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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - Life Insurance
Life InsuranceFor peace of mind that your loved ones will be supported financially after you die, consider taking our life insurance. Find out more and compare policies.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
Featured guides
Popular news
Latest news - by category
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Customers could receive up to £220 by switching their current account to HSBC and opening an Online Bonus Saver.
HSBC has launched a new switching deal, offering up to £220 to new customers who move their existing current account to a HSBC UK Advance or Premier Account using the Current Account Switch Service (CASS).
Customers need to meet certain criteria to receive the full bonus, including opening a HSBC Online Bonus Saver and depositing money in there every month.
“HSBC has joined the small group of providers currently offering cash incentives to attract consumers,” commented James Hyde, spokesperson at moneyfactscompare.co.uk.
“This switching offer of up to £220 makes it potentially the most lucrative on the market at present. However, it’s worth pointing out that £120 of this figure is dependent on regular deposits being made over 12 months,” he continued.
To receive the first £100 of the bonus, you need to switch your existing current account (with a minimum of two direct debits or standing orders) within 30 days of opening a HSBC Advance or Premier account.
And, within 60 days of opening the account, you also need to register and log on to mobile banking, deposit at least £1,500 into the account and make at least 20 transactions with your debit card.
Furthermore, you need to open an Online Bonus Saver and deposit at least £50 into this account. Including the bonus, this savings account pays 4.00% AER on balances up to £50,000 (but if you make a withdrawal, you’ll receive a lower rate of 2.00% AER for that month).
As long as you continue to deposit at least £50 per month into the Online Bonus Saver and meet all the above conditions, you can get an additional £10 bonus each month, up to a maximum of £120.
If you don’t make a deposit one month and miss out on a bonus, you could still get the bonus next month if you meet all the necessary requirements.
Bear in mind this deal isn’t available if you are a current HSBC UK or first direct customer, or if you’ve been a customer since 1 January 2019.
NatWest and Lloyds Bank also offer switching incentives of £200 and £175 respectively.
But it’s important to check the terms of the switching deal and the account, not just the size of the incentive, to make sure it’s suitable for you.
For example, Lloyds Bank charges a fee on the accounts with the switching incentive while the HSBC Premier account has some strict eligibility criteria, including a minimum income of £75,000.
“Switching offers such as these are a great way of securing an instant cash injection, and incentives to encourage continuous saving are always a welcome option too,” Hyde remarked.
“The process of transferring a current account is often very straightforward, so consumers would be wise to consider their options if they like what they see elsewhere,” he concluded.
You can compare current accounts and their features on our charts.
Opening HSBC’s Online Bonus Saver is necessary to receive the switching bonus, but it’s worth noting that there are other higher-paying savings account available.
The top easy access savings accounts pay in excess of 5.00% AER, with higher rates available if you’re willing to lock your savings away for one year.
Our savings charts are regularly updated so you can see the best savings rates available, whether you’re looking for an easy access account, a fixed-rate bond or a notice account. Similarly, you can also use our ISA charts to check out the top easy access and fixed ISA rates.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits. Find out how you can claim this latest offer.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account. Find our more.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits. Find out how you can claim this latest offer.
The bank’s new incentive includes its Club Lloyds accounts, which come with a range of additional benefits.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account. Find our more.
The limited-time Switch and Stay incentive from The Co-operative Bank is open to new and existing customers switching to an eligible current account.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
As well as a market-leading switching incentive, Nationwide BS also offers 1% cashback and a £50 interest-free overdraft buffer with selected accounts.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.