Less than two weeks left to claim free £170 from major bank – see if you’re eligible

Bank customers have less than two weeks left to claim a £170 switch offer from HSBC.

The money is being offered to those who start the move over to the HSBC Advance current account by July 18.

To be eligible for the switch award, you need to transfer over at least direct debits or standing orders and pay in at least £1,500 in the first 60 days.

The £170 is then paid within 30 days.

You can’t have had an HSBC current account, or opened one with its sister bank First Direct, since January 2019, to claim the cash.

You must also be moving from a current account that’s not with HSBC or First Direct.

The HSBC Advance account doesn’t come with a monthly fee to keep it open and arranged overdrafts are charged at 39.9% EAR variable, with the first £25 interest-free.

Unarranged overdrafts are also charged at 39.9% EAR variable, up to a maximum of £20 per month.

Visit the HSBC website for more information on how to switch.

HSBC isn’t the only bank offering a switch incentive right now, although it is the top-paying.

First Direct is advertising a free £120 for customers who switch to its 1st Account, or £20 for those who open and use mobile or online banking within three months.

Existing customers who switch to the Nationwide FlexDirect account can get £125, or new customers can claim £100.

Or if you move to the Virgin Money M Plus account you’ll get 20,000 Virgin Red points to spend on experiences, gifts or flights.

When deciding to move banks, always look at the account on offer and if it is right for you, rather than just the switch award.

For example, many customers who choose the First Direct 1st Account will get an ongoing £250 overdraft at 0%, plus access to a linked regular saver which pays 3.5% interest on up to £300 each month.

Or with Nationwide, you get 5% fixed interest on up to £1,500 and many get a 0% overdraft for the first 12 months.

Banks can pull their switch deals at any time, so keep in mind the exact details of what is on offer can be subject to change.

If you do decide to take up a bank bribe, the money is likely to come in handy during the cost of living crisis.