Martin Lewis' MoneySavingExpert website has told banking customers they can claim £200 just by switching.
It comes after HSBC offered a cash reward for customers who switch to its HSBC Advance current account. In order to receive the cash boost, customers must switch over at least two direct debits or standing orders within 30 days while paying at least £1,500 within 60 days.
Eligible customers also can't have a HSBC current account prior to switching or opened at least one account with its sister bank First Direct since January 1, 2020. If you're found to be eligible, HSBC will give you the £200 within 20 days of qualifying, but customers only have until July 3 to switch, the Mirror reports.
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Switching accounts can be a fairly painless process through the Current Account Switch Service (CASS) which will move across all payments, direct debits, and standing orders to your new account. Writing in the latest MSE newsletter, the MSE team said: "Four banks are currently willing to pay switchers, so unless your bank tickles your back and makes you happy, why not switch while there's maximum choice...
"Switching is easy. You'll need to pass a not-too-harsh credit check, then to get the bonuses you must use the new bank's switching service. It automatically closes your old account and moves over your money, direct debits and standing orders within seven working days.
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"Plus any payments that still go to the old account will automatically be forwarded to the new one."
