Money Saving Expert (MSE) founder Martin Lewis has called it ‘the biggest upfront cash offer’ but Britons will have to be quick if they want to take advantage of the £175 bank switching bonus. The deadline for switching bank accounts to HSBC is 11.59 on Friday April 29.
As Britons grapple with the cost of living crisis, news that one bank has upped its sweetening incentive to a staggering £175 will no doubt pique interest.
Financial journalist Martin Lewis has appeared on ITV’s This Morning this week to shout about the deal as well as highlighting it in his latest Money Saving Expert newsletter.
Customers can only get the cash bribe through the link on the Money Saving Expert website before 11.59pm on Friday April 29.
This latest offer from HSBC beats its last incentive of £110 in cash and a free £30 Uber Eats voucher.
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There is a catch though – the bank only scored 38 percent for customer service according to MSE.
However, it’s not the only bank offering an incentive for people to switch.
Royal Bank of Scotland and first direct are both currently offering £150.
Halifax and Nationwide are rewarding switchers with £125 in free cash.
Verena added: “After I’d done it once and received the bonus I couldn’t believe how easy it was, so I just kept doing it.”
Latest statistics show 196,964 switches took place between January and March 2022 – a 41 percent annual increase according to the Current Account Switch Service.
To receive the switching bonus, people usually have to use the Current Account Switching Service.
Most banks are now signed up to this service which handles the switch of all direct debits and regular payments.