HSBC urges Britons to ‘switch on summer’ with £125 offer and 1% interest rate

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HSBC is used by millions of people right across the country, but of course there are individuals who opt for other providers. In what appears to be an effort to entice new savers to the bank, HSBC is offering an incentive for switching. A new HSBC current account switching offer is being provided which has come into effect in recent days.

It offers £125 to new customers when they choose to switch to an HSBC Advance or Premier Bank Account.

They must, however, use the official Current Account Switching Service – which is actually designed to make switching easier for Britons.

While the switching offer is enticing in and of itself, there are also other benefits to changing to HSBC.

Particularly of note is the savings account which currently offers a one percent interest rate to savers.

This enables Britons to build up a savings pot by saving between £25 and £250 per month with the bank’s Regular Saver.

There are also other perks savers could secure when choosing to switch with this offer.

If a person takes out HSBC’s Select and Cover insurance, then they can choose from three separate options with value.

These are:

  • A three month baking subscription with BakedIn
  • A tracking device for one’s keys and wallet
  • A £40 Argos eGift Card

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Furthermore, HSBC customers may also benefit from additional savings on shopping through this promotion.

The bank’s Home and Away offers site has a number of different choices including discounted cinema and theatre tickets as well as offers from Costa Coffee and ASOS to name a few.

To be eligible, customers must not currently be an HSBC current account holder on the date of application, and have not been on or after January 1, 2018.

The offer is also not available to customers who have opened a first direct account since January 1, 2018.

Customers must use the Current Account Switch Service using a complete a full switch within 30 days of the account opening.

They are required to set up a minimum of two direct debits or standing orders within this time frame, also.

For an HSBC UK Advance Account, Britons must pay in at least £1,750 a month into the account each month, or a minimum of £10,500 every six months.

This does not include money which is transferred from any other sole or joint personal accounts held with HSBC.

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Fiona Anderson, HSBC UK’s Head of Everyday Banking, commented on the new offer.

She said: “With lockdown and social distancing restrictions easing, the country is starting to switch back on. 

“People have more opportunity to switch from back gardens to pub gardens, switch from FaceTime to face-to-face time.

“Instead of staying local, people can switch to enjoying more of the country and some of the wonderful experiences it has to offer.

“Our current account offer will provide switchers to our Advance and Premier current accounts with £125 cash to help them move on from what has been a challenging year and a half and to celebrate as summer finally arrives.”

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