People holding £10,000 in savings could qualify for a £100 cashback incentive by participating in a bank’s latest digital promotion. The bank, which operates exclusively online, has outlined the necessary procedures for claiming the £100 reward.

This development follows numerous ISA providers introducing new cash incentives this month or boosting their rates to attract savers as the new tax year commences. First Direct has unveiled a new £100 cash reward for ISA customers alongside its existing current account switching bonus, potentially enabling new customers to secure a combined total of £275.

Both new and existing customers are being offered £100 upon depositing or transferring £10,000 or more into a First Direct variable cash ISA before 4 May. To qualify for the incentive, customers must maintain a First Direct current account for the reward to be credited into.

Detailing the procedures customers need to follow online, First Direct’s website states: “We’ll give you £100 cashback when you deposit or transfer in at least £10,000 of new funds into a First Direct Cash ISA. The offer is available between 6 April and 4 May 2026 when you top up and/or transfer £10,000 (or more) of new funds.”

First Direct confirms the online offer applies if you don’t already possess one, and apply for a First Direct Cash ISA through our App or Online Banking, and top up and/or transfer in £10,000+ of new funds by 4 May 2026. Customers must also maintain a Cash ISA balance of at least £10,000 until 31 July.

At that stage, First Direct states: “We’ll credit £100 to your 1st Account”. It further notes: “New funds only (funds that are not already held in any first direct, HSBC or M&S Bank account before 6 April 2026)”. Eligible customers switching their current account through the Current Account Switch Service (Cass) and meet the switching criteria can also claim a £175 switching incentive on top of the £100, reports the Mirror.

Customers qualify for the £100 cash reward provided they satisfy specific conditions, such as transferring an ISA into a First Direct cash ISA from a non-HSBC group ISA and contributing at least the qualifying amount; or already holding a First Direct ISA and depositing a minimum of £10,000 or more in new funds.

New funds are classified as those not previously held in any account with First Direct, HSBC or MandS Bank, prior to April 6 2026. Qualifying customers will receive their reward on July 31.

First Direct is a highly regarded and reputable British bank, particularly renowned for its customer service and telephone banking. Operating as an online arm of HSBC UK, it boasts nearly two million customers and consistently features at the top of customer satisfaction rankings.

Consumer organisation Which? has placed First Direct third in its ‘Best banks and bank accounts in UK 2026’ list. Which? notes: “Our longest-serving WRP rarely disappoints. It’s one of only two banks with the full five stars for customer service and telephone banking.

“Customers say staff answer the phone quickly and are always friendly and helpful. It’s also joined Starling and Monzo in removing fees to use your debit card abroad.”