Martin Lewis has urged bank customers to act quickly as the top-paying cash switch reward ends next week. The £125 incentive for switching to an HSBC Advance account expires on Monday, July 26.
To qualify, customers must transfer at least two direct debits or standing orders and pay in a minimum of £1,750 each month. Those who have held an HSBC account since January 2018, or a First Direct account opened after that date, are ineligible.
Lewis advised: 'The biggest bank switching bribe around is about to end. So if your bank isn't bending over backwards... why not check if you can at least get paid for your custom?' He cautioned against being swayed solely by the cash offer.
The HSBC Advance account includes a linked 1% regular savings account for up to £250 per month. Unarranged overdrafts incur a 39.9% EAR variable charge, capped at £20, while arranged overdrafts have a £25 interest-free buffer.
Alternative switching offers include £100 from First Direct (requiring a £1,000 deposit within three months) and a £150 Virgin Experience Days gift card from Virgin Money.
