HSBC offers 5% interest on savings plus £200 free cash – but deadline looms

Those looking to take advantage need to submit their application for one of two HSBC valid accounts by midnight today.

Savers will need to pay at least £1,500 into their account within 60 days and switch two plus Direct Debits or standing orders.

They can’t have had an HSBC current account or opened a first direct current account since 1 January 2020.

Within 30 days of successfully opening, the next step is to initiate the switching process, facilitated by the Current Account Switch Service (CASS).

The service will transfer all your payment mandates to the new account, which the offer specifies needs to include at least two direct debits or standing orders.

The deal offers a £200 cash incentive for customers switching from an existing current account to an HSBC Advance or Premier Bank Account.

Customers looking to open an Advance account will also need to qualify for an overdraft of at least £1,000.

The £200 will be paid within 20 days once all the conditions have been met.

For more information, people can visit the HSBC website.

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If people have some extra cash to set aside each month, the HSBC Regular Saver is a “great way” to help build their savings.

HSBC current account customers also get access to a five percent AER/gross Regular Saver Account.

They can save up to £3,000 at a five percent interest rate that’s fixed for 12 months.

Savers can put away between £25 and £250 for the fixed term.

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If they save £250 every month for 12 months at five percent AER/gross p.a. interest rate, they’ll earn approximately £81.25 interest (gross).

Savers must be aged 18 years or over.

People must have one of the following HSBC current accounts: HSBC Premier, HSBC Advance, Bank Account, Bank Account Pay Monthly, HSBC Student Bank Account or Graduate Bank Account which they must maintain for the 12-month duration.

The minimum deposit in month one is £25 and the maximum balance is £3,000 at the end of the 12-month term.

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