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.”

For those looking for an alternative offer, currently first direct and Virgin Money also have switching offers available.