Martin Lewis has revealed how people can get £175 free cash in his latest tip.
The Money Saving Expert has explained how a “switch bonus” could leave people better off.
Customers would have to switch bank to a HSBC account to get the cash reward.
The current account offer is only available until April 29, 2022, meaning customers have just two weeks left to apply.
After that, the offer may not be applicable.
The offer applies to new HSBC customers
Charlotte Ball
After opening the account, new customers will have to pay in at least £1,500 in the first 60 days as well as switiching over two or more direct debits or standing orders to receive the cash bonus.
Speaking in his latest newsletter on MoneySavingExpert, Mr Lewis explained the switch bonus.
Mr Lewis 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).”
Tom Wolfenden, HSBC UK’s Head of Retail also confirmed the deal: “Our popular switching offer has returned, and for a limited time, exclusively for those applying through MoneySupermarket and MoneySavingExpert, customers who are switching their current account to us will receive £175 in cash.
“With the cost of living seemingly increasing by the week, the cash benefits of these offers could be very welcome.”
Six banks currently offer the switch bonus, including Halifax and Nationwide, who are both giving £125 to new customers who change to their current accounts.
Martin Lewis has revealed his latest money tip
Kirsty O'Connor