Martin Lewis discusses UK regulated savings accounts
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Those interested in joining HSBC and Halifax will need to act fast, if they want to get a cash payment for switching current account. This is because offers at both banks end this week, meaning there will be fewer choices out there for those seeking free switching perks.
Halifax is currently offering customers £100 when they switch to a new Ultimate Reward or Reward current account.
To qualify, they must use the Current Account Switch Service to transfer and close the account held elsewhere.
However, the offer ends today, on May 4, 2021.
Halifax states to qualify for this offer, as well as the aforementioned requirements, the qualifying account must be opened between April 7 and May 4, 2021, and start the switch by May 4.
Not everyone will be eligible for the offer though.
For instance, people can’t switch to any Halifax account – it must be a new Reward Current Account or new Ultimate Reward Current Account.
It’s important to be aware these accounts may have a fee.
The Ultimate Reward Current Account has a £17 monthly fee.
Meanwhile, the Reward Current Account has a £3 monthly fee if a person pays in less than £1,500 each month.
Another part of the eligibility rules state a person won’t be eligible if they have received a switching offer for switching to a Reward Current Account or an Ultimate Reward Current Account since April 2020.
HSBC’s switch incentive will also end this week, on Sunday, May 9.
At the time of writing, new customers could get £125 when they switch to qualifying HSBC current accounts.
As well as the cash payment, HSBC is also now offering a £20 discount with Uber Eats.
HSBC points out Uber Eats deliveries are not available in all geographic locations.
New customers must switch to either the HSBC Advance Bank Account or the HSBC Premier Bank Account.
To qualify, the person must not have been an HSBC current account holder on the date of application, and must not have been on or after January 1, 2018.
Furthermore, they must not have opened a first direct current account on or after January 1, 2018.
It is possible to hold a first direct current account and still qualify for its sister bank HSBC’s offer, as long as the current account was opened before January 1, 2018.
The bank states HSBC must be instructed to start a full switch of a current account, including at least two Direct Debits or Standing Orders, to the eligible current account using the Current Account Switch Service (CASS) to start within 30 days of the date of the eligible current account being opened.
The full terms and conditions can be found via the bank’s website.
Virgin Money is also offering a switch incentive – which includes a free case of wine – as well as first direct offering a £100 payment.
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