HSBC is offering customers £125 and one percent regular saver – are you eligible?

Martin Lewis offers advice on savings and interest rates

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New customers can get £125 cash when they switch to either the HSBC Advance Bank Account and HSBC Premier Bank Account. The accounts also offer customers the option to earn one percent AER/gross.

This is via the bank’s Regular Saver account.

While the cash incentive isn’t on offer for the HSBC Bank Account, access to the Regular Saver is also allowed with this account.

To claim the cash reward, the customer must open the relevant current account as a new customer.

They must then switch within 30 days, using the Current Account Switch Service.

It must include at least two Direct Debits or standing orders.

Various eligibility criteria apply for the different accounts.

To be eligible for the HSBC Advance Bank Account, the person needs to pay £1,750 or more each month, or at least £10,500 every six months into the account.

They also need to be 18 years or older and live either in the UK or European Union (EU).

For the HSBC Premier Bank Account, a person needs to earn £75,000 a year and hold a qualifying HSBC product or save or invest £50,000 with HSBC.

The HSBC Regular Saver enables a person to save up to £3,000 at a one percent interest rate.

The rate is fixed for 12 months.

Savers can begin by setting aside £25, and up to £250 can be put into the account each month.

If the regular payments are less than £250 a month, the person can carry the allowance over, paying more in later months.

This is up to a total of £3,000 over the 12 months.

It’s important to note that to benefit from the rate on this account, savers won’t be able to make partial withdrawals at any time during the 12 months.

There is the option to close the account early, but those who do will receive interest at the Flexible Saver Rate – currently paying 0.01 percent.

HSBC isn’t the only bank offering a cash incentive to switchers.

HSBC’s sister bank first direct also offers new customers a reward for switching.

At the moment in time, they can get £100 – although terms and conditions do apply.

Customers need to open a 1st Account, switch their everyday banking to first direct via the Current Account Switch Service, and pay in at least £1,000 within three months of opening the account.

The offer is limited to one payment per customer or joint account.

The money will be paid within 28 days of all the criteria being met.

It’s only offered to people who haven’t previously held an account with first direct, and/or hasn’t opened a HSBC current account on or after January 1, 2018.

New customers can also access a one percent AER/gross Regular Saver Account.

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