Martin Lewis' Money Saving Expert is urging thousands of Brits to take advantage of a cash bribe on offer for switching banks.
HSBC is offering £200 to new customers who switch to its Advance current account, though you'll need to act quickly. Customers also need to put at least two direct debits or standing orders on the account, and pay in at least £1,500 within 60 days.
You also can't have had an HSBC current account, or have opened one with its sister bank First Direct since January 2020. If eligible, £200 will be pid into the account within 20 days of qualifying, reports the Mirror.
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You can switch using the Current Account Switch Service (CASS) which will move across all payments, direct debits and standing orders to your new account.
Writing in the latest MSE newsletter, the MSE team said: "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 you're not eligible for the HSBC switch offer, NatWest, Ulster and Royal Bank of Scotland are offering £200 to new customers - and you could also earn £36 a year cashback. You can get the switch money when you change your current account to one of several NatWest, RBS or Ulster accounts.
To get the additional £36 a year cashback, you would need to go with either the NatWest Reward or RBS Reward accounts. The cashback, which is worth £5 a month, is available when you use the mobile app and pay out two direct debits worth at least £2 every month.
But there is a catch. Both accounts come with a £2 monthly fee, which takes the cashback effectively down to £3 a month, or £36 over the year. First Direct is paying new customers £175, while Lloyds is handing out £150 when you move to a Club Lloyds, Club Lloyds Silver or Club Platinum account.
