HSBC UK said that it is rolling out a variety of cash switching offers across its current accounts to encourage more people to consider switching.
The roll out of the cash switching offers is in line with a research carried out by the banking major with market research and data analytics firm YouGov that shows more than a third of UK consumers remained loyal to their first bank.
The bank said that new customers have been given the choice of three cash incentives when switching their current account to it using the Current Account Switch Service (CASS).
Three choices offered by HSBC UK
The three choices are HSBC Premier Bank Account, HSBC Advance Bank Account, and HSBC Bank Account.
Both the HSBC Premier Bank Account and the HSBC Advance Bank Account offer £175 cash, which is paid into the opened account within 30 days of switching.
On the other hand, the HSBC Bank Account offers £75 in cash which is paid into the opened account within 30 days of switching.
To qualify for a switching offer, applicants should not have held an HSBC current account of any form since 1 January 2016, and should apply and begin a full switch using CASS including a minimum of two direct debits and/or standing orders, within 30 days of the date of the account being opened.
According to the survey, in spite of the CASS making it quicker and convenient to switch, one in five millennials said that the primary reason for not switching was the belief that it took too much effort.
HSBC UK customer propositions head Fiona McCaffrey said: “We’re not afraid to make changes to our lives to save money or get healthier, however, when it comes to our daily banking there is a reluctance to try something different.
“Switching accounts takes minutes and as well as an upfront cash boost, customers can sometimes benefit from better rates and product options. As we approach Christmas, now is a great time to review your finances and make sure you are getting the most out of your current account.”
