Current Account Switch Bonus Received - How long Do I have to keep the account?

Clarkeyboy99

Hi - Wondering if anybody has any knowledge on this? 
I used the current account switch service to switch current accounts to HSBC. I have received my switching bonus but was wondering if I have to keep the account for so many months before closing it or switching to another bank? Any help much appreciated - Cheers

blue.peter

Well, you could check the offer Ts & Cs. They're at the bottom of the web page describing whichever current account is relevant - e.g., https://www.hsbc.co.uk/current-accounts/products/bank-account/ for the ordinary Bank Account. I don't see anything there either requiring that you stay a minimum period or allowing the bank to reclaim a switching bonus once paid. However, I recommend that you check them for yourself.

Clarkeyboy99

Thanks blue.peter - I had a look through them before posting on here and looked through the forum for anything similar but couldn't see anything myself. Will have a look at the link you've sent over - Appreciate your help. 

Nick_C

If you can make use of the Regular Saver, it's worth keeping the account open.  Otherwise, perhaps keep it as a spare account for your next switch.  But you will need to meet the funding requirements while the account remains open.  

Speedbird676

In answer to your question, you can close your account the very next day if you like.

Clarkeyboy99

Nick_C That's a good shout. I did consider but the minimum monthly pay-in was a bit hefty...
Speedbird676 Thanks for this - Good to know.

Tildaplum

Although true for most switches, beware the T&C. I remember Nationwide once having some condition that you had to keep the account open for 3 (or was it 6) months.

eskbanker

Tildaplum said:

Although true for most switches, beware the T&C. I remember Nationwide once having some condition that you had to keep the account open for 3 (or was it 6) months.

They still do, for their referral offer: "If the recommended friend closes their account without good reason and within 3 months of crediting their account with the offer payment, we reserve the right to claim back the offer payment from both the recommender and the recommended friend within 6 months of the account closing."

To the best of my knowledge they remain the exception rather than the rule but of course it's always advisable to check the Ts & Cs of any offer....