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Time is running out to get cashback switching deals
Derin Clark

Derin Clark

Online Reporter
Published: 28/06/2021

Consumers looking to earn cashback by switching bank accounts are urged to act quickly as many of the current switching offers could end in just weeks.

first direct’s 1st Account switching offer is due to end on the 12 July 2021. The switching offer enables customers to receive £125 cashback when switching to the account using the Current Account Switch Service (CASS) and when £1,000 is deposited into the new account within three months of opening*. More information about the offer can be found here.

HSBC also has a switching offer at the moment that sees customers earn £125 in cashback when switching to a HSBC Advance or Premier Account via the CASS. Although this offer was only launched on the 10 June 2021, its previous switching offer with the same perk only lasted for five weeks before being withdrawn. In order to receive the £125 cashback customers must switch a minimum of two direct debits or standing orders within 30 days of account opening*. More information about this offer can be found here and consumers can open the Advance account here.

In addition to the cashback offers, Virgin Money currently has a switching offer that sees customers receive a £150 Virgin Experience Days Gift Card when switching to its M Plus Account using CASS.

Although these offers may tempt consumers to switch their bank account, Rachel Springall, finance expert at Moneyfacts.co.uk, warns that they should carefully compare different bank accounts to ensure that they are getting the best deal, especially if they are planning on borrowing through the overdraft.

“Those looking to borrow would be wise to compare overdraft tariffs carefully as many accounts now charge more than 30% EAR, whereas one of the best deals with a lower charge comes from Starling Bank at 15% EAR,” she explained. “In addition, first direct currently has a £250 interest-free overdraft (thereafter charging 39.9% EAR) and is one of the providers paying a cash switching incentive of £125. However, the cashback offer for using the CASS is expected to be withdrawn in two weeks’ time, so consumers need to act soon to take advantage.

“It’s important that care is taken when comparing offers and consumers would be wise not to get blindsided by an upfront perk, as it’s the overall package of a deal that must be weighed up before they commit to a new current account. The cost to borrow using an overdraft, as well as any other benefits, are worth comparing carefully before someone commits to moving their account.”

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Moneyfacts Weekly Product News – 17.06.21

The Moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market

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Earn £125 this summer by switching bank accounts

Consumers looking to earn a little cash this summer can now receive £125 simply by switching their bank account to a HSBC Advance or Premier Account.

Today, HSBC relaunched its switching offer, which enables new customers who switch to a HSBC Advance or Premier Account via the Current Account Switch Service to earn £125 when a minimum of two direct debits or standing orders are switched within 30 days of account opening (additional terms and conditions apply).

Along with the cash, customers who switch to these accounts are also entitled to:

  • Open a HSBC Regular Saver that pays 1.00% AER by saving between £25 and £250 a month.
  • A three-month baking subscription, a tracking device for your keys and wallet, or a £40 Argos eGift Card when a HSBC innovative Select and Cover insurance is taken out.
  • Savings on shopping through HSBC UK’s ‘Home And Away’ offers site, with popular offers including Costa Coffee, ASOS, Not On The High Street, plus discounted cinema and theatre tickets.

To open a HSBC Advance account, customers need to deposit a minimum of £10,500 every six months or deposit a minimum of £1,750 each month. Customers must also qualify for a minimum £1,000 arranged overdraft. The account charges an overdraft rate of 39.90% EAR variable. It can be opened online here.

HSBC Premier account is only available to those who earn a minimum of £75,000 a year. To open the account, customers must have either a HSBC mortgage, investment, life insurance or a protection product; or within six months have savings or investments of at least £50,000 with the bank.

More information about both accounts can be found on our current account comparison chart.

Commenting on the launch of the new switching offer, Fiona Anderson, head of everyday banking at HSBC UK, said: “With lockdown and social distancing restrictions easing, the country is starting to switch back on. People have more opportunity to switch from back gardens to pub gardens, switch from FaceTime to face-to-face time, and instead of staying local, people can switch to enjoying more of the country and some of the wonderful experiences it has to offer.”

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2021 spring banking service results – how does your bank compare?

The latest bank service standards data from the Financial Conduct Authority (FCA) has been released, enabling consumers to see how quickly their bank is able to complete everyday requests such as receiving a debit card or getting an overdraft.

When looking at the bank service standards data, consumers should be aware that not all banks are required to provide data and, as such, this is not a whole of market information.

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HSBC offers extra incentive on its £125 switching offer

For a limited time, HSBC is enhancing its £125 switching offer so that customers who switch to an HSBC Advance or Premier Current Account can also get a £20 Uber Eats discount.

The £20 Uber Eats voucher offers both new and existing Uber Eats customers a £20 discount on items including delivery charge and can be used in conjunction with other Uber Eats promotions. In addition to this, customers switching to the HSBC Advance or Premier Current Accounts will also receive £125 in cash within 30 days of opening the new account.

In order to be eligible for the £125 cashback and Uber Eats voucher, customers must set up a minimum of two direct debits or standing orders with the new account. As well as this, they must switch to the account using the Current Account Switch Service. More information about the Advance and Premier Current Accounts, as well as additional terms and conditions of the offer, can be found on the HSBC website.

Commenting on the limited Uber Eats voucher offer, Fiona Anderson, head of everyday banking at HSBC UK, said: “Thanks to the recent easing of the lockdown measures, we have more options to safely meet with friends and family in our garden, so whether you decide to invest the £125 cash in your own barbecue and do it yourself, or use the £20 Uber Eats voucher for a timely food delivery, this could be a great way to help celebrate with your nearest and dearest”.

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Halifax launches £100 switching offer

7th April 2021

From today, consumers can earn £100 in cashback simply by switching to a Halifax Reward Account or Ultimate Reward Current Account using the Current Account Switching Service

From today, consumers can earn £100 in cashback simply by switching to a Halifax Reward Account or Ultimate Reward Current Account using the Current Account Switching Service

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Virgin Money launches high interest bank account

30th March 2021

Virgin Money has launched a high interest bank account that could be an attractive option for savers struggling to find a competitive rate in the savings charts

Virgin Money has launched a high interest bank account that could be an attractive option for savers struggling to find a competitive rate in the savings charts

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Barclays Bank highly commended as student account provider of the year 2021

23rd March 2021

Barclays Bank has been highly commended for the student account provider of the year 2021 at the Moneyfacts Consumer Awards last month.

Barclays Bank has been highly commended for the student account provider of the year 2021 at the Moneyfacts Consumer Awards last month. v

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Simple steps to reducing debts

22nd March 2021

Today marks the start of Debt Awareness Week, which coincides with the one year anniversary of the first lockdown in England and Wales, the financial fallout of which has seen many consumers falling into debt

Today marks the start of Debt Awareness Week, which coincides with the one year anniversary of the first lockdown in England and Wales, the financial fallout of which has seen many consumers falling into debt

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Reviewed: HSBC bank and its range of bank accounts

19th October 2020

HSBC has more than 40 million customers across the world. It is one of the big four banks in the UK. Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). We review its range of bank accounts and the HSBC mobile banking app.

HSBC offers £125 cash bonus to switch to specific HSBC accounts (subject to eligibility). We review its range of bank accounts.

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Lloyds and TSB announce overdraft changes

22nd January 2020

Lloyds Banking Group and TSB are the latest banks to announce changes to their overdraft fees, which will see some borrowers being charged 49.9% for going into their overdraft

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As cash machines and branches continue to close across the country, digital banking is becoming increasingly important

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Virgin Money customers can now use their debit card abroad for free

6th March 2020

From today, Virgin Money current account holders will be able to make transactions using their debit card while abroad without incurring any foreign currency fees

From today, Virgin Money current account holders will be able to make transactions using their debit card while abroad without incurring any foreign currency fees

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