£125 Switching & 15% Cashback Schemes Announced | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 10/02/2021

HSBC has launched a new switching offer that will see consumers earn £125 simply by switching their bank account to a HSBC Advance Account or Premier Bank Account. This offer was launched in the same week that Virgin Money revealed a cashback incentive that will see its credit card customers earn up to 15% on everyday spending.

Here we’ve looked at both these incentives in more detail, as well as at some of the alternative switching and cashback offers currently available to consumers.

HSBC £125 switching offer

HSBC’s switching offer is a great way for consumers to earn an extra £125 just by switching bank accounts. This offer is only available to new customers and in order to receive £125 they must switch to either a Premier Account or Advance Account and have at least two direct debit or standing orders set up. The Advance Account is available to customers who are completely new to HSBC and, although this account does not charge a monthly fee, it must be funded with a minimum of £1,750 per month or £10,500 over six months. To open a Premier Bank Account, applicants must have an annual minimum income of £75,000 and have either a HSBC mortgage, an investment, life insurance or a protection product. Alternatively, this account can be opened by those who have savings or an investment of at least £50,000 with HSBC within six months of opening the account or hold and qualify for a HSBC Premier Account in another country or region.

For those who meet the eligibility criteria, switching to a HSBC can be done either online, in branch or by phone. The switching process should be completed within seven working days and customers can choose any date to switch within those seven days.

Switching incentive from Virgin Money

HSBC is currently the only bank to offer a switching cash offer, but consumers who enjoy a glass of wine may be tempted with Virgin Money’s switching offer that includes a 15-bottle case of wine from Virgin Wines worth £180. In order to receive the wine, customers must switch to a Virgin Money bank account using the Current Account Switch Service and set up two direct debits, register for the mobile app, and deposit a minimum of £1,000 into a linked savings account within 31 days of opening the account and closing their old account. Those considering this offer should be aware that it is due to end at midnight on 14th February 2021.

Virgin Money 15% cashback scheme

Virgin Money has launched a Virgin Money Back scheme that sees its credit card customers earn up to 15% cashback on everyday spending. This scheme is available to customers of all its credit cards, including its 28 Month Balance Transfer Credit Card Mastercard, 24 Month Balance Transfer Credit Card Mastercard and its 20 Month All Round Credit Card Mastercard, as well as those with a Virgin Atlantic credit card who will earn cashback in addition to the Virgin Points they already earn.
In order to start earning the cashback, customers must register for Virgin Money Back through the Virgin Money credit card app. Where cashback will be available from will change over time, but on launch, customers can earn cashback from a range of retailers including Aveda, Caffe Nero Online, Coach, Crew Clothing, Europcar, Gousto, MAC, Matalan, Origins, P&O Ferries, Sunglass Hut and Sweaty Betty.

Santander credit card cashback

An alternative to the Virgin Money cashback offer comes from Santander, which through its Retailer Offers enables credit card customers to earn up to 15% cashback with selected major retailers. In order to earn cashback, customers must switch on the Retailer Offers within 60 days of activating their credit card and register for online banking. This cashback offer is available to Santander customers who have a Santander Everyday Credit Card Mastercard, Santander Zero Credit Card Mastercard, Santander All in One Credit Card Mastercard, or a Santander World Elite Mastercard.

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