Proactive Investors - HSBC Holdings PLC (LON:HSBA)-owned First Direct has begun offering £175 in cash once again to tempt customers towards its current accounts.
Offers of free cash to switch to First Direct had been withdrawn four weeks after being launched in late March, with the bank highlighting significant take-up.
This came as similar deals were withdrawn from across the market, including by NatWest Group PLC (LON:NWG), Banco Santander (BME:SAN) and The Co-operative Bank PLC.
“These perks come and go at different times of the year, but it will be disappointing news for those who were hoping for a free cash boost when switching,” Moneyfacts analyst Rachel Springall said at the time.
To qualify for First Direct's £175 offer, at least £1,000 must be transferred to the new account, alongside two regular payments.
Customers will also need to spend on their new debit card from the bank at least five times within a month of the account being opened, while the Current Account Switch Service must also be used.
Bonuses can be expected by the 20th of the following month after new accounts are opened, according to the bank.
First Direct’s latest offer will “be around for a limited time only” though, chief executive Chris Pitt said.
Given a flurry of offers were taken off the market throughout last month, the latest move by First Direct could prompt rivals to relaunch their own deals once again.
Virgin Money (LON:VMUK) had begun offering interest of up to 10% on some current accounts last week in its own attempt to tempt customers away from rivals.