Martin Lewis’ MoneySavingExpert has explained how you can get £175 FREE cash by switching bank – but you have to do it in the next two weeks.
HSBC has launched an exclusive current account switch offer, giving a £175 payment to those who apply through the Money Saving Expert website or Money Supermarket.
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It is the biggest cash amount available among six banks that currently offer switch bonuses.
The current account switch offer is available until April 29, 2022 so there are just two weeks left to apply.
To claim the freebie you need to open an HSBC Advance account and start your switch within 30 days.
You’ll need to pay in at least £1,500 within 60 days and switch over two or more of your direct debits or standing orders to receive the money.
Once you’ve done that and HSBC ticks off your eligibility, you’ll receive the money within 30 days.
However, to qualify you can’t have had an HSBC current account or opened a First Direct current account since January 1, 2019.
Tom Wolfenden, HSBC UK’s Head of Retail, said: “Our popular switching offer has returned, and for a limited time, exclusively for those applying through MoneySupermarket and MoneySavingExpert, customers who are switching their current account to us will receive £175 in cash.
“With the cost of living seemingly increasing by the week, the cash benefits of these offers could be very welcome.”
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HSBC isn’t the only bank offering free cash to get customers to sign up to their accounts, First Direct, Royal Bank of Scotland, Halifax and Nationwide also offer switch bonuses, ranging between £125 and £150.
Make sure to check all the eligibility criteria before signing up as there might be other requirements for claiming the freebie.
Customers can compare bank accounts using MoneySavingExpert’s guide, or another comparison website such as Compare The Market.
You also need to check that it provides the services you need before switching such as having a branch near you or top customer service.
Switching offers aren’t limited to cash reward – one high street bank is giving new customers 100 Greggs sausage rolls if they open an account.
One savvy switcher has revealed how he managed to get thousands of pounds from banks by moving accounts.
Plus, here are seven companies that will pay you in cash or vouchers if you refer a friend.
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