Major bank launches biggest account switch bonus in five years – see how much you can get

A MAJOR bank has launched its biggest bank switching bonus in five years.

HSBC is offering new customers up to £220 while encouraging them to build a regular savings habit.

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The offer applies to new customers who switch from their existing bank to an HSBC UK Advance or Premier bank account using the Current Account Switching Service (CASS).

The offer is open from now until further notice and there are certain criteria that customers need to meet to qualify for the full £220 on offer.

Banks often give incentives to new customers and this current one from HSBC is the biggest switching bonus the banking group has offered for five years.

We explain the offer and exactly what you need to do to get your hands on the cash, in full below.

What is the HSBC Switching offer?

The current switching offer with HSBC means that new customers can get up to £200 by switching from their current bank to a HSBC UK Advance or Premier bank account.

The money is paid in two separate amounts, one payment of £100 and the second payment of £220.

Certain criteria must be met to get the full £220 payment and the switching process must also be done through CASS.

CASS is a free service that lets you swap your old current account to a new one and is completely hassle-free.

You just have to contact your new bank to apply for their current account and if you are accepted they will offer to make the switch for you.

In order to get the first £100 payment you must meet the following criteria:

• Apply for a HSBC Advance of Premier bank account on or after March 11 and successfully open the account.
• Switch an existing account using the CASS within 30 days of opening the account.
• The switch must include at least two direct debits or standing orders.
• Within 60 days at least £1,500 must be deposited into the account over one or more payments.
• Make a minimum of 20 transactions using their HSBS debit card.
• Register and log on to mobile banking.
• Open an Online Bonus Saver and deposit at least £50

If new customers complete all the above steps, they will receive £100 paid into their current account within 30 days.

To get a further £120 you must complete all of the above and continue to do so each month.

For instance, customers must continue to log onto mobile banking, make a minimum of 20 transactions and keep the direct debits active, with the addition of making a monthly deposit of £50 in their online bonus saver account

Customers who continue to meet the criteria each month will be paid £10 per month (up to a maximum of £120 – or 12 monthly payments) by the 20th of the following month.

Do bear in mind that this extra cash does depend on you meeting the monthly criteria, so if one month is missed you will miss out on the bonus payment for that month.

Pella Frost, HSBC UK’s head of everyday banking said: “It’s encouraging to see that people are regularly reviewing their spending to see where they can make savings.

“To make that money grow, consumers should consider transferring the extra cash straight into a savings account.

“A switch to HSBC UK could give a customer a cash injection of up to £220 and help them start a rewarding regular savings habit.”

What about other bank switching offers?

No two bank switching offers are the same so it is worth shopping around to make sure you get a deal that best suits your needs.

Amounts can vary quite drastically, for instance Santander has previously offered new customers as much as £300 to switch to one of their current accounts.

Also, according to data from MoneyFactscompare.co.uk, Lloyds Bank offered £250 back in July 2022-Nov 2023 for club customers completing a qualifying mortgage with Lloyds.

At the moment Lloyds Bank is offering £175 to eligible customers upfront if they switch to either the Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account before March 28, 2024.

NatWest, RBS and Ulster Bank are all offering £200 upfront, with Nat West saying it will pay the free cash within seven days.

All of the accounts have different eligibility criteria and can be viewed on the individual bank’s website.

Do make sure that you read all of the terms and conditions before making a switch to ensure that the account is going to meet your needs long term.

Rachel Springall, finance expert at MoneyFactscompare.co.uk, said: “It’s interesting to see a cash switching incentive that encourages the savings habit.

“Choosing the right current account depends on someone’s spending habits as there are a variety of different accounts out there with their own benefits and charges, so it is worth looking at different options to HSBC.”

How do I switch bank accounts?

SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).

Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.

Under the switching service, swapping banks should take seven working days.

You don’t have to remember to move direct debits across when moving, as this is done for you.

All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.

There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.

You should get in touch with your existing bank for any old statements.

When switching current accounts, consider what other perks might come with joining a specific bank or building society.

Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.

And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.

This post first appeared on thesun.co.uk