HSBC to close more than 50 branches across the UK – full list
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The bank’s deal is accessible to those who open a current account and start the switch process within 30 days. This must include at least two direct debits or standing orders and the saver will have to pay in at least £1,500 within the first 60 days. After this has been done, the £175 in free money will be deposited into their account within 30 days.
Outside of HSBC, other banks and building societies, such as first direct and Halifax, have other incentives for account switching.
In regards to first direct’s offering, anyone over the age of 18 can open a 1st Account with the bank which can see them claim £150 down the line.
Once this is completed, within three months, first direct customers complete a switch from another current account.
However, this cannot be from HSBC or first direct and account holders must deposit £1,000 into the account.
At this point, the bank’s customers will receive the £150 within 28 days of these actions being completed.
Claimants can ask for the switch online when applying or later, however to get the free money they must complete the switch before the three month deadline.
Halifax has a similar switch offering for anyone over 18 years old.
Customers can switch their old bank account to a Halifax Reward current account or Ultimate Reward Current Account using the Current Account Switch Service to get the £125 bonus.
This switch, which takes up to seven working days, must be done by Monday, May 9, with the free cash being paid within three days of the switch completing.
Due to the cost of living crisis, many savers will be looking for extra money to spend on energy bills and increasingly expensive groceries.
When switching between accounts, many Britons opt to use the Current Account Switch Service which is free to use and completes transactions within seven days.
Through the service, payments going out and those coming in, such as someone’s salary, will be moved from the old account to the new account.
On its popularity, Jo Ainsley, a senior service lines manager at Pay.UK, said: “Given the current cost of living crisis, many people are now thinking carefully about their finances.
“While breaking brand loyalty to certain products and services can be difficult, switching to better options in many cases can be incredibly simple and stress-free. Switching current account is a great example of this.
“Through the Current Account Switch Service, people benefit from a service that’s free to use and handles their move from one account provider to another in seven days and its guaranteed.
“This takes the stress out of switching and means people could be benefiting from improved online banking services that help them better track their spending and even gain access to switching bonuses.”
On the way savers are thinking, Kate Nightingale, a consumer psychologist, explained: “The unprecedented nature of the pandemic plunged many of us in a deep state of anxiety.
“As such, we’ve turned to brands that provide us with a sense of familiarity. This ‘default loyalty’ shouldn’t stand in the way of our wellbeing.
“With price pressures mounting, it’s now increasingly important that people challenge their own perceptions and think critically about how considering a new provider that could better align with their needs and help them save money.”
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