HSBC has reintroduced its popular £125 bonus for new customers who switch to its Advance and Premier current accounts - but there are quite a few caveats.
Here, Which? reveals what you need to do to qualify for the switching bonus, and look into what other incentives are on offer.
There are a number of caveats to getting the HSBC switching bonus - as well as eligibility criteria for opening the two current accounts it's being paid on.
To secure the £125 bonus, you must:
The bonus will be paid in one go, into your HSBC current account.
If you open a joint account, you'll only get one bonus between the two of you.
The only accounts you can get the switching bonus on are the HSBC Advance Bank Account and HSBC Premier Bank Account. Both have restrictions as to who can open them, but also come with a number of other perks.
The HSBC Advance Account requires you to pay in at least £1,750 each month, or £10,500 every six months. You'll also need to qualify for a minimum £1,000 arranged overdraft, which means a will need to be carried out when you apply.
The account is free and comes with some perks, which include:
The HSBC Premier Account is more exclusive; you either need to earn £75,000 a year and hold an HSBC mortgage, insurance or investment product, or hold at least £50,000 in an HSBC savings or investment account within six months of opening the account, or hold or qualify for an international Premier account.
Perks of the account include:
No other banks are offering money to switch, but new Virgin Money current account customers can still get a free box of Virgin Wines.
You can get a 15-bottle case of wine worth £180 (or non-alcoholic wine worth £75) if you make a full switch with at least two direct debits and register for the mobile banking app.
You'll also need to add £1,000 to the linked savings account, and keep the money there until you receive your Virgin Wines code (you should get this within 31 days of fulfilling the rest of the criteria).
This offer is due to end at midnight on Sunday (14 February).
While getting 'free' money is a quick and easy perk, there are a number of other ways your bank account can give you a little bit extra.
For instance, you can get money back on what you spend with a . Santander's 123 account allows you to earn up to £15 in cashback every month if you pay certain household bills and Santander financial products from your account. However, the account costs £5 a month, so make sure you're spending enough to make the monthly fee worth it.
The Nationwide FlexDirect account pays 2% AER on balances up to £1,500 for the first year (after which point the interest falls to 0.25% AER), but you need to pay in at least £1,000 a month.
Finally, if you want added extras like the HSBC Premier Account offers, you might be interested in a . Nationwide's FlexPlus account costs £156 a year (£13 a month) and includes £180-worth of travel insurance, car breakdown cover and mobile phone insurance. It also pays 3% AER on balances up to £2,500.
You're likely to interact with your current account far more than, say, a savings account, so you need to be sure that it suits you before you make the switch.