HSBC has launched an offer where you can get £125 if you ditch your bank and switch current accounts.
HSBC is flogging the cash offer if you switch to its Premier Account or its Advance Account.
The HSBC Premier Account is a current account that you don’t have to pay a monthly account fee for.
The first £500 of your arranged overdraft is interest-free and you’ll also get free annual travel cover from Aviva.
And the HSBC Advance Bank Account is a current account that charges no monthly fee.
You can arrange a minimum overdraft offer of £1,000.
What current account is right for me?
IF you’re looking to switch current accounts, it can be difficult to compare which bank is best for you.
But these accounts could help make your money go further:
Virgin Money pays 2.02% variable on the first £1,000 in your account, with no minimum pay in
You can also get a free 15-case bottle of wine – check the terms and conditions first though to make sure you're eligible
Nationwide FlexDirect pays an interest rate of 2% fixed for a year on up to £1,500.
You’ll need to pay in £1,000 a month to get the offer though.
Santander offers cashback on its 123 Lite account.
You can get 3% cashback on water bills, 2% of energy and the bank’s own home and life insurance, and 1% on a number of bills including phone, broadband and Santander mortgages.
There is, however, a £2 monthly fee which eats into the cashback perks.
You can get £125 if you ditch your current account and switch to HSBC Premier or Advance current accounts
But before you switch and ditch, make sure you take a good look at the accounts to make sure HSBC is the bank for you.
To switch to HSBC’s Premier Account, you’ll need to have an annual income of at least £75,000 and have an existing mortgage, investment, life insurance or protection product deal with the bank to be able to apply.
Or, you’ll need to have at least £50,000 of savings with HSBC within six months of opening your account.
And for the Advance Account, you’ll need to pay in a minimum of £1,740 per month or £10,500 over six months to be eligible.
If you think that either one of these sounds like the right account for you, you’ll be able to get £125 as part of the bank’s Switcher Offer from today.
But you’ll have to be a new customer, and you won’t be able to get the offer if you’ve been a HSBC customer – which includes M&S Bank and First Direct accounts – on or after January 1, 2018.
And you’ll also have to meet the agreements set out in the bank’s Current Account Switch Service, which moves all your payments, direct debits and standing orders within seven working days.
This means you’ll have to switch to your new HSBC account, including setting up at least two direct debits or standing orders, within 30 days of opening the account.
If you meet all of these conditions, you’ll get a payment of £125 into your new account within 20 days of switching.
HSBC UK head of everyday banking Fiona Anderson said: “We know that health and money are the two most common subjects people have been thinking about during the pandemic and while we are in the midst of this lockdown, we might be able to provide a little financial boost for those switching their banking to us, with £125 on offer for switching to our Advance or Premier current accounts."
HSBC hasn’t outlined when the offer will end, but we have asked for more information and will update you as soon as we can.
You can apply for the HSBC Premier Bank Account here, or the HSBC Advance Bank Account here.
The bank rolled out a similar deal last year in September.
It looks like HSBC is the only bank currently rolling out an offer where you'll get cash if you switch.
However, Virgin Money is offering a deal where you can get 15 bottles of wine, which it says is worth £180, if you switch banks.
But you won’t be able to claim the offer if you already have a Virgin Money, B, Clydesdale Bank or Yorkshire Bank current account, or you’ve held one since September 30 2020.
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