HSBC UK launches new £200 current account switch offer
In addition to the £200 cash that is on offer, customers can also benefit from a 3.00% AER / gross interest rate on the bank’s Online Bonus Saver (up to £10k) which could encourage an important savings habit.
Plus, when used in conjunction with other discounts - for example HSBC UK’s ‘home and Away’ scheme which includes a selection of discounts and offers for credit and debit card holders - customers can continue to make savings that could be worth hundreds of pounds of a year.
The home and Away discounts, which are available to customers across all current accounts and credit cards are accessed online through the site and available to use with online purchases as well as those made in person with many different merchants and retailers. Offers include many household names across travel, dining, experiences, shopping, wellbeing and education.
Tom Wolfenden, HSBC UK’s Head of Retail, said: “The increased cost of living is having an impact in many different ways. While we know that some people are reviewing their daily, weekly or monthly spend, including cancelling hundreds of thousands of unused or unwanted subscriptions, taking a wider, more holistic look at products or services that might provide overall and longer term value could provide some important rewards or savings.”
Tom Wolfenden,
HSBC UK’s Head of Retail
“In May, we introduced our new Rising Cost of Living hub to not only help customers understand why the cost of living squeeze is happening, but to also provide tips to help save on costs while offering help on where to go for additional support for those who may be struggling. In addition, from 20th October we increased interest rates for the fifth time this year across our Savings accounts, which will provide greater returns for customers with savings with us.”
To help support people with the increase in the cost of living, HSBC UK has a number of tools available including:
- Money Worries: There is additional support and guidance available for those who may be struggling more with their finances through: Money Worries | Support With Your Finances - HSBC UK outlining how we can help, sources of support that are available and how to reach out via online chat or telephone in order to speak to us further.
- Financial Fitness Score Tool: To help people get to grips with their financial fitness, HSBC UK also offers a quick service through our website that can analyse people’s spending, borrowing and savings habits to give them a ‘fitness score.’ The result of this test will signpost to tips and support on ways to improve financial health, with the option of retaking the test at a later date to see an updated score.
- Education resources: Additional support and guidance is available through Financial Fitness | Getting Finances In Order - HSBC UK , including the opportunity to book a Financial Health Check with one of our Financial Fitness Specialists.’
- 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 feature promotes better budgeting by providing insight into available funds from one month to the next and is currently used by around 3 million customers monthly.
- Subscription management tool: HSBC UK has also launched a subscription management tool (i.e. being able to see and cancel your recurring card payments like on-demand TV subscription services etc.) to all customers via the mobile app. Our customers have cancelled over 630,000 subscriptions so far this year - around 3.5k a day.
- Support to get into investing: HSBC UK also provides a lot of online resources to help people learn about investing. Through HSBC My Investment, we offer an online investment service available to the bank’s UK customers that allows people to invest with a starting amount of £50 per month, a lump sum of £1,000, or both, after completing a risk tolerance questionnaire.
Notes to editors:
- Customers must:
- Apply for a HSBC Advance, or Premier bank on or after 7th November 2022, while the offer is live and go onto successfully open the account.
- Complete a full switch of their existing current account to us using the Current Account Switch Service (CASS), with at least two Direct Debits or Standing Orders. They must start the switch within 30 days of opening their new account.
- Customers must deposit at least £1,500 by 1 or more deposits into the new account within 60 days of opening their new account.
- The £200 will be paid within 20 days of the above criterion being satisfied.
- Customers will NOT qualify for the offer if they:
- Have held an HSBC UK current account since 1st Jan 2019.
- Have opened a first direct current account since 1 Jan 2019. They may hold a first direct account if it was opened before 1 Jan 2019.
- Are Channel Island or the Isle of Man residents.
- Complete a manual switch (e.g. if existing provider does not subscribe to CASS).
Media enquiries to:
HSBC UK Media Relations: Steve Gracey | steve.gracey@hsbc.com | 020 7991 4118
Email: UKPressOffice@hsbc.co.uk
Notes to editors:
About HSBC UK
HSBC UK serves over 14.85 million customers across the UK, supported by 23,500 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK Bank plc is a wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 63 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,992bn at 30 September 2022, HSBC is one of the world’s largest banking and financial services organisations.