Martin Lewis’ team of money-saving experts explain how to get up to £175 free from banks

According to the team of money-saving experts, you get up to £175 free just by switching banks.

HSBC uses the payment to entice new customers to use them for their HSBC Advance current account. However, you must meet certain criteria to register, reports The Mirror.

Only those who have not had an HSBC current account, or opened one with First Direct, since January 2019 will be eligible for the offer. You must also transfer between two direct debits or standing orders and pay £1,500 within the first 60 days of opening your account.

READ MORE:Martin Lewis’ tips to help households spend less, including washing machine hacks

To get the free money, you need to click on the link on the MoneySavingExpert website. This link will take you to the HSBC website.

The £175 is then paid within 30 days. You don’t have to pay a certain amount every month with the HSBC account. The switching process is handled by the current account switching process and must be completed within 30 days of opening your HSBC account.

The HSBC Advance account comes with an arranged and unarranged overdraft with a variable EAR rate of 39.9%. The first £25 of your arranged overdraft is interest free.

HSBC isn’t the only account offering a bribe at the moment, as Martin explains in the MoneySavingExpert guide: “If you’re not happy with your bank, switching is quick and easy – and now is the perfect time to do so as six banks currently pay your customer with up to £175 in cash, yet you don’t need to change to get a good deal – other accounts offer cash back. money on bills or pay savings interest.

First Direct is the second highest paying, offering £150 to new customers switching primary accounts, or £20 just for opening a new account. This applies to his First Direct 1st account. There is no minimum monthly payment, but you must deposit £1,000 in the first three months.

RBS and Halifax are both offering £125 to new and existing customers switching current accounts. To get this payment, you need to move your current account to RBS Reward or Halifax Reward accounts.

Nationwide is also running a £125 switch incentive, again for new and existing customers, for its Nationwide FlexDirect account. Finally, Virgin Money is offering 20,000 Virgin Red Points to spend on experiences and freebies if you upgrade to its Virgin Money M Plus account.

Again, you must meet the eligibility criteria for all of the above accounts to be eligible for a switch reward. When switching bank accounts, make sure you get the right service for you and don’t switch just for bribes.

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