MARTIN Lewis’ MoneySavingExpert has revealed how to get up to £200 in free cash before Christmas.
You can get the money by switching your current account to HSBC‘s Advance Account.
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Banks will often launch switching offers to tempt new customers in.
You can get free cash, vouchers, cashback deals and exclusive savings rates.
MoneySavingExpert revealed in its weekly newsletter that HSBC is offering a £200 switching deal – but there’s a catch.
To be eligible for the £200 bonus, you’ll need to pay at least £1,500 into your account within 60 days.
You’ll need to set up at least two direct debits or standing orders too.
You won’t qualify if you’ve had an HSBC or First Direct current account since January 1, 2019.
If you hit the criteria, you’ll get the £200 bonus paid in 20 days of you switching over or when you deposited £1,500 into your account – whichever is later.
There’s no deadline for when the offer ends, but HSBC can withdraw the deal at any point.
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HSBC will also do a credit check against your name if you apply to switch.
Make sure you double check all the terms and conditions attached to the account first.
Before you switch banks, you should think about what you want from your current account based on your spending habits.
You can then find one that best suits your needs using a comparison site such as Uswitch or Compare the Market.
Changing account is a good time to cancel standing orders that you no longer need.
Also, make sure you’ve saved a copy of your transaction history and bank statements. Once your old account is gone, all data will be deleted.
How do I switch bank account?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits over when moving as it does this everything for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
Who else is offering a bank switch bonus?
HSBC isn’t the only one offering a switching bonus.
NatWest is giving customers £175 if they switch to one of its current accounts.
Nationwide is giving customers up to £200 as part of their latest switching bonus.
New customers need to switch from a non-Nationwide current account to a FlexDirect account and make sure they have two active direct debits set up to get the free cash.
First Direct pays new customers £175 in free cash through the 1st Account.
You have to deposit £1,000 when you open it, but there’s no minimum amount per month you need to pay in to get the cash.
