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HSBC launches £175 bank switch bonus for new customers

HSBC launches £175 bank switch bonus for new customers

Eligible customers could get a three-figure cash reward for opening an HSBC bank account.

Brean Horne
Fri, 01/03/2020 – 08:43

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HSBC has relaunched its popular £175 current account switching incentive for new customers opening a Premier or Advanced bank account.

The bank is also offering a £75 cash bonus for those switching to its basic current account too.

To be eligible for the bonuses you will need to switch accounts via the Current Account Switch Service (CASS) and set up two direct debits or standing orders within 30 days of opening the account.

You must not have been an HSBC current account holder since 1 January 2017.

For the HSBC Advance account, you will also need to pay in a minimum of £1,750 a month or £10,500 every six months, excluding transfers from other HSBC accounts.

Meanwhile for the HSBC Premier account you must pay in your full salary and satisfy one of the following three criteria:

  1. Have an income of £75,000 and have either a HSBC mortgage, investment, life insurance or protection product;
  2. Have savings or investments of at least £50,000 with HSBC;
  3. Hold HSBC Premium in another country.

All three of HSBC’s accounts give customers access to a regular saver paying 2.75% on monthly deposits of between £25-£250.

How does HSBC’s switching deal compare?

While HSBC’s switching bonus is the highest-paying incentive in the market right now, it requires the highest monthly pay-in.

The table below shows how the HSBC switching deal compares to other banks.

Account Reward Pay-in Deadline
HSBC Advanced £175 £1,750 per month Ongoing
HSBC Basic £75 None Ongoing
first direct 1st account £100 + 0% overdraft £1,000 Ongoing
M&S Bank £100 gift card + £80 gift card after 1 year £1,250 per month for second gift card 6th Jan 2019
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