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Last chance for HSBC £175 switching cash

Written by: Emma Lunn
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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