HSBC announces £170 switch offer for selected current accounts

Offer can be used in addition to HSBC’s deal which provides six months’ cashback on its insurance products.

Customers looking to switch current accounts to HSBC’s Advance or Premier current account can make use of a £170 switching incentive with immediate effect.

The incentive is meant to help consumers challenged by the cost of living crisis, according to Tom Wolfenden, HSBC UK’s Head of Retail.

“While cutting back on everyday and occasional spending or cancelling any unwanted or unused subscriptions could help, taking note of the wide range of offers that could provide discounts, or even cash, could make your money go further or go a little way to reducing the impact of the increase in the cost of living,” he said.

The switching incentive will run alongside HSBC’s current deal which provides six months’ cashback on the bank’s ‘mix and match’ insurance offer, Select and Cover. The value of this cashback is worth an additional £117.

Providing cash for switching current accounts is not an unusual incentive.

Until the close of business today, Halifax is offering switchers £125 for switching to their Rewards Current Account.

In addition to this, first direct is offering customers £150 for switching to its 1st Account. However, this cash incentive is only valid if the consumer is credited with at least £1,000 in the first three months of account opening.

Finally, Nationwide BS also provides a switching cash incentive for those moving or holding a Flex Account. New accounts will earn £100 while existing account holders can make use of a £125 incentive.

Providing a cash incentive for using the Current Account Switch Service (CASS) is not the only marketing tool some providers use.

Virgin Money, on the other hand, will provide its customers with 20,000 Virgin points for switching to its Club M Account. These points can be redeemed on flights, holidays and other Virgin products.

In order to earn these points, current account switchers must use the CASS system, set up two direct debits each month, register for the mobile app, and then deposit a minimum of £1,000 into its savings account