Banks pay £175 bribe to switch accounts
A bank will now bribe you £175 to switch to it.
It’s the biggest upfront free cash switching bribe for a while.
Customers switching to hsbc.co.uk’s Advance account, get £175 in 30 days, and it has a linked five per cent regular savings account. It’s a bribe but it’s a legal one, so why not grab it?
You’ll need to use its switching service, have at least two active direct debits and pay in £1,750+ a month. Effectively it’s a way of saying pay a salary of £26,000 a year in.
While natwest.com also pays £175, it’s split. You get £125 upfront and another £50 if you stick with it a year. Its top offer is the Reward account where you pay £2 a month and you get two per cent cashback on household bills, worth another £60 – £100 even after the fee. The minimum pay in here is £1,500 a month.
There are many other options though. For a full rundown see my mse.me/ topbanks.
Remember, switching accounts is easy. Within seven days your old one is closed, direct debits and standing orders are transferred and payments to your old account are auto-forwarded to your new one.