What is the current account switch service

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1st Account

Features £175 welcome bonus when you switch

Open With £1

Account Type Current Account

1st Account first direct

Open With £1

Account Type Current Account

Features £175 welcome bonus when you switch

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SPECIAL OFFER - Switch to a 1st Account and bank £175*.

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Why we like it

Get access to a Regular Saver Account - Put away between £25 and £300 for a fixed 12 month term. If you save £300 every month for 12 months and qualify for the 7.00% AER/gross p.a. interest rate, you'll earn approximately £136.50 interest (gross). Interest is calculated daily and paid 12 months after you opened the account. AER stands for Annual Equivalent Rate. This shows you what the rate would be if interest were paid and compounded each year. Gross is the rate of interest if interest were paid and not compounded each year. No partial withdrawals allowed. Early closure will result in interest being paid at the standard account variable rate. £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. Representative Example: How does our overdraft compare? The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing. 0% EAR variable on the first £250, 39.9% EAR variable thereafter, giving a representative rate of 30.5% APR variable (assumed arranged overdraft £1,200). For customers with an offset mortgage linked to a 1st Account, the interest-free limit will not apply. *Open a 1st account on or after 9th September and before offer is withdrawn. Switch your everyday banking to using the Current Account Switch Service (CASS). Deposit a minimum of £1,000 (in single or multiple deposits) in your account and within 45 days of opening your first direct 1st Account. Complete a full CASS switch including at least two Direct Debits or Standing Orders must be made within 45 Days of us opening your first direct 1st Account. Register and Log onto digital banking, within 45 days of us opening your first direct 1st Account. Use your new 1st account debit card at least 5+ times. Be a new customer to first direct, who has not previously held a first direct product, or has opened an HSBC current account on or after 1 January 2018

Details

Minimum Deposit for Offer	Interest Paying
Minimum Age	18
UK Resident	Yes

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What is the current account switch service?

Choosing a bank or building society account is an important decision. You want to make sure that your bank account can provide you with everything that you need and more. 

You may have settled with your current bank account; however, that doesn’t mean that you are stuck with that particular account. In fact, you can make a current account switch. 

What is a current account switch?

If you have found that your current bank account is not working for you, then you may want to consider making a full switch to another account. Switching an account means that you are going to be moving both your incoming and outgoing payments and your direct debits and standing orders from one bank account to another. 

You may be put off by the idea of switching your bank account because it is going to take time and effort, but we are here to tell you that there are plenty of things that you can do to make the switching process easier and as stress-free as possible. 

Our guide to switching bank accounts

Can I switch?

The first thing that you should is to check that you are able to switch your bank account. The good news is that 99% of all current accounts can be switched, and it doesn’t matter which bank or building society you are with. 

That said, there are some bank accounts that you are not going to be able to switch. These are joint accounts (unless both parties give permission), savings accounts, ISAs and payment accounts that are non-sterling. 

Find a new account

Once you know whether or not you can switch, then you need to find a bank account that is going to be right for you. It is worthwhile making sure that you read all the information and details that relate to the bank accounts you are looking at, as this will ensure that you make the right decision. 

Check your eligibility

The bank account that you have picked may have certain eligibility criteria that you need to meet. This could be having a certain number of Direct Debits or that you have a set amount paid into your account each month. This is also the time when you will want to make sure that you highlight whether or not you have an existing overdraft and agree this with them. They may also want to look at your credit score too, something that many financial services look at. 

Choose your switch date

You can continue to use your old account until you reach the agreed switch date. So, it is worthwhile thinking about when closing your old account and moving to the new one is going to work best for you. It can take as long as seven working days to make the switch, which means that you need to think about what is going to work best for you and avoid choosing Saturday, Sunday a Bank Holiday.

Switch

The great news about making an account switch is that your payments, both incoming and outgoing, will be automatically redirected to your new account. This means that you don’t have to worry about any part of the process. So long as the site you give consent to has all the information that they need, then you can start the transfer of your online banking and other aspects of your bank account management too. 

Once the transfer has been made, you can start to use your new bank account, such as using an allocated debit card or receiving and sending payments. 

The process is quick and simple, and in no time at all, you will have a bank account that gives you the perfect online experience and offline experience too.

First Direct 1st Account - £175 cash switching bonus

First Direct 1st Account offer a £175 incentive for switching to their 1st Account. You will need to switch your everyday banking to First Direct using the Current Account Switch Service including at least two Direct Debits or Standing Orders, deposit a minimum of £1,000 (in single or multiple deposits) and register and log onto digital banking within 45 days of opening your first direct 1st Account.

Santander Everyday Current Account - £150 cash for switching

Switch to the Santander Everyday Current Account and you will receive £150 cash. You have to complete a full switch to a Santander Everyday Current Account within 60 days, set up 2 Direct Debits, pay in £1,500 and log into Online or Mobile Banking.

Santander Edge Current Account - £150 cash for switching

Santander are offering a £150 incentive to switch to their Edge Current Account. To qualify, again, you must complete a full switch to a Santander Edge Current Account using the Current Account Switch Service, set up 2 active Direct Debits and pay in £1,500 within 60 days

Santander Edge Up Current Account - £150 cash for switching

Santander also offer a £150 bonus if you switch to their Edge Up Current Account. To qualify you complete a full switch to a Santander Edge Up Current Account using the Current Account Switch Service, set up 2 active Direct Debits and pay in £1,500 within 60 days