In a bold move to attract new customers, HSBC UK is offering a reward of up to £220 for individuals who switch to an Advance or Premier Account, adhering to certain conditions.
HSBC UK has launched a compelling incentive for individuals considering a switch to their services, offering a reward of up to £220 for new customers who open a current account with them. This offer requires customers to activate an Advance or Premier Account and adhere to certain conditions, such as opening an Online Bonus Saver and committing to a regular deposit scheme. The promotion delineates an initial bonus of £100 for those who successfully switch their account, with an opportunity to amass an additional £120 over 12 months by depositing £50 each month into the Online Bonus Saver.
The Online Bonus Saver provides an attractive interest rate of 4.00% AER on balances up to £50,000, while amounts above this threshold attract a rate of 2.30% AER. However, a standard interest rate of 2.00% applies in any month where withdrawals are made or the account is closed.
To be eligible for the full £220 reward, participants are required to undertake several actions, including switching their current account via the Current Account Switch Service, depositing at least £1,500 within 60 days of account opening, executing a minimum of 20 debit card transactions, and registering for mobile banking. Additionally, customers must make a £50 deposit into the Online Bonus Saver. These conditions aim to stimulate regular banking activity and savings contributions amongst new customers.
The promotion is subject to specific exclusions, notably existing HSBC UK and First Direct customers since January 1, 2019, as well as residents of the Channel Islands or Isle of Man. This lucrative deal is positioned as a strong competitor against similar incentives from other banks, including NatWest/RBS and Lloyds, which are also targeting new customers with cash rewards for switching accounts.
