HSBC Brings Back �175 Current Account Switch Offer

HSBC has resumed its popular �175 cash offer for current account switchers�the best incentive on the market.

New HSBC customers switching via the Current Account Switch Service (CASS) and opening a Premier or Advance bank account will receive �175. Customers opening an HSBC basic current account will receive �75.

To qualify as a new customer, you can�t have held an HSBC current account in the last three years (since 1 January 2017). However, if you have an M&S or First Direct account�subsidiaries of HSBC�you can qualify in switching to their parent bank. You�ll also need to set up two direct debits or standing orders on the account.

Once you open the account, you�ll receive the money within 30 days.

HSBC�s Advance accounts require customers to pay in at least �1,750 a month, or �10,500 every six months, excluding transfers from other HSBC accounts.

HSBC�s Premier accounts are available to those who pay their annual salary into the account and meet other criteria, such as having a mortgage with the bank, having an annual salary of more than �75,000, having savings and investments worth more than �50,000 or holding a Premier account in another country.

All three accounts offer 2.75% interest on regular savings, on deposits of between �25 and �250 for 12 months.

Fiona McCaffrey, head of everyday banking at HSBC UK, said: �The new year is a great time to reflect on spending and saving habits and make changes for a financially healthy 2020.

�HSBC UK research found that over a third of people (38%) stay loyal to their current account provider, and therefore could be missing out on better deals. Switching accounts takes minutes and as well as an upfront cash boost, customers can sometimes benefit from improved rates and product options.�

A poll conducted by HSBC and YouGov found that 39% of people who receive the cash offer for switching accounts would add it to their savings pot, while 15% would use it to pay off a debt or overdraft.

The return of HSBC�s cash offer follows several weeks in which banks were pulling their cash incentives for switchers. Lloyds scrapped the �125 offer on its Bank Club accounts, while RBS Ulster Bank and NatWest all suspended �150 offers for their premium accounts.

With its high cash offer, HSBC is likely hoping to catch the eye of New Year switchers.

Rachel Springall, financial expert at data site Moneyfacts, said: �January could well be a prime time for consumers to consider switching their bank account for something new�so a cash offer could be tantalising. As with any bank account, it is important consumers weigh up all the benefits on offer and any charges to ensure it is the right deal for them.�