First Direct issues update over end date to qualify for £175 payments

First Direct has provided an update about a £175 one-off payment going out to certain customers. You can get the funds when switching from another provider to a 1st Account with the bank, using the Current Account Switch Service.

To get the cash payment, you have to make the switch - including at least two direct debits or standing orders - within 45 days of opening your new account.

You also have to deposit at least £1,000 and make five or more debit card payments, and log on to digital banking.

The bank was asked if there is a set end date for the cash incentive. The group said they have not set a deadline at present, although switchers are warned it could end 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.

"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."

You can put away between £25 to £300 a month into the Regular Saver, which has a fixed rate for a one-year term.

If you put away the maximum £3,600 over the year, you would earn £136.50 in interest. Interest is calculated daily and paid at the end of the term.

Nationwide Building Society is also issuing one-off payments to its members, sending out £50

Asked when the payments will be made, Nationwide said recently: "We plan to make payments to the current account, instant access savings account, and limited access savings account by April 30, 2025. payments will also be made by April 30, 2025. We plan to send cheques by May 14, 2025."

To be eligible, you must have been a Nationwide member on September 30, 2024, and you need to still 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.