FREE cash isn’t often up for grabs, but one bank is giving away £140.
Martin Lewis‘ MoneySavingExpert has revealed a new cash giveaway by HSBC which you can get simply for switching your bank account.
Banks often offer these bonuses to get customers to sign up to their accounts, and the only two cash offers on the market ended last month.
Previously, HSBC was offering £125 to anyone switching to its Advance account and First Direct was offering £100.
Now the money-saving website run my Martin Lewis has revealed a new bonus is on offer.
HSBC has brought back the “bribe” and it’s even bigger at £140.
How to switch bank accounts?
NOT sure what switching could do for you? Here’s what you need to know:
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
But you need to be quick with this one as it’s only available for two weeks.
The MoneySavingExpert newsletter explains that it asked HSBC if it would be bringing back the popular offer, and the bank said yes.
But you’ll also have to do it through the Money Saving Expert website to get the deal, or Money Supermarket, and you can do that here.
To get the free cash you also need to be a new customer with HSBC and use the Current Account Switching Service to move your account.
You can’t get the account if you’ve had an HSBC or First Direct account since January 1 2018 (the banks are owned by the same company).
There’s also other eligibility criteria for getting the account.
You need to be paying in £1,750 per month – that’s an income of £21,000 a year after tax – or in total £10,500 over six months, so this switch isn’t suitable for everyone.
You’ll need to qualify for an overdraft of £1,000 (though you don’t have to have one) and there are credit checks to get the account, so check the full terms and conditions before you apply.
If you get the account you will also have to have at least two direct debits set up with the account.
When you move bank using the current account switching service (CASS) it only takes seven days and your new and old bank handle it.
You just need to open the new account, pick a date you want to switch and then tell your old bank you want to switch using the service.
If you don’t use the current account switching service you won’t get the cash.
Once you’ve applied for the HSBC account you need to start the switch within 30 days to get your free £140.
There are no other switching offers around at the moment giving away cash, but that doesn’t mean there won’t be new ones on offer again. so it’s worth keeping an eye out.
Virgin Money is offering a bonus too but instead of cash, you’ll get a Virgin Experience days gift card worth £150.
Brits could be owed thousands of pounds from fees they paid for having a bank account and Martin Lewis has explained how to get the cash back.
The money expert has also explained how you can get and £125 if you’ve been “pinged” and are self-isolating.
One savvy switcher has revealed how he managed to get THOUSANDS of pounds from banks by moving accounts.