£200 Free for Switching to HSBC

hsbc

Switch your current account to HSBC and you could earn £200.

You may remember that last November I drew your attention to the fact that TSB was offering £100 if you switched your current account to them. Unfortunately, that was a limited time offer that expired at the beginning of December, but luckily HSBC is offering you twice that amount!

Now, consider that the Bank of England interest rate currently stands at 0.25%. If you were to open a savings account with the same level of interest, you would need £80k to earn £200 in the same amount of time. I don’t know about you, but there is only one way I can earn that £200!

If you have not been a current account holder with HSBC since 1st January 2015, switch your existing account (which must have at least two direct debits or standing orders) to HSBC and within 30 days you will receive £150. And if you register for Mobile or Online Banking within 60 days of opening that account, meet the criteria for at least 9 of the following 12 months, you will be paid another £50.

What are these criteria they talk about?

Simply, you need to pay in £1750 a month. It may sound like a lot but this doesn’t have to be wages. As long as the money comes in from somewhere, it doesn’t really matter. If I’m slightly short of cash some months (okay, most months), I will transfer money using an overdraft from another account. I then immediately transfer the money back which means I meet the criteria for HSBC and I don’t pay any interest or fees on my overdraft.

Another major benefit to this account includes £250 off booking fees from the HSBC standard mortgage range. You’ll find that HSBC offers some of the most competitive mortgage rates. You will also have access to the HSBC regular saver which offers up to 5% interest for a year.

One potential downside though…

In my experience, HSBC can be a little more choosy than other banks to whom they offer their Premier accounts too. Last year, my wife applied for a similar offer. Even though she just met the income requirements, she was only offered the basic account. And this wasn’t much help as it didn’t come with the switching bonus.

So the question is, what are you waiting for? Start your application now. It only takes 10 minutes.

This offer is due to end on 26th November. Take advantage of it as soon as you can. They aren’t one of the banks that always offer these incentives, so get it while it’s hot!

Take a look at my guide to switching banks if you want to know more.