BANK customers could be entitled to an extra £170 in cash – but you’ll need to be quick.
You could get an extra sum of cash if you switch your current account to another provider.
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Many banks and building societies including Lloyds and HSBC are offering bonuses for switching.
HSBC are offering customers £170.
But the closing date is in sight – you’ll need to apply by July 18.
It’s not too hard to do. You’ll just need to switch your account to HSBC using the Current Account Switch Service.
When you switch, you need to include at least two direct debits or standing orders.
You’ll also need to deposit at least £1,500 into your new account within 60 days of opening it.
There’s an option to open either a single or joint account.
You’ll receive the money within 30 days of opening your account.
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What’s not accepted?
The offer is only available for new customers, so if you’ve had an HSBC current account or a first direct current account open since 1 January 2019, you won’t be eligible.
This deal is for an HSBC Advance Account, so you’ll need to be 18 or over and live in the UK or EU.
If you don’t qualify for an optional arranged overdraft of at least £1,000, you also won’t be eligible.
How do I apply?
In order to claim your free £170, you’ll need to fill out an HSBC Advance Account application form.
You’ll need to provide income details, proof of address and proof of identity.
It shouldn’t take long to process.
And don’t worry about money landing in your old account – once it’s all set up, any money sent to you will automatically land in your new HSBC account.
The same goes for any money left in your old account.
You’ll be sent confirmation via letter or email once it’s all set up, so keep an eye on both.
Your old account will be closed as soon as the new one opens.
What other switch payments are on offer?
Many banks have offers going when you switch.
First Direct are offering £130 to new customers.
The offer has risen from £100 earlier this year.
Customers need to deposit at least £1,000 within the first three months to get the cash.
Other banks are also advertising offers for consumers looking to open a new bank account.
Nationwide’s FlexDirect pays up to £125 to new customers.
Meanwhile, Virgin Money is tempting users with 12 bottles of wine or a £150 experience voucher.
Lloyds were offering £125 when you switch to a Club Lloyds Account or Club Lloyds Platinum Account.
The deadline for that has passed, though, so you’ll need to double check if anything similar is still on.
Be sure to check all the eligibility criteria before signing up as you might be required to pay in a certain amount to qualify for the freebie.
Switchers can compare bank accounts using MoneySavingExpert’s guide, or another comparison website such as Compare The Market.
How do I switch bank account?
It’s simple to open a new bank account using the Current Account Switch Service.
It does everything for you, so you don’t have to remember to move direct debits over when you move.
All you need to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
Make sure you double check all the terms and conditions attached to the account first.
Before you switch banks, you should think about what you want from your current account based on your spending habits.
You can then find one that best suits your needs using a comparison site such as Uswitch or Compare the Market.
If you have an overdraft, double check your new bank will accept it before switching.
If you’re switching to HSBC, it must have a £1,000 limit.
To start your switch, ask your new bank or building society to move your old account using the Current Account Switch Service.
It takes only seven working days and you can choose a switch date to suit you, apart from Saturday, Sunday or Bank Holidays.
While the switching service makes things easier, you’ll still have to manually update some important things.
While your salary should get redirected to your new account, it’s worth letting your employer know you new payment details just in case.
Changing account is a good time to cancel standing orders that you no longer need.
Also, make sure you’ve saved a copy of your transaction history and bank statements. Once your old account is gone, all data will be deleted.
