HSBC offers no fuss free £220 cash reward to millions of Brits with added claim bonus
Fancy some extra cash in your pocket? Well, HSBC is offering the chance for you to bag £220.
The eligibility has even been extended, too.
The UK bank is offering the cash incentive to new customers who switch their banking to them, and will hand over the money within 60 days once three simple steps have been completed.
That might make it a touch too late to get the money in time to spend this summer, but it would certainly come in handy ahead of the expensive Christmas season.
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Switching banks is a lot simpler than it sounds.
To receive the completely free £220, an offer backed by Money Saving Expert Martin Lewis, here's what you have got to do:
- Transfer your everyday banking, including a minimum of two direct debits, to a HSBC current account using Current Account Switch Service (CASS)
- Deposit at least £2,000 into that account
- Spend £500 using the debit card attached to the account
Once all that criteria is hit within 60 days, the money will be in your account within another 60 days.
Easy-peasy.
“With our new £220 incentive, there are more reasons than ever for customers to switch to HSBC UK," Tara Bedelian, Head of Current Accounts at HSBC UK, said.
“The account has a number of customer-only benefits, including access to Global Money, our multi-currency account offering our best exchange rates.
“Once new customers have switched their everyday banking to us and met the offer criteria, the bonus will be paid within 60 days.”
HSBC have extended who is eligible for the offer
As is typical, the offer is for new HSBC customers only and, it should be noted, it doesn't apply for bank accounts opened through the branch, telephone or even online.
You can only claim the wonga by opening the account via their app.
However, in an added bonus, the eligibility for who counts as a newcomer has been extended.
Usually, a person who has ever been a customer with HSBC, at any point, would not be eligible.
Likewise, anyone who has banked with HSBC's sister bank, First Direct, would not qualify for the offer, either.
However, this time, even if you've pocketed a cash incentive from HSBC or First Direct in the past, as long as it was before January 1, 2023, and you are no longer a customer, you can take full advantage of the new £220 deal.
Martin Lewis has warned in the past, however, to make sure that when you switch banks, you do so for the right reasons and not just because it gives you a cash prize.
His newsletter told his subscribers in June: “We say grab the cash if it works for you, but don't let it buy your loyalty.
"You needn't stick with the bank for other products, so bag yourself the best credit card, loan, savings, mortgage and more from across the market.
"However, don't let that stop you getting paid for your custom.”
With the UK still in the grips of a cost of living crisis, savvy savers are on the lookout for any cash offers they can find and there are plenty available.
Topics: Money, Martin Lewis
Daniel Murphy