Household budget guru Martin Lewis has explained how customers can receive £175 by switching bank accounts. The MoneySavingExpert shared details of a new deal from HSBC, which offers the payment to people signing up for its Advance current account.
Only customers who have not previously not held a current account with HSBC, or have opened a First Direct account after January 2019, will be eligible for the offer. 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, ChronicleLive reports.
The £175 is then paid within 30 days and 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 arranged and unarranged overdraft with a rate of 39.9% 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 cashback 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.
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.
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