HSBC offers £175 to switch bank accounts – but there’s only a few hours left to claim

Martin Lewis explains why people should switch banks

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Money Saving Expert (MSE) founder Martin Lewis has called it ‘the biggest upfront cash offer’ but Britons will have to be quick if they want to take advantage of the £175 bank switching bonus. The deadline for switching bank accounts to HSBC is 11.59 on Friday April 29.

This latest offer from HSBC beats its last incentive of £110 in cash and a free £30 Uber Eats voucher.

To claim the reward, individuals will need to switch banks to the HSBC Advance Account and they should receive the money within 30 days.

Customers can also choose to open a HSBC Regular Saver account, where they can save up to £3,000 at a 1.00 percent interest rate fixed for 12 months.

They can also benefit from an arranged overdraft offer of £1,000 and discounts on Costa Coffee, ASOS and Not On The High Street.

Customers will need to go via the MSE site or Money Supermarket website to bag the deal and pass a credit check.

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There is a catch though – the bank only scored 38 percent for customer service according to MSE.

However, it’s not the only bank offering an incentive for people to switch.

Royal Bank of Scotland and first direct are both currently offering £150.

Halifax and Nationwide are rewarding switchers with £125 in free cash.

Readers have been telling how they have made thousands of pounds over the years simply by switching bank accounts.

Verena from Lancaster said it’s an “easy way to make money” – and she has earned £1,025 over the years.

The 32-year-old first switched her bank account in 2019 when she was looking for a quick and easy way to boost her savings pot.

She told “Switching my bank account seemed like a very low effort way of making over £100 for ten minutes filling out an application form online.”

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Verena added: “After I’d done it once and received the bonus I couldn’t believe how easy it was, so I just kept doing it.”

Latest statistics show 196,964 switches took place between January and March 2022 – a 41 percent annual increase according to the Current Account Switch Service.

To receive the switching bonus, people usually have to use the Current Account Switching Service.

Most banks are now signed up to this service which handles the switch of all direct debits and regular payments.

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