Financial guru Martin Lewis has shared how people can bag 'free money' by just switching bank accounts.
As the UK faces a cost of living crisis, more people are looking at ways to save money and top up their income, and Martin has explained how they can get an extra £175.
A new deal from HSBC offers customers the extra cash for people who sign up for their Advance current account.
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As ChronicleLive reports, it only applies to customers who have not previously not held a current account with HSBC, or have opened a First Direct account after January 2019.
To qualify they 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 is then paid within 30 days. There is no minimum deposit needed each month to qualify.
It is handled by the Current Account Switch Process and must be completed within 30 days of opening an HSBC account.
The Advance account comes with an optional arranged overdraft of at least £1,000 with a rate of 39.9 per cent EAR variable. The first £25 of any arranged overdraft is interest free.
For more information, visit the MoneySavingExpert website which will then connect to the HSBC website. However, HSBC isn’t the only account offering a switch incentive.
Martin explained 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 cash back on bills or pay savings interest."
First Direct offers £150 to new customers who switch to its First Direct 1st Account, or £20 just for becoming a customer. There isn’t a minimum monthly pay in, but a deposit £1,000 is required within the first three months.
Nationwide is also running a £125 switch incentive, again for both new and existing customers, for its Nationwide FlexDirect account.
Both RBS and Halifax are offering £125 for new and existing customers who switch their current account. To get this payment, clients need to move a current account to either the RBS Reward or Halifax Reward accounts.
Nationwide is also running a £125 switch incentive, again for both new and existing customers, for its Nationwide FlexDirect account.
