Martin Lewis advises on savings accounts for deposits
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HSBC has launched the biggest cash bonus switching offer seen since the pandemic hit in early 2020. This comes as it pulled a £125 switching offer and first direct ended its own £100 deal.
Moneysavingexpert.com asked HSBC to launch a new deal as these switching bribes proved popular among savers.
HSBC agreed but the new deal is only available for two weeks so savers must act fast.
To get the bonus, a person must open an HSBC Advance Account as a new customer applying through Moneysupermarket.com or MoneySavingExpert website.
Applicants will need to switch your existing account within 30 days using the Current Account Switch Service, with at least two Direct Debits or standing orders.
HSBC has launched a bank switching deal (Image: PA IMAGES )
To be eligible, applicants can’t have previously held an HSBC current account, or opened a first direct bank account since January 1, 2018.
The deal officially ends on August 19, 2021.
On top of the cash bonus, savers will also be able to access a one percent Annual Equivalent Rate (AER) via a savings account.
Eligible savers will be able to put away £25-£250 each month and receive the interest on these deposits.
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To be eligible for the account, applicants 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 has impacted savings deals (Image: EXPRESS)
Applicants who switch to an HSBC Advance Account will also be able to track and manage their finances with online banking and HSBC’s app.
Holders will also get money saving offers on shopping, days out, eating out and more.
It is also important to note there is no monthly account fee applicable.
Once the switching process is started, it should take just seven working days to complete and HSBC will handle this.
On top of this new offer from HSBC, the following deals can also be found elsewhere at the moment:
- Virgin Money current account gives new customers a free £150 gift card and two percent interest on up to £1,000
- Santander 123 Lite account is offering holders the chance to earn one to three percent cashback on bills for a £2 per month fee
- Nationwide FlexDirect is providing two percent savings interest on up to £1,500 along with a zero percent overdraft for up to one year
- Nationwide FlexPlus is offering £500 of family travel, mobile and breakdown insurance for £156 per year