HSBC hands out £220 bonus to new customers – but you’ll need to act fast

Savvy customers could get an extra £220 in their accounts ahead of the summer holidays by taking advantage of a new switching offer from HSBC.

The banking giant has launched a fresh incentive for customers willing to move their everyday banking across, with successful applicants receiving a £220 cash bonus.

The offer, which launched on 15 June, is available to new customers opening an HSBC UK Bank Account through the HSBC app.

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However, there are several conditions that must be met before the money is paid.

To qualify, customers must complete a full switch using the Current Account Switch Service (CASS), which moves existing banking arrangements from one provider to another.

That includes transferring at least two active direct debits to the new account.

Customers must also pay a minimum of £2,000 and spend at least £500 using their HSBC debit card within 60 days of opening the account.

Those who meet all of the requirements can expect to receive the £220 bonus within 60 days, according to HSBC.

Alongside the cash incentive, the account also comes with access to HSBC’s Global Money service, which allows customers to convert, send and spend money in multiple currencies.

Account holders can also access various offers and discounts on shopping, dining and travel.

The latest deal comes as major banks continue battling for customers with increasingly generous switching incentives.

Recent years have seen banks offer everything from cash bonuses to cashback rewards in an effort to persuade customers to move their current accounts.

Industry figures show millions of switches are now completed each year through the Current Account Switch Service, which guarantees transfers are completed within seven working days.

Tara Bedelian, head of current accounts at HSBC UK, said: “With our new £220 incentive, there are more reasons than ever for customers to switch to HSBC UK.

“The account has a number of customer-only benefits, including access to Global Money, our multi-currency account offering our best exchange rates.

“Once new customers have switched their everyday banking to us and met the offer criteria, the bonus will be paid within 60 days.”

The HSBC offer is one of the latest to hit the market as competition between high street banks intensifies.

It follows a separate promotion launched by Barclays earlier this month.

The banking giant unveiled a switching reward worth up to £600 for customers moving to its Premier Current Account, as reported by Whats The Jam.

Rather than offering cash, Barclays is giving eligible customers the choice of luxury experiences, including Michelin-star dining, hotel stays, premium sporting events and concert tickets.

However, customers must earn at least £75,000 a year or hold £100,000 in savings or investments with Barclays to qualify for the Premier offer.

Barclays is also offering a separate £200 cash switching incentive for customers opening a standard current account and meeting its eligibility criteria.

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