UK bank wants to give new customers £175 for free

Switching banks can often be a way to get free cash, with many financial institutions offering a switching "bonus" to customers who make the move from one of their rivals.

According to experts, now is as good a time as any to make the switch, especially with one bank offering a £175 bonus for transferring your account. is offering out £175 in cash straight up to new customers.

There are a few eligibility criteria to meet, but nothing too taxing. First Direct says that the account can be set up "in minutes" and once they receive the switch request, they'll notify your old bank.

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First Direct then takes care of transferring all regular payments and contacts direct debit originators and your employer, reports .

Switching to the First Direct account also brings other benefits, such as favourable borrowing and saving terms. Their customer service has received high praise from Money Saving Expert's users as well.

Wondering how to open a First Direct account and receive that £175 bonus? There are just four steps new customers need to follow to ensure the bonus lands in your pocket. Customers must:

• switch over two or more direct debits or standing orders
• pay in £1,000 or more
• make five or more debit card payments within 45 days
• Log in to digital banking

In addition to this, First Direct's 1st Account offers a 0% EAR variable on the first £250 of an overdraft. Moreover, it's linked to a one-year fixed savings account that could generate £136.50 a year in interest if you stash away the maximum of £300 a month.

What sweetens the deal is that you can lodge the initial £1,000 and then take it out again to bag the bonus. Regrettably, if you've opened an HSBC account on or after January 1, 2018, you're out of luck - this offer is exclusively for new customers.