HSBC offers £170 in ‘free cash’ to savers – but Britons only have days left to claim it

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Banks are improving interest rates and taking other steps in efforts to draw in savers after two years of returns being in the doldrums. HSBC’s offer is particularly favourable, with savers offered £170 in “free cash” for making the switch to the provider.

However, the offer is soon set to end, meaning Britons have just days left to set the switch into motion.

HSBC states their free cash offer ends on July 18 – six days away – and those hoping to benefit will need to act fast. 

At present, Britons are able to get £170 when they switch to either HSBC Advance or HSBC Premier, but the two accounts differ in terms of eligibility and what they offer.

To qualify for an Advance Account, individuals need to be approved for an optional arranged overdraft of at least £1,000.

To claim the £170 bonus, savers will need to start their switch within 30 days of opening their account.

They will also need to pay in £1,500 or above within 60 days, and switch two direct debits or standing orders using the official Current Account Switch Service.

The offer is only available to new customers, who must be 18 or over and also resident in the UK or EU.

Savers must provide ID and proof of address if required, and also be happy for HSBC to do a credit check against their name. 

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Advance Account holders can withdraw up to £500 per day from cash machines, and build their savings with the linked Regular Saver account.

They could also get money off at the likes of Costa Coffee, ASOS and Not On The High Street through the bank’s home&Away offers programme.

Alternatively, others could find they are eligible for the free cash through the HSBC Premier account.

In order to qualify, individuals need to have an income of £75,000 or more, and one other eligible HSBC product, or meet other criteria.

For the bonus to be claimed, the criteria is the same as the Advance account.

Savers need to start their switch in 30 days, similarly pay in £1,500 in 60 days, and switch the two direct debits or standing orders using the official switching service.

The Premier account also has a whole host of benefits, including the potential for mortgages, travel insurance, financial advice, and accounts for children.

Individuals can also earn 0.25 percent tax free on their savings with a preferential rate on the HSBC Loyalty Cash ISA.

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This is all available for no monthly fee, it is worth noting.

Those who do not have a current account with HSBC are urged to apply for one first, before they can access the offer.

Those who already have an HSBC current account will need to switch by visiting their local branch.

HSBC state savers can switch their account “quickly, easily and securely”, through the Current Account Switch Service.

From start to finish, the process should take seven working days, and the bank will deal with the bureaucracy with all payments moved automatically.

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