HSBC is offering one of the most competitive cashback promotions at the moment.
When you switch to their Advance Bank Account, you can get fee-free banking as well as £150 in cash. You’ll need to use the Current Account Switch Service (CASS) and have at least two Direct Debits or Standing Orders on your account within 30 days of opening.
To be eligible for this account and bonus, you’ll need to pay in a minimum of £1,750 per month or £10,500 over 6 months.
If you save between £35 and £250 per month into an HSBC Regular Saver account, you’ll receive 5% AER/gross interest over 12 months.
You’ll get access to exclusive offers and discounts through their rewards portal.
If you need an overdraft, you’ll receive a preferential overdraft interest rate of 17.9% EAR variable.
How long will this deal run?
In the account’s terms and conditions, there is no end date for this deal. Their T&Cs state you must, ‘apply for an Eligible Account from 2 January 2019 until further notice…’
Who it’s for?
If you’re planning on doing a lot of saving and having a fair amount of money move through your account per month (such as your monthly paycheque), you can take advantage of this generous cash offer and preferential savings rate. The offers and discounts might also be of interest if you’re that way inclined. HSBC also offers quite large overdrafts, although there is interest associated with these.