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Last few hours to bag HSBC £175 switch bribe

Written by: Paloma Kubiak
There are just a few hours left to take advantage of HSBC’s £175 current account switch incentive – the highest amount currently available - before it’s pulled tonight.

HSBC has touted its £175 switching offer since September but the deal, which is available to anyone moving to its Advance or Premier current account, ends at midnight tonight.

Switchers opening a basic current account can get £75 – but this offer ends at midnight too.

The £175 offer is currently the most generous hard cash current account switch incentive available so if you’ve been mulling moving to another provider and want a few extra pounds, you need to act fast.

To be eligible, you need to meet certain criteria:

  • You need to be aged 18 or over
  • You need to pay in at least £1,750 a month (or at least £10,500 every six months, excluding transfers from other HSBC accounts)
  • You need to set up two direct debits or standing orders
  • You need to be a new customer who hasn’t had an HSBC current account since 16 January 2016 (if you have a M&S or First Direct account, you still qualify)
  • The move needs to be done via the Current Account Switch Service (CASS).

Once your new HSBC current account has been opened, you should receive the money within 30 days so unfortunately, it’s unlikely to be sitting in your account before Christmas. But customers switching to any of the three accounts can earn 2.75% as part of its regular savings offer when depositing between £25 and £250 a month (for 12 months).

Switch incentives being pulled

A number of bank switching incentives have been pulled or reduced recently, including RBS and Ulster Bank’s £150 sweetener last month and Lloyds Bank’s £125 deal. Natwest will also remove its £150 switch bribe on 6 December.

Rachel Springall, finance expert at data site Moneyfacts said: “Switching a current account can be a way to get a cash boost but customers must be careful that they are not swayed by the account just because of this perk. If consumers are eyeing up the latest offers then they may want to be quick because they don’t tend to stay around for long. As with most offers, consumers must check that they are eligible.”

The table below shows offers which have disappeared and how switch incentives have been revised:

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