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First Bank Offers GBP200 Bonus, But Read the Fine Print

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  Published in Sports and Competition on Sunday, February 1st 2026 at 18:03 GMT by The Mirror
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Sunday, February 1st, 2026 - First Bank is currently offering a GBP200 incentive to attract new customers, sparking both excitement and caution amongst consumers. While the immediate cash bonus is appealing, financial experts are urging potential switchers to carefully evaluate whether the offer genuinely aligns with their banking needs.

The promotion, valid for applications received before 5pm on June 30, 2026, promises a GBP200 payment within 23 days of opening a First Current Account or First 120 Current Account. However, this isn't a free handout. The terms and conditions attached demand a commitment from the new customer, raising the question: is the bonus worth the obligations?

The Fine Print: What You Need to Know

The primary condition for receiving the GBP200 bonus is a minimum deposit of GBP1,000 into the new account within 30 days of opening. This suggests the offer is geared towards those with readily available funds, rather than individuals simply seeking a small boost to their finances. More crucially, the account must remain open for a full 12 months. Closing the account before this timeframe will likely result in the bonus being clawed back, effectively negating any potential gains.

Beyond the deposit and duration requirements, several other eligibility criteria apply. Applicants must be 18 years or older, reside in the UK, and not have been a First Bank customer within the past 12 months. Perhaps the most significant stipulation is the requirement to switch your main bank account to First Bank. This means redirecting direct debits, standing orders, and salary payments - a process that can be time-consuming and potentially disruptive if not managed carefully.

The Rise of Bank Switching Incentives

This offer isn't an isolated incident. Over the past few years, switching incentives have become increasingly common as banks compete for customers in a saturated market. These bonuses are a form of customer acquisition cost, but they often come with strings attached. The incentives aim to entice customers away from competitors, hoping they'll stay and generate revenue through other banking products and services.

Financial commentator Martin Lewis recently cautioned against solely focusing on the headline bonus figure. He emphasizes the importance of considering long-term banking needs and whether the bank offers services that truly benefit the individual. "Look beyond the shiny bonus," Lewis advised, "consider if it really suits you and don't switch just for the money."

Is it Worth Switching? A Deeper Dive

Before committing, potential customers should assess their current banking situation. Questions to consider include:

• Current Account Fees: Does your existing bank charge monthly fees? If so, the GBP200 bonus might offset these costs over the year.
• Interest Rates: Compare the interest rates offered on savings accounts and current accounts between First Bank and your current provider.
• Banking Habits: How frequently do you use your bank? If you rarely access banking services, the benefits of switching might be minimal.
• Alternative Offers: Are other banks offering more attractive switching incentives or better overall banking services?
• Convenience: Does First Bank have convenient branch access or a user-friendly mobile app?

The Potential Pitfalls

The 12-month commitment is a key consideration. Life circumstances can change, and needing to keep an account open for a year, even if you're dissatisfied with the service, can be problematic. Furthermore, the requirement to deposit GBP1,000 could be a barrier for those with limited savings. While the money remains accessible, it's essentially 'locked away' for the duration of the promotion.

Finally, it's crucial to thoroughly review the full terms and conditions on the First Bank website. Hidden fees, limitations on transactions, or unexpected penalties could quickly erode the value of the GBP200 bonus.

Applying for the Offer

Interested individuals can apply for the GBP200 bonus by visiting the First Bank website or their local branch. Remember to read the fine print, carefully consider your banking needs, and ensure you meet all the eligibility requirements before making a decision. A seemingly generous offer can quickly turn into a financial burden if not approached with caution.