According to the Money Saving Expert team you get can £175 for free just by switching banks.
HSBC is using the payment as an incentive for new customers to switch to using them for their HSBC Advance current account. However, you do need to meet a certain criteria in order to sign up, reports The Mirror.
Only those who haven’t had a HSBC current account, or opened one with First Direct, since January 2019 will be eligible for the offer. You must also transfer across two direct debits or standing orders and pay in £1,500 within the first 60 days of opening your account.
