New customers switching to the HSBC Advance or Premier current account will receive a £170 cash bonus.

To qualify for the incentive, switches must be made using the Current Account Switch Service (CASS) within 30 days of opening. The last chance to submit an application is close of play on 18 July. A minimum of two direct debit or standing orders must be set up on the new account.

Advance account holders must pay in £1,500 within 60 days, but there’s no minimum monthly amount which needs to be maintained.

To be eligible for an Advance Account, customers will also need to be approved for a £1,000+ arranged overdraft.

Premier customers must have an annual income of at least £75,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product; or savings or investments of at least £50,000 with HSBC UK.

New customers can’t have had an HSBC current account or opened a First Direct account since 1 January 2019.

In addition to the cash bonus, customers can also earn up to £117 via HSBC’s ‘mix and match’ insurance offer – Select and Cover.

Tom Wolfenden, HSBC UK’s head of retail, said: “Recent HSBC UK research showed that the increase in the cost of living is starting to bite, with a significant increase in those who say they have no disposable income but are taking proactive steps to balance the household budget.

“Eight in ten people are looking to implement additional changes to those they have already put in place, which shows people are trying to get a grip on their finances. While cutting back on everyday and occasional spending or cancelling any unwanted or unused subscriptions could help, taking note of the wide range of offers that could provide discounts, or even cash, could make your money go further or go a little way to reducing the impact of the increase in the cost of living.”