Martin Lewis explained how people can receive £175 by switching bank accounts.
On his MoneySavingExpert website, Martin shared details of a new deal with HSBC. The bank is offering £175 to new customers who switch to its HSBC Advance current account.
For more information, you can visit the MoneySavingExpert website which will then take you to the HSBC website. Signing up for the offer you need to meet certain criteria.
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Only people who have not had an HSBC current account, or opened one with First Direct, since January 2019 will be eligible for the offer.
You must also transfer between two direct debits or standing orders and pay £1,500 within the first 60 days of opening your account.
The £175 is then paid to you within 30 days. You don’t have to pay a certain amount every month with the HSBC account.
The switching process is handled by the current account switching 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 variable EAR rate of 39.9%. The first £25 of your arranged overdraft is interest free.
HSBC isn’t the only account offering a bribe at the moment, as Martin explains in the MoneySavingExpert guide: “If you’re not happy with your bank, switching is quick and easy – and now is the perfect time to do so, as six banks are currently paying for your order with up to £175 in cash.
“Still, you don’t need to switch to get a good deal – other accounts offer cash back on bills or pay savings interest.”
First Direct is the second highest paying, offering £150 to new customers switching primary accounts, or £20 just for opening a new account.
This applies to his First Direct 1st account. There is no minimum monthly payment, but you must deposit £1,000 in the first three months.
RBS and Halifax are both offering £125 to new and existing customers switching current accounts.
To get this payment, you need to move your current account to RBS Reward or Halifax Reward accounts.
Nationwide is also running a £125 switch incentive, again for new and existing customers, for its Nationwide FlexDirect account.