Current account customers being offered £110 cash to switch to HSBC

The choice of cash perks to switch current accounts is growing, as another major bank launches a new offer.

HSBC UK announced that its current account switch offer has returned, providing those switching their current account to an Advance or Premier Account with £110 in cash plus an additional £30 to eat in using Uber Eats, or to eat out using the Dining Out Gift Card.

The offer is available from Monday.

Fiona Anderson, HSBC UK’s head of everyday banking, said: “With our Uber Eats voucher and the Dining Out Gift Card being valid for six months after the account opens, customers can even use the offer to help celebrate Christmas, if they can wait that long to take advantage.”

Last week, Lloyds Bank also launched a new offer of £100 cash to switch.

Customers using the seven-day current account switch service to change to a new Club Lloyds current account or new Club Lloyds Platinum account will receive the cash within 10 days, it said.

Many brands no longer offer an up-front perk to entice new business, finance expert Rachel Springall from Moneyfacts.co.uk said last week – so the new offers signal a return to cash being offered.

In the past, some banks have offered customers as much as £175 to move to them.

Nationwide Building Society currently offers £100 for new customers switching to its current accounts and £125 for existing members.