Earn £125 By Switching To A HSBC Current Account | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 15/09/2020

After stopping its switching incentive six months ago, HSBC has relaunched its current account switching offer today and customers can now earn £125 simply by switching to a HSBC Premier or Advance current account.

In order to receive the money, applicants must not be a HSBC current account holder on the date of application and have not been on or after 1 January 2017. As well as this, the offer is only available to new customers who apply and start a full switch using the Current Account Switch Service (CASS), including a minimum of two direct debits and/or stand orders, within 30 days of the date of the account being opened.

Those looking to open a HSBC UK Advance Account must have a minimum £1,000 arranged overdraft and paying at least £1,750 into the account each month, or a minimum of £10,500 every six months.

To open a HSBC Premier Bank Account applicants must have an individual annual income of at least £75,000 and either a mortgage, an investment, life insurance or a protection product with HSBC, or within six months, have savings or investments of at least £50,000 with the bank.

Commenting on the relaunch of the offer, Fiona McCaffrey, HSBC UK’s head of Everyday Banking, said: “In what has been a difficult year we are pleased to welcome new customers who switch to our HSBC Advance and HSBC Premier accounts with our latest £125 switcher offer. The initial lockdown really gave people time to think about friends, family and finances amongst other things and our cash incentive of £125 will provide a welcome start to what will hopefully be a long relationship with HSBC UK.”

Other switching offers

Over the last month a number of banks have launched switching offers that enable consumers to earn money by switching bank accounts. The current ones on offer are:

  • Royal Bank of Scotland – new and existing customers can earn £100 by switching to a Select, Reward, Premier Select and Premier Reward account
  • Metro Bank – customers can earn £50 for each friend referred to the bank up to a maximum of five people (£250)
  • Lloyds Bank offer £100 when switching to its Club Lloyds and Platinum with Club Lloyds accounts

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