Major UK bank offering ‘free’ £220 for switching – how to qualify | Personal Finance | Finance
Brits looking to bolster their savings could get a free £220 for switching banks. HSBC is currently offering a sizeable amount of cash to new customers.
However, it’s important to check all the terms and conditions to make sure you can qualify before making the change.
On customer service site Money Saving Expert (MSE), the team listed some current bank switching deals that are worth taking advantage of.
The site said: “Switching to a new current account is quick, easy and can earn you up to £220 in free cash and perks.
“Yet you can get plenty of perks without switching bank account, including up to 2% cashback on bills and decent savings interest.”
It said: “Free £220 from a bank which rarely offers fee-free bank switch bonuses. A winner on switch cash alone, which many serial switchers will be eligible for.”
It added: “This HSBC Bank Account free £220 switch bonus is the largest we’ve seen in some months.” The account also gives access to HSBC’s regular saver paying 5% fixed interest on up to £250 a month for one year.
How to qualify
You’ll need to deposit £2,000 or more and spend £500 or more on the debit card in the first 60 days of opening the account.
It’s also important to note that the switch bonus offer only excludes those who’ve had a HSBC or First Direct account since January 1, 2023.
- Open a new HSBC Bank Account via app (no joint accounts, and the HSBC Basic Bank Account will also not qualify for this offer)
- Within 60 days: complete a full switch including two or more direct debits, deposit £2,000 or more and spend £500 on the debit card
The £220 should be paid within 60 days of meeting all the criteria. For more information, visit the MSE website here.
