HSBC is offering customers who switch to one of its current accounts a £220 cash boost, along with access to a 5% regular saver account offering bonus interest on top.
Many people open current accounts in their youth and stay with the same bank for years, sometimes decades, purely to avoid the hassle of switching. Banks are therefore keen to make switching as seamless as possible while providing financial incentives to attract new customers.
Switching offer details
This week, MoneySavingExpert.com, the personal finance website founded by Martin Lewis, shared a list of the latest cash rewards for switching in its Money Tips Email. Among the offers it singled out is the reward for switching to an HSBC Bank Account from another bank.
According to HSBC's website, the offer is available to those "opening an HSBC UK Bank Account via the HSBC UK app, subject to meeting the eligibility criteria." To get the £220 switching offer, customers must meet various requirements within 60 days of opening their account.
Requirements and eligibility
These requirements include completing a full switch using the Current Account Switch Service (CASS) to transfer their everyday banking, including at least two direct debits, depositing a minimum of £2,000 into their account, and spending £500 using a debit card linked to the account.
The £2,000 does not have to be deposited all at once, only within the 60 days. The account is fee free, though you won't be able to switch a joint account over, MSE explains.
Regular saver and alternatives
If you have an HSBC current account, you're then able to open a separate regular saver account which has a 5% interest rate on up to £250 per month for a year. MSE notes that there are other regular saver options on the market offering higher returns, with rates of up to around 8%.
The website identified HSBC's £220 account switching bonus as a "top payer" among some of the leading providers, but there are a number of other options available. You can find out more about the terms of HSBC's switching offer on their website.
