HSBC’s switching offer has now ended. The information below is for reference only. For switching deals available now, make sure to check out our switching deals guide.
HSBC is offering up to £220 to switch to its Advance Account using the Current Account Switch Service. But there are quite a few steps to take before you get the cash!
If you’re happy to jump through all the hoops, this is a competitive deal on the market. However, keep in mind that you won’t receive the full amount for at least 12 months due to how the deal is broken down.
For a full list of switching deals on the market, you can visit our switching deals guide.
Overall, you can pocket £220 for switching to HSBC’s Advance account – but this is broken down into 2 parts.
You’ll get £100 when you make the initial switch. Then you can get £10 a month for up to 12 months, taking the total to £220. We explain what you need to do in the next section, but the requirements include depositing a minimum of £50 into the HSBC Online Bonus Saver account each month. This account’s rate is currently 4% AER, meaning that if you deposit the minimum amount of £50 each month, you’ll earn £13 in interest from your deposits after a year. The HSBC Advance Account also gives you access to HSBC’s Regular Saver at 5% AER. If you save the maximum amount of £250 a month into this account, after a year, you’ll have £81.25 in interest.
Overall, you could earn nearly £318 from this offer, but not until month 13.
This deal is available for UK residents aged 18+.
You can’t qualify if you’ve held an HSBC or first direct current account since 1 January 2019.
The deal is broken down into 2 parts. To get the initial £100, you need to switch an existing current account to an HSBC Advance Account using the Current Account Switch Service. You’ll also need to switch over 2 direct debits or standing orders within 30 days, pay in £1,500 within 60 days, make over 20 debit card payments, log in to the mobile banking app and deposit £50 into a new Online Bonus Saver account.
The additional £120 is paid as £10 per month for up to 12 months. To get this, you’ll need to do the following every single month: pay in £1,500, make 20 debit card payments, log in to the mobile app and deposit £50 into your Online Bonus Saver account.
You won’t receive the bonus if you’ve held an HSBC or first direct current account since 1 January 2019.
There’s no end date listed on the HSBC site, but it may be withdrawn at any time.
If this offer is not for you, we also have a guide displaying current banking switching deals on the market and also other banking offers such as refer-a-friend offers and more.
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