If you are beginning to feel the financial pressure due to the rising cost of living and soaring energy bills this winter, a quick way to boost your income is to get paid for switching your bank account. But you will need to act fast to get the biggest deal on the current market as it ends on December 22.
Last month, HSBC UK launched a £200 current account switching offer for eligible customers looking to switch to an HSBC Advance or Premier Bank Account, using the Current Account Switch Service (Cass). The Cass service ensures payments and all money coming in and going out is protected from any digital mishaps.
In general, anyone keen to earn some free money will need to weigh up any perks that come with accounts as well as any fees and charges, to work out whether switching is a good option for them in the longer term.
If you’re not that fussed about who you bank with, it could be a good way to start the new year as the bonus is paid 20 days after you meet the account switching criteria.
Commenting last month, Tom Wolfenden, HSBC UK’s head of retail, said: “The increased cost-of-living is having an impact in many different ways.
“While we know that some people are reviewing their daily, weekly or monthly spend, including cancelling hundreds of thousands of unused or unwanted subscriptions, taking a wider, more holistic look at products or services that might provide overall and longer-term value could provide some important rewards or savings.”
HSBC UK £200 switching deal
The terms of HSBC’s switching offer mean that to qualify, people must complete a full switch of their existing current account to HSBC using Cass, with at least two Direct Debits or standing orders and they must start the switch within 30 days of opening their new account.
Customers must deposit at least £1,500 by one or more deposits into the new account within 60 days of opening their new account.
The £200 will be paid within 20 days of the switching criteria being satisfied.
People will not qualify if they have held an HSBC UK current account since January 2019 or opened a First Direct current account since then.
Find out more about the HSBC UK deal on their website here.
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