New FREE cash deal could see £170 land in your bank account – here’s how to claim

PEOPLE in need of extra cash can nab £170 FREE as part of a new deal which launched yesterday, May 9.

Some banks offer people a one off payment as thanks for becoming a customer, and HSBC has launched a new deal with the highest incentive on the market.

As the cost of living crisis continues to chomp into people's wages, many are left trying to make ends meet for essentials like food bills.

But a new bank offer which launched yesterday, May 9, could help some cash-strapped households out.

Those who move to a HSBC Advance account will get £170 free cash simply for switching.

Though not everyone can claim the reward – here's what you need to know.

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How to get the bonus

If you've had a HSBC current account, or opened one with First Direct after January 2019, you won't be able to grab the free cash.

Those who haven't been with HSBC will need to open an account and start a switch in the first 30 days using the Current Account Switch Service.

Note, you have to pay in £1,500 within 60 days and move at least two or more direct debits or standing orders across.

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Account specifics

Only those who are 18 or over, living in the UK, and who qualify for an optional arranged overdraft of at least £1,000 can apply for an Advance Account.

You must also read the necessary documents detailing the specifics of the account – visit HSBC's website to get started.

At a quick glance:

  • No minimum pay-in amount
  • Can include an arranged overdraft – 39.9% EAR variable, but the first £25 is interest free
  • Unarranged overdrafts – 39.9% EAR variable, for a maximum of £20 a month

The offer doesn't have a deadline to abide by, meaning there's time to make a careful decision about opening an account.

Tom Wolfenden, HSBC UK’s head of retail, said: “The increase in the cost of living is starting to bite.

"While cutting back on everyday and occasional spending could help, taking note of the wide range of offers could make your money go further or go a little way to reducing the impact of the increase in the cost of living.”

To find your nearest HSBC store, you can use the branch finder on its website.

Other switching offers

Though HSBC's incentive is the juiciest out there right now, that doesn't stop you from browsing others.

First Direct is offering customers £150 for switching over – we explain what you need to know here.

Plus, Nationwide is offering a £125 switching bonus for those who move to its FlexPlus, FlexDirect or FlexAccount account.

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