MARTIN Lewis has issued an urgent warning to anyone with a bank account who has just days left to claim £200 free cash.
The financial guru issued the advice about the HSBC switching bonus in MoneySavingExpert.com’s latest newsletter.
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Banks regularly offer new customers cash incentives for signing up to a current account with them.
All you have to do is move from your existing bank or building society to a new one.
And HSBC is currently offering banking customers a free £200 if they sign up to its Advance Account.
Anyone can get the bonus, so long as they are a new customer, and start the switch by July 3, when the offer ends.
You just have to start the switch from another bank account that has two direct debits or standing orders.
You also need to start the switch within 30 days of opening the account and pay in at least £1,500 within the first 60 days.
Once you’ve done this you will receive the £200 bonus within 20 days. You can make the switch in-branch or online.
You won’t be able to do the switch if you’ve held a HSBC current account or opened a new First Direct current account since January 2020.
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One major perk of the HSBC Advance Account is that the bank doesn’t charge you to maintain the account.
Plus, if you qualify and sign up to the overdraft, you get a text if you’re overdrawn or about to be.
How to switch bank account
Switching bank accounts is a fairly simple process and in most cases can be done through the Current Account Switch Service (CASS).
Over 40 UK banks and building societies are signed up to the service, including HSBC, First Direct, NatWest, Nationwide and Monzo.
You can find the full list on the CASS website.
If you can make a switch through the CASS, you just have to apply for the new bank account and your new bank will let your existing one know you are moving.
If your application is accepted the bank will then offer to make the switch for you and ask you to choose a date to do it.
Your old bank should then talk to the new one and everything will be switched across, including your balance, direct debits and salary.
What other banks are offering switching bonuses?
Lloyds Bank, First Direct and NatWest are three other banks offering switching bonuses to new customers.
Lloyds is offering £150, plus additional perks including the choice of 12 months of Disney+, six free cinema tickets and magazine subscription if you sign up to one of its current accounts.
It’s worth noting there’s a £3 monthly fee to maintain any one of the accounts, unless you deposit £2,000 or more in each month.
Customers will also get access to a regular saver account which offers 6.25% interest – that’s 1.25% better than HSBC’s regular savers account.
Meanwhile, bank customers signing up to First Direct can get £175 free cash and access to a 7% savers account.
You just have to pay in £1,000 or more within three months of switching and then wait up to 28 days for the £175 to appear in your account.
Meanwhile, NatWest is offering switchers £200, although you can’t get the bonus if you made a switch from NatWest, RBS or Ulster since October 2017.
To get the £200 you just have to open the account online or in-app, switch in the account then pay in £1,250 or more and use the app within 60 days.
The £200 should then be transferred within seven days.
Whenever you do make a switch to a new bank, make sure you consider everything that bank is offering you beyond the cash bonus.
For example, if you know you want to open up a savings account, check out which one has the best rates.
Or, if you prioritise good customer service, make sure you check out which one has the highest rating on websites like MoneySavingExpert.com.
Websites like MoneyFacts and Compare the Market, GoCompare and MoneySupermarket will help save you time and show you the best rates possible across the market.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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