£200 cash from HSBC to switch your bank

HSBC is offering its most generous current account switching incentive since 2018 — handing £200 cashback to new switchers.

To claim the bonus, you must open a HSBC Advance or Premier Bank Account and switch using the Current Account Switch Service (CASS) within 30 days.

You will also need to set up and maintain two direct debits or standing orders and deposit at least £1,500 within 60 days.

To be eligible, customers must not have held a HSBC current account or opened one with First Direct since January 1, 2019. The deal is not available to Channel Island or Isle of Man residents.

The £200 will be paid within 20 days of meeting the switching criteria.

Several banks have generous cash switching offers in a bid to attract new customers. In the three months to September, the CASS recorded 222,108 switches — a 16 pc increase compared with the previous three months — thanks to a number of competitive offers.

Nationwide building society is offering £200 to switch to its current account, while HSBC stablemate First Direct is gifting £175, and Lloyds Bank is offering £150.

Banks are also aiming to attract customers with better savings deals. HSBC is paying 3 pc interest to its Online Bonus Saver customers for any months they do not withdraw money. If they make a withdrawal this falls to 0.5 pc.