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Last chance to bag £170 bank switch cash

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18/07/2022
Customers thinking about switching bank accounts can bag £170 cash by moving to HSBC. But go quick as the deal ends tonight.

New customers to HSBC can net £170 by switching their everyday banking to its Advance current account.

The deal’s on until 11:59pm tonight (Monday 18 July) and to get it, newbies need to go through the current account switch service (CASS) which closes your existing account. You also need to meet the following eligibility criteria:

  • Be approved for an optional arranged overdraft of at least £1,000
  • Start your switch within 30 days of account opening
  • Pay in £1,500 within 60 days
  • Set up two direct debits or standing orders.

There isn’t a minimum monthly amount that needs to be paid in. Previously HSBC required Advance customers to pay in £1,750 each month.

For customers who choose to take out the arranged overdraft, there’s a £25 interest-free buffer but for amounts above this, it’s 39.9% EAR (variable). An unarranged overdraft is 38.9% APR (variable), based on £1,200.

Another condition is that you can’t have been a previous HSBC or First Direct customer since January 2019.

Once you’ve met all the eligibility criteria, the £170 cash will be paid within 30 days.

The HSBC Advance account offers a regular saver paying 1% AER/Gross interest on monthly amounts between £25 and £250 (maximum £3,000), fixed for 12 months.

The cash switch offer also applies to customers opening the HSBC Premier current account. To be eligible, customers must have an annual income of at least £75,000, as well as 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.

Alternatively, First Direct, part of the HSBC group is running a £150 switch incentive to customers opening its 1st Account. It comes with a £250 interest-free overdraft, and requires £1,000 to be deposited within three months of account opening. Customers can save between £25 and £300 for a fixed 12 month term where cash earns 3.50% AER/Gross, with maximum interest of £68.25 interest.

Nationwide offers complete newbies £100, while existing customers can gain £125 by switching to its FlexPlus (£13/month), FlexDirect or FlexAccount as long as two direct debits are set up. the Nationwide FlexDirect account gives customers access to its 5% AER (4.89% gross a year) fixed in-credit interest for 12 months.

Meanwhile, new customers to Virgin Money’s M Plus Account or Club M Account (£14.50/month) can get 20,000 Virgin Points as part of its current account switch incentive. You’ll need to complete the following within 45 days: download the app, switch your current account, pay in £1,000 and set up at least two direct debits.

Current account customers get 2.02% AER variable on balances up to £1,000, plus 1% AER variable on their linked savings account on balances up to £25,000, as well as 0.50% AER variable on balances over £25,000.

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