Martin Lewis reveals how you can claim a free £175 payment this week

28 April 2022, 08:05 | Updated: 28 April 2022, 13:38

Martin Lewis has reminded Brits there's just two days left to get a free £175 payment from the bank.

Martin Lewis has revealed how you can get your hands on a free £175 by changing banks this week.

The Money Saving Expert explained that HSBC is currently offering the bonus to new customers who switch to their HSBC Advance current account.

There are a few conditions that customers have to meet, with only those who haven’t had a HSBC current account, or opened one with First Direct, since January 2019 eligible for the offer.

Anyone who opens the account must also transfer two direct debits or standing orders and pay in £1,500 within the first 60 days of opening.

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The £175 is then paid to your account within 30 days and you don’t have to continue paying in a certain amount each month.

If you’re interested in getting your hands on the offer, it ends at 11.59pm this Friday (April 29).

You can find out more by visiting Martin's guide on MoneySavingExpert which will take you to the HSBC website.

There are plenty of other banks offering switching bonuses as well, with Martin explaining: "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."

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First Direct is offering £150 to new customers who switch its main account, or £20 just for opening a new account.

While you don’t have to pay into the account regularly, you do have to deposit £1,000 within the first three months.

Nationwide is offering £125 for both new and existing customers who switch to its FlexDirect account.

Meanwhile, Halifax is offering £125 for new and existing customers who switch its current account and RBS is doing the same.

If you’re interested in swapping to Virgin Money, it is offering 20,000 Virgin Red points to spend on experiences and gifts for anyone who joins its M Plus account.

Martin advises customers to make sure they are choosing a bank that is providing the right service for them, regardless of cash incentives.