HSBC Advance switch deal: Get up to £220 (2024)

Discover what hoops you need to jump through to pocket £100 now and a bonus £120 later for switching to an HSBC Advance account.

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By

Kate Steere

Edited by

Liz Edwards

Updated

HSBC switch deal update

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.

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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.

How much will you get?

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.

Who can get this deal?

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.

How can you get the maximum £220 switching bonus?

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.

The exclusions

You won’t receive the bonus if you’ve held an HSBC or first direct current account since 1 January 2019.

When the offer ends

There’s no end date listed on the HSBC site, but it may be withdrawn at any time.

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To make sure you get accurate and helpful information, this guide has been edited by Liz Edwards as part of our fact-checking process.
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Written by

Editor

Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

Kate's expertise
Kate has written 175 Finder guides across topics including:
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