MoneySavingExpert Martin Lewis tells customers how to get £175 from changing bank

MoneySavingExpert founder Martin Lewis has revealed how customers can get their hands on £175 just by switching their bank accounts.

The budget guru shared details of a new deal from HSBC which is offering a lump sum for people signing up for its Advance current account. The deal is only available to people who have not previously held a current account with HSBC or opened a First Direct account after January 2019.

Another condition is that customers must transfer across two direct debits or standing orders and pay in £1,500 within the first 60 days of opening the account. Once all terms are met, the £175 is paid within 30 days with no minimum deposit needed to qualify since it will be handled by the Current Account Switch Process, Chronicle Live reports.

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Customers with an Advance account will also have access to an arranged and unarranged overdraft with a rate of 39.9% EAR variable while the first £25 of any arranged overdraft is interest-free. For more information, visit the MoneySavingExpert website which will then connect to the HSBC website.

Despite the good deal, HSBC is not the only bank offering a cash switch incentive. Martin explained 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 is offering new customers £150 for switching to its First Direct 1st Account, or £20 for becoming a normal customer. While there isn't a monthly pay-in, a deposit of £1,000 is