Martin Lewis explains how you can get up to £175 for free from the bank

HSBC is currently offering the biggest upfront ‘switch bribe’ since before Covid, money expert says

Mr Lewis has received messages from people ‘tearing their hair out’ about rising bills (Kirsty O’Connor/PA) (PA Archive)

Money saving expert Martin Lewis has delighted visitors of his popular hack website by telling them how they can make some easy cash.

HSBC is currently offering new customers £175 if they switch from their bank to the HSBC Advance current account.

The so-called ‘switch bribe’ is the “biggest upfront cash offer” that a bank has offered in “more than two years”, Mr Lewis said on his site MoneySavingExpert (MSE).

To get the free cash, anyone interested needs to head to HSBC’s website via the link on MSE or MoneySupermarket, and meet the necessary criteria.

Account benefits include a minimum arranged overdraft offer of £1,000 when opening the account.

Customers are also encouraged to build their savings with a Regular Saver account. In addition, they can enjoy money off Costa Coffee, Asos and Not on the High Street.

However, Mr Lewis warned that a credit check is required and despite it being the biggest upfront cash offer since before the pandemic, HSBC scored just 38 per cent in its latest customer service rating, according to MSE.

While it may be tempting to secure free cash as Britons grapple with the ongoing cost-of-living crisis, Mr Lewis said it is important to ensure the service is right before switching over.

This latest incentive from HSBC beats its previous switchover offer of £110 in cash and a £30 Uber Eats voucher.

To claim the reward, individuals will need to open an HSBC Advance account and switch within 30 days.

If customers also choose to link a HSBC Regular Saver account, they can save up to £3,000 at a 1 per cent interest rate fixed for 12 months, MSE explains.

Only those who have not had a HSBC current account, or opened one with First Direct, since January 2019 will be eligible for the offer.

Other banks are also currently offering switch bribes, with Mr Martin explaining in the MoneySavingExpert guide: “If you’re unhappy with your bank, switching is quick and easy – and now’s a great time to do it as six banks currently pay for your custom with up to £175 cash.

“Yet you don't need to switch to get a good deal – other accounts give cashback on bills or pay savings interest.”

First Direct and Royal Bank of Scotland are the next top paying, both offering £150 to new customers who switch to their current accounts.

Halifax and Nationwide are offering £125 cash.

Meanwhile, savers switching to the Virgin Money M Plus account will receive 20,000 Virgin Red points to spend on experiences or gifts such as a case of 12 bottles of wine.