Big high street bank is giving away free cash worth up to £200 – how to get it

A BIG high street bank is giving away free cash, worth up to £200.

HSBC has launched a new switching incentive to help lure new customers in and persuade them to open a current account.

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The bank is offering customers £200 if they switch from a different provider to either its HSBC UK Advance or Premier Bank accounts.

The offer is available now and there is currently no end date in sight.

Any customers who choose to switch will need to do so using the Current Account Switch Service (CASS) to qualify for the £200 cash.

To qualify, you will need to meet a monthly qualifying criteria.

You’ll need to be approved for an optional arranged overdraft of at least £1,000. 

You won’t be eligible if you’ve had an HSBC account since January 2020 – even if it’s now closed.

The offer is only available to new customers only, so any current HSBC account holders will not be able to get the cash.

Last month Halifax launched its own switching bonus, offering customers £175 to switch.

This deal is available to all customers, even those already with Halifax.

It comes as NatWest and First Direct also launched switching offers of up to £200 in free cash.

NatWest is currently offering £200 free cash if you switch to a Rewards account from a different bank and do so online or through the app.

While First Direct is giving customers who switch from a different bank to a 1st account a £175 switching bonus.

How do I switch bank account?

It’s easy to switch your bank account using the Current Account Switch Service (CASS).

You don’t have to remember to move direct debits over when moving as it does this everything for you.

All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.

There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.

To get your old statements you should get in touch with your bank.

How to find the best bank accounts

With your current rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.

Research websites like MoneyFacts and price comparison websites such as Compare the Market, GoCompare and MoneySupermarket will help save you time and show you the best rates available.

These sites let you tailor your searches to an account type that suits you.

You might come to realise that a different account is suited to you rather than the one with the biggest switching incentive.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected]

This post first appeared on thesun.co.uk