HSBC has launched a sizzling summer switching offer, offering £200 if you switch your current account to either its Advance or Premier Bank accounts and stick with it for a year.
You'll need to go through the government-backed current account switching service to qualify (the bank will guide you through the process), and the offer is only available until July 10.
Here's what you need to know:
You'll get £150 cash when you switch to HSBC using its switching service. The remaining £50 will be handed over 12 months later – an incentive to stay put once you've moved.
The switch must be made within 30 days of opening an account and must include two standing orders or direct debits.
Both the Advance and Premier accounts come with a load of other incentives too.
You'll also get access to preferential mortgage deals, including £250 off booking fees on HSBC's standard mortgage range, as well as 10% interest cashback on personal loans.
You can withdraw up to £500 a day from cashpoint machines using your Advance debit card, and there aren't any Automatic Teller Machine (ATM) charges when you use the card worldwide.
The Premier account gives you an even higher daily ATM withdrawal limit of £1,000.
The Premier account also comes with worldwide travel insurance as long as you are a UK resident under 70 years of age, and fee-free international fund transfers.
Although neither account pays you interest when you're in credit, they both give you access to a market-leading Regular Saver account paying 6% annual interest fixed for 12 months provided you pay in between £25 and £250 a month.
With the Advance account you'll get access, if required (and subject to status), to an interest-free overdraft for the first six months followed by a preferential agreed overdraft rate of 17.9% EAR (variable).
You'll pay interest of 11.9% EAR (variable) if you have the Premier account, which has the added benefit that the first £500 is free from overdraft interest.
When you sign up to the Advance account, you'll be automatically enrolled to the bank's overdraft Text Alert service, which helps you avoid fees for going beyond your agreed overdraft limit.
With this service, you'll be notified whenever you exceed your overdraft limit, and you'll have until midnight that day to put things right.
According to HSBC, so far this service has helped customers save over £100m in overdraft charges.
Is this for you?
That depends on whether you are eligible as both accounts have steep funding requirements.
If you want the Advance account, you'll need to pay in at least £1,750 a month, so you'll need to be earning around £26,000 (to allow for tax and national insurance contributions).
And to qualify for a Premier account, you'll need at least either £50,000 of investments with HSBC, or an annual income of over £100,000, as well as either a mortgage, investment, life insurance or other insurance policy with the bank.
What makes it special...
The £200 incentive is the most generous of its type currently on offer, although you shouldn't be tempted to switch on the basis of a short-term incentive alone. You should make sure the account will suit your needs, and that you'll make use of the other benefits on offer.
Both accounts come with plenty of extra perks, and if you are eligible for a Premier account, you'll be entitled to your own HSBC 'Relationship manager' who can help you with financial planning.
Watch out for...
To get the second £50 payment, you must be an active user of HSBC's internet banking service, or mobile registered within 60 days from the account being opened. You must have been eligible for the account you have switched to for nine out of 12 months, and your account must still be open so that the payment can be made into it.
Bear in mind that, although the Advance debit card promises no ATM transaction fees on ATM withdrawals worldwide, a 'non-sterling' transaction fee of 2.75% applies, so you'll still pay to use your card overseas.
What else is worth a look?
Several other current accounts offer switching incentives and may be more suitable for you if you can't meet HSBC's relatively funding requirements.
For example, First Direct will pay you £100 if you switch your current account using the current account switch service, and you only have to pay in £1,000 a month.
You won't earn any interest if you are in credit, but the account has a £250 interest-free overdraft, and you'll also be eligible for the bank's Regular Saver account which pays 6% AER gross fixed for 12 months.
Halifax also will pay you £125 to sign up to one of its current accounts via the current account switching service, and if you choose its Reward account, you'll earn £5 each month you pay in £750 a month, stay in credit and transfer two active direct debits.
Please note: any rates or deals mentioned in this article were available at the time of writing.