How to get £125 free when you switch current accounts to HSBC

HSBC will pay you £125 to ditch your bank and switch to one of its current accounts.

But you’ll need to sign up to its premium current accounts, either the Premier Account or its Advance Account.

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There are no monthly fees for either account.

The first £500 of your arrange overdraft is interest-free with the Premier account unlike HSBC’s basic current account, which you can’t arrange an overdraft for or have access to other credit facilities likes loans or credit cards.

You’ll also get free annual travel insurance cover from Aviva with the Premier account.

Meanwhile, there is a minimum overdraft offer of £1,000 with the Advance account.

But before you switch and ditch, make sure you take a good look at the accounts are the right ones for you as there are a few catches.

You’ll need an annual income of at least £75,000 to open a Premier account, as well as an existing mortgage, investment, life insurance or protection product deal with the bank.

Or, you’ll need to have at least £50,000 of savings with HSBC within six months of opening your account.

For the Advance account, you’ll need to pay in a minimum of £1,740 per month or £10,500 over six months to be eligible.

The incentive only applies to new customers, or old account holders – including M&S Bank and First Direct accounts – returning to the bank as long as they closed their account on or before January 1, 2018.

You’ll also have to meet the agreements set out in the bank’s Current Account Switch Service, which moves all your payments, direct debits and standing orders within seven working days.

This means you’ll have to switch to your new HSBC account, including setting up at least two direct debits or standing orders, within 30 days of opening the account.

If you meet all of these conditions, you’ll get a payment of £125 into your new account within 20 days of switching.

HSBC UK head of everyday banking Fiona Anderson said the switching offer will “provide a little financial boost” amid the pandemic.

The bank hasn’t said when the offer will end, but we have asked for more information and will update you as soon as we can.

You can apply for the HSBC Premier Bank Account here, or the  HSBC Advance Bank Account here.

The bank rolled out a similar deal last year in September. 

It looks like HSBC is the only bank currently rolling out an offer where you’ll get cash if you switch.

However, Virgin Money is offering a deal where you can get 15 bottles of wine, which it says is worth £180, if you switch banks.

But you won’t be able to claim the offer if you already have a Virgin Money, B, Clydesdale Bank or Yorkshire Bank current account, or you’ve held one since September 30 2020.

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This post first appeared on thesun.co.uk