Direct offer worth it?

Yes — especially if you're not already holding an HSBC account. £200 (or up to £235 with cashback) for a 10-minute application and a 7-working-day switch is exceptional value. The account itself is also genuinely good — many switchers choose to stay with First Direct long-term.

Affiliate disclosure: Links to First Direct on this page may earn BeSwitchReady a commission. This does not affect our assessment. Always verify current terms at firstdirect.com before applying.