First Direct vs M&S Bank: Switch Bonus Comparison
First Direct offers the better net value at £210 vs £0 after fees.
- Full CASS switch with 2+ direct debits/standing orders
- Deposit £1,000 within 45 days
- 5 debit card transactions within 45 days
- Register for digital banking
- New customers only (never previously held First Direct account)
- Full CASS switch required
- 7% AER Regular Saver (up to £300/month)
- £250 interest-free overdraft buffer
- Fee-free debit card spending abroad
- Top-rated customer service
Verdict: First Direct vs M&S Bank
First Direct comes with more perks (4 vs 0), including things like 7% aer regular saver (up to £300/month).
Frequently Asked Questions
Which has the higher switch bonus, First Direct or M&S Bank?
Currently only First Direct has an active switch bonus. M&S Bank does not have an active offer at this time.
Can I switch to both First Direct and M&S Bank?
Yes, you can switch to both banks, but you need to do them one at a time using the Current Account Switch Service (CASS). Complete one switch, wait out the cooling-off period, then switch again to the second bank.
How long is the cooling-off period for First Direct and M&S Bank?
The cooling-off periods are: First Direct: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, First Direct or M&S Bank?
Both banks use the Current Account Switch Service (CASS), which makes the process straightforward. The main differences are in specific requirements like minimum pay-in amounts, number of direct debits, and whether you need to use their app. Check the requirements comparison above for full details.