MARTIN Lewis is urging bank customers to make an easy debit card switch to claim £170 free cash.
The money is being offered as an incentive for people to switch to an HSBC account from another bank – here’s how you could cash in.
Martin Lewis has urged people to make the most of the incentive which ends soon
Banks often offer bonuses to new customers to encourage them to open an account – and HSBC is the current top payer.
But you’ll have to be quick as the offer ends on July 18.
To get the money from HSBC, you’ll have to switch to an Advance or Premier account.
There are also some terms and conditions, and not everyone is eligible – so do check before you switch.
To qualify for an Advance Account, you’ll need to be approved for an optional arranged overdraft of at least £1,000.
The conditions to open a Premier account are more stringent – to qualify, you’ll need to have an income of at least £75,000 as well as having at least one other eligible HSBC product.
To claim the £170 bonus for either account, you’ll need to start your switch within 30 days of opening the account and pay in at least £1,500 within 60 days.
You’ll also have to set up at least two Direct Debits or standing orders from the account.
Watch out, as the deal is only available to new customers – so if you’ve had an HSBC account since January 2019, you won’t get the cash. Both of the deals are for new customers only.
You also won’t qualify if you’ve had an account with its sister bank First Direct since 2019.
Switching bank is easy and many banks are offering incentives to entice new customers.
For example, First Direct currently pays £150 when you open a current account with it.
And if you switch your current account to Nationwide you could get up to £125.
Will switching accounts be a hassle?
To move bank, all you need to do is set up your new account and then you new provider should do all the hard work of switching everything over.
Once your application is accepted, your new bank will tell your old one that you’re moving.
It should arrange for all your direct debits and standing orders to transfer across so you don’t miss any important payments.
Under the Current Account Switch Service, the process should take around seven working days.
The service was introduced back in 2013 to encourage more people to change banks.
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