The offer, available for successful applications1 to switch to an HSBC UK Advance or Premier Bank Account using the Current Account Switch Service, is available from 17th April, with no end date set at this time.
This move comes as HSBC UK reports a 15% increase in the total number of customers using the bank’s mobile banking app compared with Feb 2022, in addition to a 19% increase in the total number of app log-ins over the same time period, suggesting more customers are keeping a closer eye on their finances and more frequently.
While the bank reports its customers being more vigilant on their finances, additional research for the bank shows that most people rarely think about switching bank accounts, with two-thirds (67%) of people not having considered switching their current account.
The research also shows that more than half the population (54%) have had the same current account for over a decade, with more than two in five staying put for even longer at over 15 years (41%). Nearly one in five (18%) say they’ve had the same current account for over 20 years.
Pella Frost, HSBC UK’s Head of Everyday Banking
Pella Frost, HSBC UK’s Head of Everyday Banking, said: “We are here to help our customers, and it is extremely encouraging that they are also helping themselves by keeping an eye on their finances. It is evident from our new research that people could do more to review their finances by considering the benefits of switching their current account, including the possibility of earning a cash reward for switching alongside opening a linked savings account to help them make the most of their money.”
“With HSBC UK’s Regular Saver providing 5% AER/Gross, fixed for 12 months, and increases to interest rates of up to 0.50% on other savings accounts, a switch to HSBC UK could give a customer £200 cash and help them start a rewarding regular savings habit.”
Increases to savings rates include:
On Cost of Living support, Pella Frost added: “Banks have never been better equipped to help customers who have money worries. Our Financial Support Team, working alongside those in our branches and on the phone are trained to support customers when they need help, but it is really important that people reach out to their providers at the earliest opportunity. Missing payments can impact your credit rating, which can have a knock-on effect to other areas of your life, including things like getting a new mobile phone contract.”
“I strongly encourage customers to get in touch with us and their other suppliers early if they have money concerns or see financial difficulties on the horizon. If you are up to date with your payments, contacting us to let us know about any money worries you have won’t impact your credit file. We stand ready to help.
“We would also encourage people to make the most of our wider package of support and information. Anyone can sign up to a session with a financial wellbeing consultant, regardless of whether they are a customer or not. It can be really helpful to get an outside perspective on ways to manage money - a good first step is to take our financial fitness test and get your score – you’ll then be signposted to support available.”
Steve Gracey - firstname.lastname@example.org | 020 7991 4118
Note to editors:
|Product||Tier||Rate to 19APR||Rate as at 20APR|
|Instant Access||Premier Savings||£1+||1.50%||1.60% (+0.10%)|
|Flexible Saver||£1+||1.20%||1.30% (+0.10%)|
|Online Bonus Saver||<£10k (Inc. Bonus)||3.25%||3.50% (+0.25%)|
|>£10k (Inc. Bonus)||1.75%||2.00% (+0.25%)|
|Exc Bonus||1.20%||1.30% (+0.10%)|
|ISA||Help To Buy ISA||<12k||2.50%||2.75% (+0.25%)|
|Youth||Future Saver for Children||>£1||1.50%||1.60% (+0.10%)|
|MySavings / Premier My Savings||>£3k||1.50%||1.60% (+0.10%)|
|Fixed Rate Saver - 1 Year||3.50%||4.00%* (+0.50%)|
|Fixed Rate Saver - 2 Year||3.75%||4.10%* (+0.35%)|
*Fixed Rate Saver interest rates increased on 30th March 2023
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 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 Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one of the world’s largest banking and financial services organisations.