HSBC free cash switching offer ends next week – now is your last chance to get £140

Martin Lewis gives advice on paying mortgage with savings

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HSBC recently launched the biggest cash bonus switching offer seen since coronavirus emerged in early 2020. Martin Lewis, the Money Saving Expert, had a hand in the launch of this deal.

Moneysavingexpert.com asked HSBC to launch a new deal as these switching bribes remain popular among savers.

HMRC agreed but the new deal was only offered on a very limited time frame.

The offer ends on August 19, 2021, leaving savers with just under a week to act.

To receive the bonus, a saver must open an HSBC Advance Account as a new customer applying through Moneysupermarket.com or MoneySavingExpert website.

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HSBC

The HSBC offer is only available until August 19 (Image: GETTY/PA IMAGES )

Applicants will need to switch their existing account within 30 days using the Current Account Switch Service, with at least two Direct Debits or standing orders included.

In order for a person to be eligible, they can’t have previously held an HSBC current account, or opened a first direct bank account since January 1, 2018.

On top of the cash bonus, savers will also be able to access a one percent Annual Equivalent Rate (AER) via the savings account.

Between £25-£250 can be saved into the account each month and interest will be received on the deposits.

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To be eligible for the account, savers must:

  • Be 18+ and live in the UK or EU
  • Be able to pay in at least £1,750 each month (or £10,500+ every six months)
  • Qualify for a minimum £1,000 arranged overdraft (they won’t have to have an overdraft if they don’t want one)
  • Be happy for HSBC to do a credit check against their name (if they live in the UK)
  • Have read the important account documents and overdraft information available on HSBC’s website
  • Are able to provide proof of their address for the last three years, their employment details and their income details

Coronavirus

Savings deals have been affected by coronavirus (Image: EXPRESS)

HSBC was also commended recently for its mortgage efforts.

This week, Moneyfacts.co.uk released its “Pick of the Week”, which highlights the best savings and mortgage deals available to consumers.

Eleanor Williams, a Finance Expert at Moneyfacts.co.uk, highlighted HSBC’s Five-year fixed rate, 60 percent loan-to-value mortgage for praise.

Ms Williams said: “HSBC has made cuts of up to 0.15 percent across a selection of its fixed rate products.

“Prospective borrowers who have either 40 percent as a deposit or equity available may wish to note that amongst the products to see a rate reduction is the five-year offering at 60 percent loan-to-value.

“Dropping from 1.09 percent to now be priced at 0.99 percent, this becomes one of the lowest initial rates on offer in this sector of the market and may well be a tempting option for those looking for the stability that a mid-term fixed rate can provide.

“This deal is available to both those who are looking to purchase and to those who are remortgaging and carries a reasonable fee of £999. Following this update, it continues to offer borrowers incentives of a free valuation while for those remortgaging free legal fees are also available, which could entice those looking to keep any mortgage set up costs to a minimum.

“Taking into account both the rate and features, this product receives an Outstanding Moneyfacts product rating and a place in our top tables.”

Harry Byrne

Harry Byrne

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