The current account switch offer could see those switching to an Advance or Premier current account receiving £170 cash into their account. This offer runs from today, May 9 and is available alongside a separate offer worth £117. 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.
HSBC UK’s innovative ‘mix and match’ insurance offer, provides six months’ cashback, Select and Cover worth £117.
Tom Wolfenden, HSBC UK’s Head of Retail, said: “Recent HSBC UK research showed that the increase in the cost of living is starting to bite, with a significant increase in those who say they have no disposable income but are taking proactive steps to balance the household budget.
“Eight in ten people are looking to implement additional changes to those they have already put in place, which shows people are trying to get a grip on their finances.
“While cutting back on everyday and occasional spending or cancelling any unwanted or unused subscriptions could help, taking note of the wide range of offers that could provide discounts, or even cash, could make your money go further or go a little way to reducing the impact of the increase in the cost of living.”
“Consumers who are searching for a rewarding bank account may wish to choose one that offers cashback on spending or even on their monthly bills, there are even accounts that pay a monthly reward when certain eligibility criteria is met. On the other hand, those consumers who may dip into their overdraft would be better off choosing an account with a competitive overdraft tariff or even an account with an interest-free buffer.
“Those consumers who plan to make frequent trips abroad can also find accounts that don’t charge them for using their debit card in an ATM or in store, so they can avoid paying out on transaction fees compared to a more traditional bank account.
“Switching current accounts is easy to do using the Current Account Switch Service (CASS) and some banks will pay an upfront free cash incentive to entice customers. However, it’s the overall package of an account that should be weighed up before someone commits to switching their current account.”
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.
1 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.
2 Subscription management tool: HSBC UK has also launched a subscription management tool (i.e. being able to see and cancel recurring card payments like on-demand TV subscription services etc) to all customers on mobile.
Their customers have cancelled over 200,000 subscriptions so far this year – around 2,500 a day.
3 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,” the bank explained.
4 Educational resources: “HSBC UK offers a broad range of educational resources around topics such as budgeting, as well as a budget calculator to help people take control of their spending,” the bank said.
“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.”
5 Support to get into investing: HSBC UK also provides a lot of online resources to help people learn about investing, they shared