HSBC: How savers can boost bank balance by £125 – and get 2.75% interest rate on savings

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A whole host of cash payment incentives have been announced by various high street banks of late, and this now includes HSBC UK. The bank has announced it is reintroducing its cash switching incentive.

HSBC UK is currently offering new customers a cash payment of £125 should they switch to the HSBC Advance Bank Account or the HSBC Premier Bank Account.

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.”

There are some rules to note when it comes to eligibility for this offer.

Customers who are new to the bank can get the payment should they apply and start a full switch using the Current Account Switch Service (CASS) including a minimum of two Direct Debits and/or Standing Orders, within 30 days of the date of the account being opened.

It’s important to be aware that “new to bank customers” must not be an HSBC current account holder on the date of the application.

Furthermore, they must not have been a current account holder with the bank on or after January 1, 2017.

Where an eligible current account is a joint account, at least one of the joint account holders must complete the switch from either a sole account in their own name or another joint account in the same names.

This particular offer is open to first direct and M&S Bank current account customers, as long as the current account was opened before January 1, 2017.

There are some conditions to meet for an HSBC UK Advance Account.

These include customers qualifying for a minimum £1,000 arranged overdraft and paying at least £1,750 per month in to the account each month, or a minimum of £10,500 every six months.

This does not include money transferred from any other sole or joint personal accounts which are held with HSBC UK Bank.

For an HSBC UK Premier Account, conditions include having an individual annual income of at least £75,000 and one of the following with HSBC UK:

  • A mortgage,
  • An investment,
  • Life insurance or a protection product; or
  • Within six months, having savings or investments of at least £50,000 with HSBC UK.

Furthermore, current account holders will be able to open a linked Regular Saver account, which currently pays 2.75 percent AER/gross.

HSBC UK is not the only bank currently providing a cash incentive to customers who switch via the Current Account Switch Service.

Royal Bank of Scotland is currently offering £100 to new and existing customers switching their main bank account via the Current Account Switch Service.

Those who are new to Royal Bank can apply to switch to a Select or a Reward account, as can existing customers – who can also apply to switch to Reward Silver, Reward Platinum or Reward Black.

Lloyds Bank is also, at the time of writing, offering a £100 current account switcher bonus.

Meanwhile, Metro Bank is offering a £50 ‘Refer a Friend’ offer, with customers able to earn up to £250.

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