This is a bank account switching offer. Read The Full Guide to Bank Account Switching for more information on how to make the most of offers like these.
This generous offer from HSBC has been around for a while now, but since I’ve referred to it in a few different articles I thought I’d make an official post documenting the details.
Before taking on this offer, be warned; it’s a tricky one due to the high pay in requirement and HSBC will do everything in their power to not pay you and stall. They’re the worst bank I’ve ever dealt with, so be prepared to ring them up if when need be.
- Must pay in £1,750 per month (doesn’t have to be all at once)
- At least two direct debits or standing orders have to be switched over from your closing bank
- Not held a HSBC current account since 1st of January 2015
- First £150 is paid within 30 days of account opening
- £50 will be paid after 12 months if you’ve been paying the £1,750 per month and had the direct debits running the whole time
Ensure that two two direct debits via Little Debits have been set up on the current account that you will be switching from. Make sure these have ran for at least 1 month.
Go to the offer page and sign up for a new HSBC account, make sure that you opt in to the switching service when prompted. Once opened set up standing orders to transfer £1,750 in and out of the bank account (or transfer smaller amounts to make up the full £1,750 through-out the month).
Check back after 30 days and make sure you have received your £150. Either switch to another account now or wait an additional 11 months to receive the remaining £50.