Martin Lewis' official website, Money Saving Expert, is urging thousands of Britons to claim a free £200 bonus, simply by switching banks. HSBC is offering the lumper to new customers who switch out to the HSBC Advance current account - but there are a couple of qualifying factors which you'll need to be aware of.
In order to qualify for the cash, you'll have to switch over at least two direct debits or standing orders within 30 days of joining - as well as pay in £1,500 within the first 60 days. You also must not have a HSBC current account as it stands, nor can you have opened one up with sister bank First Direct since January 1, 2020.
If eligible, the £200 lumper will be paid within 20 days of qualifying - but the switch has to have been made by July 3. You can switch over using the Current Account Switch Service (CASS) - which will move across all payments, direct debits and standing orders to your new bank account.
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The Mirror reports that taking to the latest MSE Newsletter, the team wrote: "Four banks are currently willing to pay switchers, so unless your bank tickles your back and makes you happy, why not switch while there's maximum choice. Switching is easy. You'll need to pass a not-too-harsh credit check, then to get the bonuses you must use the new bank's switching service.
"It automatically closes your old account and moves over your money, direct debits and standing orders within seven working days. Plus any payments that still go to the old account will automatically be forwarded to the new one."
If ineligible for the HSBC switch offer, NatWest, Ulster and Royal Bank of Scotland are currently also offering £200 to new customers - in a scheme where you could also earn £36 a year in cashback. You can get the switch money when you change your current account to one of several NatWest, RBS or Ulster accounts.
In order to obtain the extra £36 in cashback, you'll need to set up either a NatWest Reward or RBS Reward account. The cashback is worth £5 per month, and is available when you use the mobile app and pay out two direct debits worth at least £2 per month.
However, there's a catch. Both accounts land with a £2 monthly fee - which takes the cashback effectively down to £3 per month or £36 across the year. Meanwhile, First Direct is paying new customers £175, while Lloyds is offering £150 to those switching to a Club Lloyds, Club Lloyds Silver, or Club Platinum account.
