HSBC breaks tradition and gives Brits 60-day deadline to earn free £220

HSBC has created a new incentive for Brits which could see them get paid £220 within 60 days of doing this one thing.

It’s not every day that you get offered money in exchange for a simple switch, but this Martin Lewis-backed incentive isn’t messing around.

According to the bank, if you make the switch to them, you can expect to receive a nice couple hundred quid to top you off this Summer.

Switching is usually easy and hassle-free, so it’s not likely to have you stressed out as you stare at your laptop’s screen in disbelief.

Obviously, you’ve got to be a brand-new customer to reap the benefits of this incentive, and you can’t just get money if you’re already banking with HSBC.

Advertised on both the bank’s website and Lewis’s newsletter, the instructions are fairly simple.

HSBC announced a new incentive via its app (Getty Stock Images)

According HSBC, first, you need open a Bank Account via their mobile banking app and, within 60 days – instead of its usual ten-day switch - you’ll have to ‘complete a full switch’ along with ‘2 direct debits’ using the Current Account Switch Service.

From there, you’ll ‘pay in £2,000 and spend £500 on your debit card’ to eligible.

However, you’ll need to make sure you’re not already struck off crowd who aren’t able apply.

These people are the ones HSBC labels as 'existing HSBC UK and first direct customers or customers that have held an HSBC UK or first direct current account since 1 January 2023’.

There’s also a couple of things to note in the small print, like how HSBC UK Bank accounts opened via other channels like online on your browser, in-branch or via the telephone ‘are not included in the offer.’

It’s an app only offer!

Brits could claim £220 (Getty Stock Images)

If you do all the above correctly and meet the eligibility criterion, the bank says the ‘cashback will be paid within 60 days once all qualifying criteria are met’ for UK residents.

The Money Saving Expert did warn, however, to make the switch for the right reasons and not simply because it gives you a cash prize.

His newsletter tells his subscribers: “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.”