A wealth of current account switch incentives have been seen in recent years, however, they tend to run for a limited time only. Today, HSBC has launched a new offer, with new customers able to get a £125 payment.
There is no monthly fee for the Advance Account.
Another aspect of this account is the access to the Regular Saver.
Customers can save between £25 to £250 each month and earn one percent AER/gross via this account.
Who can apply for the HSBC Advance Bank Account?
The bank states a person can apply for the account if they:
- Qualify for a minimum £1,000 arranged overdraft
- Can pay in £1,750 or more each month (or at least £10,500 every six months)
- Are 18 or older and live in the UK or EU
- Are happy for HSBC to do a credit check against their name (if they live in the UK).
“Once you qualify for an Advance Bank Account, you can set your arranged overdraft to any amount up to the maximum limit offered,” the bank explains.
Terms and conditions do apply, and these are available to read on the HSBC UK website.
The bank states the offer isn’t available to customers who hold an HSBC current account at the time of application.
Furthermore, people who have held an HSBC current account at any time since January 1, 2018 aren’t eligible.
Customers who have held current accounts with HSBC’s sister banks should also be aware they may not qualify for this offer.
To get the switch incentive, customers cannot have opened a first direct or M&S Bank account since January 1, 2018.
Those who opened an account with either of the two sister banks before January 1, 2018 can take advantage of the offer.
Should all have the eligibility criteria have been met, HSBC UK will pay £125 into the customer’s bank account within 20 days of their switch completion date.
The offer is open to UK residents only, and it may be the offer is withdrawn at any time.