Martin Lewis has issued a two day warning to savers who could get up to £175 for free just by switching banks.
Banks often use payments as an incentive for new customers to switch to using them instead of their current provider. HSBC is offering new customers who switch to using them for their HSBC Advance current account a £175 bonus.
Savers will need to meet certain criteria to claim the cash. 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.
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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. Time is running out to take advantage of the deal, and Martin Lewis is urging those considering taking the offer to act fast.
The offer ends at 11.59pm this Friday (April 29). To get the free cash, you need to click on the link on the MoneySavingExpert website. This link will take you to the HSBC website.
The £175 is then paid within 30 days. You don’t have to pay in a certain amount each month with the HSBC account. 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 a switch bribe right now, as Martin 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 the next top paying, 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, again for both new and existing customers, for its Nationwide FlexDirect account. Finally, Virgin Money is offering 20,000 Virgin Red points to spend on experiences and gifts if you move to its Virgin Money M Plus account.
Again, you need to meet the eligibility criteria for all the above accounts to qualify for any switch reward. When moving bank accounts, make sure you’re getting the right service for you and don’t just change for the switch bribes alone.
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