HSBC will pay you £200 to switch bank accounts but there’s a catch
The bank is offering £150 upfront to customers who switch to it's Advance account and then another £50 after the first year
EVERYONE wants free money, right? And £200 to switch your current account to one with HSBC sounds like a deal you don't want to miss.
But before you go flashing the cash, you might want to take a closer look to see if this account is the right one for you.
Yes, the bank is offering the most amount of money for switching - the next best offer is from Marks & Spencer bank who will give you £125 gift card - but is it worth it?
To get the cash, you'll need to switch to the bank's premium account, the Advance Account, but you'll need to be able to pay in at least £1,750 a month for at least nine months a year.
You'll also need to set up at least two direct debits or standing orders within the first 30 days and you have until June 30 to apply.
If you're still up for the switch, you mustn't forget to use the bank's official switching service or else you won't get the offer.
The first £150 will be paid into your account within 50 days of you opening the account but you'll need to wait a whole year before you'll get the final £50 instalment.
This is more of a loyalty top up to try and convince you not to switch away again in the first year.
Why should I switch bank accounts?
NOT sure what switching could do for you? Here's what you need to know:
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
You will also get a 0 per cent overdraft for the first six months too but after that you'll have to pay a fee.
If you're already a HSBC customer you won't be able to benefit from the deal, because it's for newbies only.
They're not the only one to offer a deal. Halifax will give you £75 to switch to its reward account – and you get the cash as soon as the switch is done.
You also get a bonus of £3 a month if you pay in at least £750, stay in credit and pay at least two direct debits out of the account.
Nationwide will give you up to £500 if you recommend five friends to join the building society - that's £100 per pal. Plus they'll get £100 each too.
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