HSBC offers £200 to switch current accounts as competition intensifies.

HSBC offers £200 to switch current accounts as competition intensifies.

As the battle for customers intensifies, HSBC UK has introduced a new £200 current account switching incentive and is raising some savings rates.

For users of the Current Account Switch Service (CASS), the switching offer is available on the bank’s Advance or Premier Bank Account.

From Monday, April 17, there is no current expiration date for the £200 switching incentive.

Customers who move their previous current account completely to Cass and set up at least two direct debits or standing orders are eligible to get the cash. 30 days after creating their new account, they have to begin the transition.

Within 60 days of opening their new account, they are required to deposit roughly £1,500 into their new account.

Customers are only eligible for this offer if they established a First Direct current account or an HSBC UK current account before January 1, 2020.

After the terms are satisfied, within 20 days, £200 will be paid.

From April 20, HSBC will improve its savings rates in many ways, including by 0.25 percentage points on its Online Bonus Saver rapid access account, which will grow to 3.50% on the first £10,000 saved.

A rate hike of 0.50% points to 4.00% would take effect on March 30 for the bank’s One-Year Fixed Rate Savings Account.

The overall number of users of HSBC UK’s mobile app increased by 15% in February 2023 compared to February 2022.

It has been observed that more customers are keeping a close tab on their finances, as there was an increase of 19% in the total number of app log-ins recorded over the same period.

HSBC UK’s head of everyday banking, Pella Frost, stated: “We are here to help our customers, and it is extremely encouraging that they are also helping themselves by keeping an eye on their finances.”

“I strongly encourage customers to get in touch with us and their other suppliers early if they have money concerns or see financial difficulties on the horizon.”

“If you are up to date with your payments, contacting us to let us know about any money worries you have won’t impact your credit file. We stand ready to help.”

“We would also encourage people to make the most of our wider package of support and information. Anyone can sign up to a session with a financial well-being consultant, regardless of whether they are a customer or not.”

NatWest and First Direct are also offering account providers cash incentives of £200 and £175, respectively, to switch.

- Published By Team Timeswire

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