Published On: Tue, Mar 12th, 2024

HSBC launches £220 switching offer for regular savers | Personal Finance | Finance

looking to switch accounts may want to consider offerings as they could get a bonus £220 payment if they join the bank.

The bank has launched the £220 switching offer for those signing up for a HSBC UK Advance or Premier Account, including the Online Bonus Saver.

Eligible customers using the Current Account Switch Service will get an £100 payment when opening the account.

They can get another £120 over 12 months if they make regular deposits of at least £50 each month.

Pella Frost, HSBC UK’s head of Everyday Banking, said: “It’s encouraging to see that people are regularly reviewing their spending to see where they can make savings.

“To make that money grow, consumers should consider transferring the extra cash straight into a savings account.

“A switch to HSBC UK could give a customer a cash injection of up to £220 and help them start a rewarding regular savings habit.”

The bank’s current savings rates include:

  • Online Bonus Saver: 4 pecent (on account balances less than £50,000).
  • One Year Fixed Rate Saver: 4 percent
  • Flexible Saver account: 2 percent
  • Premier Savings account: 2.25 percent.

To get the £100 payment, you will need to switch an existing account using the Current Account Switch Service within 30 days of opening an eligible current account.

The switch will need to include at least two direct debits or standing orders.

You will also need to within 60 days of opening the account, deposit at least £1,500 and make at least 20 transactions using your HSBC debit card.

Customers also need to register and log on to mobile banking within this timeframe, and open an Online Bonus Saver and deposit at least £50.

To secure the further £120 bonus over 12 months, you will need to each month have an eligible current account with at least two direct debits or standing orders.

You will also need to each month deposit at least £1,500 into the account, make at least 20 transactions with your HSBC debit card and make a monthly deposit of at least £50 into your Online Bonus Saver.

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