HSBC is offering new current account customers a two-pronged offer worth up to £220, but there are a few hoops to jump through to bag the cash.
New customers switching their everyday banking to an HSBC Advance or Premier Bank Account using the Current Account Switch Service (CASS) can net £100 once meeting certain criteria.
This includes opening its Online Bonus Saver (4% AER including bonus on balances up to £50,000/2% AER standard rate in a month where a withdrawal has been made).
To get a further £120, you’ll need to pay a minimum of £50 per month into this regular savings account, and top up the current account with £1,500 per month.
As you’d expect, there are a number of requirements you need to meet to get the full £220 ‘Switch-and-Save’ offer.
But, if you’ve been an HSBC or First Direct current account holder since 1 January 2019, you won’t be eligible.
Here’s what you need to know to gain the full £220…
You need to transfer an existing account to an HSBC Advance or Premier Account using the CASS within 30 days of opening an account.
Do note that the Premier Bank Account is for those with an individual income of £75,000-plus or who have savings or investments worth at least £50,000. See the eligibility criteria here.
Whichever account is right for you, as part of the switch, you’ll need to have a minimum of two direct debits or standing orders, and you’ll also need to pay in £1,500 (lump sum or instalments) within 60 days of opening the account.
Account holders will also be required to register and log into the mobile banking app and make at least 20 debit card transactions. This excludes gambling transactions, credit card or insurance payments, cash withdrawals and card to card payments. You’ll also need to pay £50-plus into the Online Bonus Saver.
Once you’ve met these points, the £100 will be paid into your current account within 30 days.
To get the additional £120, you’ll get £10 every month over a year when you pay £1,500 into your current account and top up the Online Bonus Saver with £50-plus. Further, you’ll also need to meet the other requirements about minimum debit card transactions and logging in to the app each month.
The £10 per month will be paid by the 20th of the following month if you’ve met all those points. If you don’t meet the criteria one month, you won’t receive the monthly bonus payment.
Related: Get £200 switching to NatWest and £175 moving to Lloyds
