HSBC is offering up to £200 to its new customers who would switch to its Advance or Premier account and stay for at least 12 months.
To be eligible for the first £150, customers must switch with a minimum of two direct debits or standing orders using the Current Account Switching Service. You should receive the cash no later than 70 days afterwards.
HSBC will pay a further £50 to customers a year later if they register for mobile or online banking within 60 days of opening the account. Savers must also meet other criteria. HSBC’s Advance account requires customers to pay in at least £1,750 a month.
The Premier account is more demanding. Savers must pay their annual income into this account and have either £50,000 of savings or investments with HSBC in the UK or an HSBC mortgage, life insurance policy or protection deal.
The £200 offer from HSBC is generous, although some customers may find it difficult to meet the high monthly deposits or other account criteria.
To switch using the Current Account Switching Service, customers inform their new bank, which then notifies their existing provider and completes the process, including the transfer of funds and direct debits, to the new account. This should be done in seven days.
Switchers could earn more with the Co-operative Bank, which offers up to £216 to those who switch to its fee-free current account.
Like HSBC, the Co-op Bank pays an initial £150. Customers could then earn up to £5.50 a month if they sign up to its Everyday Rewards scheme.
To get £4 a month, you must pay in £800 a month, log in to online or mobile banking once a month, stay in credit and set up four monthly direct debits. You must also receive paperless statements.
If you meet all the criteria you will also earn 5p every time you use your debit card up to £1.50 a month. Existing customers are eligible for the £216 bonus even if they do not use their current account as their main account.
Those who paid in £800 or more to their Co-op account between February 3 and May 3 will not qualify. Neither will customers who have received a switching bonus from Co-op Bank since January 2014.
Meanwhile, MBNA has launched a new 41-month balance transfer credit card. It offers the joint longest 0pc term on the market – Halifax also has a 41-month card.
The balance transfer fees on these cards are high. MBNA charges 3.49pc for transfers made within 60 days of the account opening. Halifax borrowers must pay 3.5pc.
For just one month less, Lloyds’ 40-month balance transfer card charges a 2.41pc fee. Initially customers pay 3pc, then the bank refunds 0.59pc.
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