As Britons grapple with the cost of living crisis, news that one bank has upped its switching incentive to a staggering £175 could seem appealing. However, there is a catch according to the latest Money Saving Expert (MSE) newsletter.
Most people would benefit from an extra £175 right now so news that HSBC is offering “the biggest upfront cash offer” in over two years could pique people’s interest.
In the latest Money Saving Expert newsletter he said: “This week HSBC launched a massive £175 bank switch bribe – the biggest upfront cash offer we’ve seen for over two years.
“New switchers to the HSBC Advance* account can get a free £175 (only through our link or MoneySupermarket).”
While it’s the biggest upfront cash offer since before the pandemic, the bank only scored 38 percent for customer service according to MSE.
This latest incentive from HSBC beats its last offer of £110 in cash and a £30 Uber Eats voucher.
To claim the reward, individuals will need to open an HSBC Advance Account and switch within 30 days.
If customers also choose to link a HSBC Regular Saver account, they can save up to £3,000 at a 1.00 percent interest rate fixed for 12 months.
People can save between £25 and £250 and if their regular payments are less than £250 a month, they can carry their allowance over, paying more in later months.
When it comes to bank accounts, there is no one-size-fits-all solution.
People should weigh up whether they would make the most of the benefits on offer.
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.
MSE’s weekly Money Tips email has 8.4 million subscribers and is published on Wednesday. The latest Money Tips email can be viewed here.