Martin Lewis has explained how you can easily get £175 by switching bank accounts. On his website, the Money Saving Expert shared details of a new deal from HSBC which offers £175 for new customers who move over to a HSBC Advance current account, reported Chronicle Live.
There are some criteria which you will have to meet to get the cash. Only people 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. The £175 will then be paid to you within 30 days, but the deal will expire at 23.59pm on April 29, 2022 so you'll need to get in before then.
Read more: Martin Lewis urges anyone with savings account to check it as soon as possible
The switch process is dealt with through the Current Account Switch Process and must be completed within 30 days of opening your HSBC account. The HSBC Advance account comes with an arranged and unarranged overdraft with a rate of 39.9% EAR variable. The first £25 of your arranged overdraft is interest free.
HSBC isn’t the only account offering cash for switching currently, as Martin Lewis explains in the MoneySavingExpert guide: "If you're unhappy with your bank, switching is quick and easy – and now's a great time to do it as six banks currently pay for your custom with up to £175 cash.
"Yet you don't need to switch to get a good deal – other accounts give cashback on bills or pay savings interest."
First Direct is offering £150 to new customers who switch their main account, or £20 just for opening a new account. This applies to its First Direct 1st Account. There isn’t a minimum monthly pay in, but you do need to deposit £1,000 within the first three months.
Both RBS and Halifax are offering £125 for new and existing customers who switch their current account. To get this payment, you need to move your current account to either the RBS Reward or Halifax Reward accounts.
Nationwide is also running a £125 switch incentive for both new and existing customers, for its Nationwide FlexDirect account.
