As the cost of living crisis continues, and inflation sits at nine percent, any spare cash could be vital for families on low incomes feeling the squeeze. Britons are reminded that they can take advantage of bank switching deals to get free money and even perks.
On Andy Clever Cash YouTube channel, personal finance expert Andy Webb discussed the best switching offers out there for savers this month.
He said: “lets start with HSBC because it is the highest paying one around right now.
“You’ll get £170 if you open up a brand new HSBC Advanced Current Account, transferring £1,500 – doesn’t have to be in one go or stay in the account – but you have to do this within 60 days of opening the account and you also need to switch over two direct debit or two standing orders.”
Mr Webb explained the difference between direct debits and standing orders.
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Direct debits are something people set up for a bill – the money will go out on a regular basis and go to an institution.
A standing order is just a transfer that will happen on a regular basis and easy to set up.
The offer is open to new customers who haven’t held an HSBC current account or opened a first direct current account since January 1, 2019.
People can get the money in their account within 30 days of completing the switch and paying in the £1,500.
DON’T MISS
If someone has had money from Lloyds for a switching deal after April 2020, they will not be able to claim additional cash.
Britons need to switch using the Current Account Switch Service (CASS).
As the cost of living crisis continues and energy bills soar, this cash incentive could be helpful for those who are feeling the financial squeeze.
HSBC suggested a way to help people budget using their tools.
Balance after bills: “HSBC UK’s Balance After Bills feature gives users an easy way to manage spending and make better financial decisions by simply showing them how much money they have left until payday after regular outgoings,” the bank said.
The feature promotes better budgeting by providing insight into available funds from one month to the next.
It is currently used by around three million customers monthly, it stated.
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