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Last chance for HSBC £175 switching cash

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Written by: Emma Lunn
12/07/2019
HSBC’s current account switching incentive will close on 22 July.

The most generous switching incentive in the current account market will come to an end of the next week – so if you want to pocket some extra cash, you’ll need to act quickly.

Three HSBC switching offers end on 22 July. The HSBC Advance Bank Account offers £175 in cash to switchers, while the more basic HSBC Bank Account pays £75 in cash.

High earners with an income of more than £75,000 and a mortgage, investment, life insurance policy or protection product with HSBC can also opt for the HSBC Premier Bank Account. Rather than cash, switchers receive a one-night stay for two guests at a choice of 50 luxury hotels, or a family getaway at a range of Merlin hotels. HSBC says this incentive is worth an average of £330.

All HSBC UK current accounts with the switching offer come with a Regular Saver which pays 5 per cent AER for Premier and Advance customers, and 3 per cent AER for HSBC Bank Account customers.

Fiona McCaffrey, HSBC UK’s head of customer propositions, said: “As we’re halfway through 2019, now is a great time to review your finances and see where you can make savings.

“If you’re heading on holiday soon, you can get some extra spending money just from sparing a few minutes to switch bank accounts. And if you haven’t booked a summer getaway yet, you’ll receive a free luxury mini-break upon opening a Premier account, plus the added benefit of free travel insurance for all the family.”

Students opening a HSBC Student Account can still benefit from a £100 cash benefit.

Switching incentives

First Direct offers £100 to switchers if you deposit £1,000 in the first three months. The account is free for six months – after that you need to maintain an average monthly balance of £1,000, pay in £1,000 a month, or hold one of a selected group of First Direct products to avoid a £10 monthly fee.

If you ditch First Direct after six months, it will give you an additional £100 if you meet certain criteria.

Alternatively, if you open an M&S Bank current account and transfer four or more active direct debits, you’ll get a £100 M&S gift card. If you’re still with M&S a year later, have deposited at least £1,250 a month, kept a minimum of four active direct debits, and registered for online banking, you’ll get another £80 gift card.

Nationwide offers a refer-a-friend scheme rather than a straightforward switching incentive. If a friend refers you to Nationwide and you open a current account (and set up two direct debits), you’ll both receive £100. Once you’re an account holder you can earn up to £500 a year referring other people.

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