High street bank will pay customers £220 to move their accounts
12.03.2024 - 12:13
/ manchestereveningnews.co.uk
A high street bank is offering new customers a large sum up to £220 if they switch over to their services. HSBC has launched the new offer to people that are opening a current account and looking to regularly save money.
Account switchers can get an initial payment of £100 after opening an Advance or Premier Account with the banking giant, as well as meeting certain conditions around money paid in, and opening the right Online Bonus Saver account.
If customers keep meeting the monthly conditions, they could then get up to another £120 over 12 months. This means they could get up to £220 in total, if they can deposit £50 into their saving account each month.
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The Online Bonus Saver pays 4 per cent AER (annual equivalent rate) on balances up to £50,000 and 2.30 per cent AER on any part of the balance that is over £50,000.
But, a standard interest rate of 2 per cent applies to balances in any month where money is taken out or the account is closed. The interest rate including bonus is paid in any month where someone does not take out money or close their account.
The £220 offer has certain terms and conditions. To get the first £100, terms include using the Current Account Switch Service (Cass) for the switch, which must include at least two direct debits or standing orders.
Within 60 days of opening the account, customers must put in at least £1,500, which could be money from a salary, and make at least 20 transactions using their HSBC debit card.
HSBC has a new deal where you can get up to £220 if you switch to them. You need to open an account, use their mobile banking, and put at least £50 in a savings account. If you do all this, they'll give you