HSBC Bank will pay £125 to switch current accounts – with other perks included

If you switch to HSBC you will receive £125 free money.

The bank has brought back its cash offer for new customers who switch their current accounts.

It is currently the most amount of free money given by a bank for switching.

The next best offers are £100 cashback from both Lloyds and Royal Bank of Scotland.

However, HSBC's offering is £50 less than the £175 switch gift it gave back to customers in December 2019.

And the £125 offer is only available when you switch to a HSBC Advance or HSBC Premier account.

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But before you switch current accounts, it's important to know if it's right for you.

The Advance account comes with a minimum monthly pay-in of £1,750 or £10,500 every six months.

There are perks included, with an arranged overdraft of £1,000 and no monthly fee using this account.

Having this account will also make you eligible for a Regular Saver account which will give you 2.25% on your cash.

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As for the Premier, you will need a minimum salary of £75,000 with a HSBC mortgage, investment, life insurance or a protection cover.

Customers can also qualify by having £50,000 in savings with an existing HSBC account.

The £125 offer is available by using the Current Account Switch Service.

Also you will need to set up at least two direct debits or standing orders within 30 days of opening your account.

To meet the criteria, you must not have previously opened a HSBC current account since January 1, 2017.

Fortunately there is no end date to receive this cash offer, but the bank can pull it any time.

But before you think of switching, make sure you've read all the terms and conditions.

For more information, visit the HSBC website.

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