HSBC will pay you £175 if you switch to its current account – here's how to get the freebie

SAVVY savers can bag £175 cashback if they are willing to switch from their existing bank to an HSBC account – as long as they pay in a certain amount each month.

HSBC is offering new customers the perk if they make its Advance Bank Account their main current account and pay in a minimum of £1,750 each month or £10,500 over six months.

Switchers must also set up at least two direct debits or standing orders from the new account within 30 days of opening.

The offer is only available via consumer websites Money.co.uk and uSwitch and not through an HSBC branch, but you will have to be quick – it ends on September 2.

There is no monthly fee for the account, and HSBC also promises access to discounts and offers through the bank’s members’ portal.

Recent deals have included 10 per cent off in high street shops such as Hotel Chocolat, and discounts on family days out via English Heritage.

What does HSBC's current account offer?

HSBC promises the following for new current account customers:

• £175 cashback – when you switch from another bank (only available via uSwitch or Money.co.uk)
• No monthly fee
• Discounts and offers – including money off your shopping and savings on activities
• Linked regular savings account paying 5 per cent interest
• Minimum overdraft of £1,000 when the account is opened – charged at 17.9 per cent

Customers also get a minimum arranged overdraft of £1,000 when they open the account but you will be charged fees of 17.9 per cent each time you use it.

In addition, you can open a regular saver linked to the account that pays 5 per cent as long as you save between £25 and £250 a month by standing order.

The rate is fixed for a year and could net you £81 in interest.

In comparison, the next best switching offer is from Nationwide, which offers £200 – but only if you get a friend to swap too.

There's also M&S Bank, which gives you a £100 gift card if you switch to it, and Barclays which pays up to £168 but it costs £4 a month.

Salman Haqqi, personal finance expert at Money.co.uk, said: “If you’re looking to move your bank account, it always pays to see what incentives are currently available for you to do so, as many of the high street banks practically throw money at you to switch your account.”

Once you have opened an account, all you need to do is choose the date you want to switch, and your direct debits and standing orders, as well as all of your incoming payments, will be transferred automatically from that date.

HSBC also offers a free £100 to first year university students who open a new account – even if they are already HSBC customers.

But despite its bid to lure new customers, HSBC was beaten by Halifax in a survey of the most popular banks to switch to.

And if you might struggle to open a standard bank account, there are basic bank accounts which can help.

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