Brokers are being offered free banking for six months with HSBC, if they are members of Spectrum Insurance Marketing Solutions – a new wing of the insurance marketing division of HSBC Insurance Brokers.

The deal offers six months free business banking if brokers switch to HSBC, no charges for transferring an account and the prospect of on-going free banking depending on the credit level.

The usual set-up charge is waived for brokers who already accept card payments via another processor and the first three months terminal rental are free for those with higher annual credit card turnovers. Processing charges for the latter may also reduce even further.

"This is evidence of the benefits we can pass on as part of one of the world's largest banking and financial services organisations," said divisional sales and marketing manager director Richard Harrison. "We are also in discussion with other parts of the Group to bring additional benefits to brokers."

Currently, Spectrum has 2,200 broker members throughout the country. It was formed as a platform for new schemes outside of the traditional guaranteeing role of the Lloyd's broker, the insurance marketing division of HSBC Insurance Services.

Spectrum has eight schemes on the market and eight schemes in the pipeline. Spectrum Home and Spectrum Marine will be launched on December 1.