Brits can claim 'free' £220 from another bank after Barclays' £200 deadline expires
If you missed out on the Barclays reward offer of £200, don't panic, as another bank is offering an even bigger incentive.
Customers who switch their current account can stand to bag £220 for doing so.
Money Saving Expert Martin Lewis is a big fan of the bank-switch method, as it's not a bad payday for what's actually quite a simple change!
HSBC is offering new customers £220 when they open an HSBC Bank Account through its mobile banking app, as long as you complete a series of requirements within 60 days.
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That makes the offer £20 more generous than the Barclays reward, although there are several conditions customers need to meet before they can claim the cash.
The first thing you need to do is open an eligible HSBC Bank Account in the app.
Customers must then complete a full switch using the Current Account Switch Service (CASS), including transferring at least two Direct Debits.
Be aware, switching the account alone isn't enough to trigger the £220 payment.
Customers must also pay at least £2,000 into the HSBC account and spend at least £500 using their HSBC debit card.
These requirements must be completed within 60 days of opening the account.
Once the qualifying conditions have been met, HSBC says the £220 incentive will be paid within 60 days.
Who can get the cash?
There are some important restrictions to note, before you get your hopes up or start mentally spending that money.
The offer is for new customers and isn't available to existing HSBC UK or first direct customers, or people who have held an HSBC UK or First Direct current account since 1 January 2023.
The account must also be opened through the HSBC mobile banking app to qualify for the £220 incentive.
Applications made through other channels, including online, in a branch or by telephone, don't qualify for this particular offer.
That means anyone considering the switch should check the eligibility rules before applying.
The offer is also subject to HSBC's full terms and conditions and can be withdrawn at any time.
Only make the change though if it works for you, and don't feel obliged to take out any other products, as Martin Lewis advised in a recent newsletter: “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.”
What happens when you switch?
The CASS makes moving a current account relatively straightforward.
HSBC says the service transfers regular payments such as Direct Debits and salary payments, while payments sent to the old account are redirected.
It usually completes within seven working days, and means customers don't generally need to move each Direct Debit manually when using the full switching service.
However, it is worth checking the account itself before making the move.
The biggest cash incentive isn't necessarily the best account for everyone, so it's best to consider features such as overdraft costs, savings rates and any account fees as well as the cashback.
For those who missed Barclays' August 27 deadline, HSBC's £220 promotion could be just the thing.
Topics: Money, UK News, Martin Lewis
Jen Thomas