Martin Lewis has issued a warning to anyone who is unhappy with their bank, as the top-paying cash switch reward ends next week.
There are just days left to get £125 by switching to HSBC as it’s latest cash incentive for new customers finishes on Monday (July 26).
The money is given to those who move to the HSBC Advance account and meet certain eligibility criteria.
To qualify for the £125, you must have at least two direct debits or standing orders to move across to HSBC, and you’ll need to pay in a minimum of £1,750 each month.
You also must not have had an HSBC bank account since January 2018, or if you are a customer of its sister bank First Direct, that account must have been opened before January 2018.
If you opened your first direct account before 1 January 2018, you can still take advantage of the switch offer.
The switch can be completed via the HSBC website.
Writing in the latest MoneySavingExpert newsletter, Martin said: “The biggest bank switching bribe around is about to end.
“So if your bank isn't bending over backwards and giving you fiscal foot-tickles on request, why not check if you can at least get paid for your custom, and at best, get an improved deal too?”
You should always make sure your switching accounts to the right bank for you - don’t be swayed by the switch bribe alone.
With the HSBC Advance account, you’ll get a linked 1% regular savings account where you can save up to £250 each month.
Go into your unarranged overdraft, and you’ll be charged 39.9% EAR variable, capped at £20.
Or for your arranged overdraft, there is a £25 buffer set at 0%, then you’ll be charged 39.9% EAR variable above this amount.
If you’re not eligible for the HSBC switch, the next best-paying bank switch reward is £100 for those who move to First Direct.
You’ll need to pay in £1,000 within three months of opening your account to get the switch money, but you can’t ever have banked with First Direct before.
Or, Virgin Money is offering a £150 Virgin Experience Days gift card when you switch to it.
