Banking News

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.”

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.

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”.

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.

In addition to the £100 cashback, eligible customers that switch to the Halifax account can also choose from one additional reward from the following:

• Stream two movies a month throughout the year, worth up to £120
• One free cinema ticket a month at Vue cinemas
• A choice of three digital magazines from a host of well-known titles
• Or a £5 monthly reward.

The Halifax Reward Current Account allows customers to earn up to 15% cashback from selected retailers when using their card. To qualify for the rewards, customers must pay £1,500 into the account each month, stay in credit and either spend £500 on their debit card or maintain a balance of £5,000 each month – if this criteria is not met, the account charges a monthly fee of £3.

The Ultimate Reward Current Account also enables customers to earn 15% cashback from selected retailers, as well as a range of additional benefits including worldwide travel insurance and mobile phone insurance. This account charges a monthly fee of £17.

Commenting on the launch of the switching offer, Martin Turner, head of personal current accounts at Halifax, said: “Our Reward and Ultimate Reward accounts are already a popular choice for switchers, and now new applicants will receive £100 when they switch to us using the industry switching service. Both continue to reward customers with a choice of fantastic lifestyle benefits, from monthly movie streams to magazine downloads.”