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HSBC to pull £200 current account switch deal

Written by: Paloma Kubiak
HSBC has announced it will axe its range of current account switch incentives in the next few weeks so if you want to bag extra cash in time for Christmas, you’ll need to act fast.

New customers switching current account to the HSBC Advance Bank Account or Bank Account have until Sunday 25 November to get their application in.

The Advance Bank Account offers up to £200 as part of its ‘switch and stay’ deal, where savers receive an initial £150 within 30 days of the transfer.

The remaining £50 is paid a year after the new HSBC account has been registered. This offer has been running on and off since 2016.

In order to be eligible, switchers need to do the following:

  • Have at least two direct debits/standing orders
  • Pay in at least £1,750 a month or £10,500 over six months, excluding internal transfers
  • Switch via the Current Account Switch Service (CASS)
  • Register online and/or mobile banking within 60 days of the account being opened to qualify for the additional £50.

The HSBC Bank Account offers switchers £75.

Anyone switching to the HSBC Premier Bank Account, the closing date for applications is Friday 7 December in order to be eligible for the incentive.

You’ll need to have savings or investments of at least £50,000 in the UK or an individual annual income of at least £75,000 and one of the following products with HSBC in the UK: a mortgage, investment, life insurance or protection product.

When switching to this account, savers receive an overnight package worth up to £300 at one of 50 selected hotels.

Becky Moffat, HSBC UK’s head of advance and personal banking, said: “With Christmas fast approaching, switching your current account could provide a very welcome boost to your finances, or could give you the opportunity to spoil a loved one with a weekend away in a luxury hotel – you’ve even got time to make the arrangements beforehand and use it as a Christmas present.”

Latest current account switch figures for April to June revealed HSBC as one of the big winners as 51,441 new customers flocked to open a current account, perhaps enticed by the £200 switch offer which launched in May. However, when taking into account losses, it was left with a net gain of 25,605 customer accounts.

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