High street bank will pay customers £220 to move their accounts

manchestereveningnews.co.uk:

A high street bank is offering new customers a large sum up to £220 if they switch over to their services. HSBC has launched the new offer to people that are opening a current account and looking to regularly save money.

Account switchers can get an initial payment of £100 after opening an Advance or Premier Account with the banking giant, as well as meeting certain conditions around money paid in, and opening the right Online Bonus Saver account.

If customers keep meeting the monthly conditions, they could then get up to another £120 over 12 months. This means they could get up to £220 in total, if they can deposit £50 into their saving account each month. READ MORE: UK wage growth eases as unemployment rises unexpectedly The Online Bonus Saver pays 4 per cent AER (annual equivalent rate) on balances up to £50,000 and 2.30 per cent AER on any part of the balance that is over £50,000.

But, a standard interest rate of 2 per cent applies to balances in any month where money is taken out or the account is closed.