Share HSBC has launched a new switching offer that will see consumers earn £125 simply by switching their bank account to a HSBC Advance Account or Premier Bank Account. This offer was launched in the same week that Virgin Money revealed a cashback incentive that will see its credit card customers earn up to 15% on everyday spending. Here we’ve looked at both these incentives in more detail, as well as at some of the alternative switching and cashback offers currently available to consumers. HSBC £125 switching offer HSBC’s switching offer is a great way for consumers to earn an extra £125 just by switching bank accounts. This offer is only available to new customers and in order to receive £125 they must switch to either a Premier Account or Advance Account and have at least two direct debit or standing orders set up. The Advance Account is available to customers who are completely new to HSBC and, although this account does not charge a monthly fee, it must be funded with a minimum of £1,750 per month or £10,500 over six months. To open a Premier Bank Account, applicants must have an annual minimum income of £75,000 and have either a HSBC mortgage, an investment, life insurance or a protection product. Alternatively, this account can be opened by those who have savings or an investment of at least £50,000 with HSBC within six months of opening the account or hold and qualify for a HSBC Premier Account in another country or region.