HSBC bank switch offer: Get up to £220

Get free money for opening and staying with a new HSBC Advance current account.

It’s been a while since HSBC offered switching cash, but it’s returned with a deal that’s potentially well paying. However it’s one of the most complicated incentives I’ve ever seen.

The latest one offers upfront cash for the switch, and another monthly top up for a year, as long as you meet the criteria. That adds up to a potential £220.

Here’s how the current deal works, what else you can get and my analysis.

How much can you get for switching to HSBC?

The latest promotion will pay you just £100 in the first instance. Then if you stick with the bank and keep meeting the hefty criteria (more on this in a bit), you can get another £10 every month for a year. At a potential total of £220, this is a very high-paying offer, not just in comparison to other banks but to previous HSBC offers.

You can only get one switching deal from HSBC at any time, so you can’t double this up by switching into another personal account or a joint account. If you switch into a joint account as your first switch, there’s only one payment in total, rather than per person.

Who can get the HSBC switching offer?

The bonus is available to new HSBC customers who open an Advance or Premier current account. Sadly existing customers can’t get the money.

The HSBC Advance account has its own requirements:

  • Aged 18+
  • Qualify for an optional arranged overdraft of at least £1,000

Some previous customers will be able to take advantage and be treated as new customers as long as any previous HSBC account was closed prior to 1 January 2019. This is actually a year earlier than the last offer!

Since they’re part of the same banking institution, current or former First Direct customers will be barred from getting the bonus too if they opened or had that account after 1 January 2019.

How to get the HSBC bank switch offer

£100 switching bonus requirements

As with most bank switching bonuses, it’s not a simple as just opening a new account and getting the money. In fact I think this one is the most complicated I’ve ever seen. You’ll need to:

  • Open a new HSBC Advance current account via this link
  • Start a full switch via the Current Account Switch Service within 30 days (this requires your old account to close)
  • Transfer in £1,500 (this doesn’t have to be in one go or stay in the account) within 60 days of opening the account
  • Switch at least two Direct Debits or standing orders
  • Spend with the HSBC debit card 20 times within 60 days
  • Open an Online Bonus saver and add £50 within 60 days
  • Log into the HSBC mobile app within 60 days
  • Not have an HSBC or First Direct current account or had one since 1 January 2019

It’s worth noting that you have the option to switch standing orders – so you don’t need to find new Direct Debits. I’d definitely take this option if you don’t already have those payments in place on your old account.

A standing order can be something as simple as moving money into a savings account or to another of your current accounts. Once the money is moved, you can simply move it back. Just make sure there’s enough money in the account to cover this payment.

What counts as a debit card payment?

You can use your debit card as normal, so every day shopping and spending counts. However the following are excluded:

  • gambling transactions
  • credit card payments
  • insurance payments
  • cash withdrawals
  • card to card payments

If you’re someone who uses a cashback card for their spending, then you can hack this in the same way users can on the Halifax Reward account. This means you could use Revolut, Monzo or Chip to add money via debit card. Or you could add money to the likes of Amazon as credit to spend later.

When will the money be paid?

HSBC tends to pay reasonably fast. You’ll get the first £100 in your account within 30 days of completing the switch and meeting all the criteria.

The fastest a switch can take place is seven working days, so you’re looking at 39 days at the earliest from opening the account. However, it could be the cash is paid faster.

It makes sense to meet the requirements as early as possible once you have opened the account and got online banking details to speed this process up.

If you don’t want to continue with the offer for the extra £10 a month, then once you have the £100 there’s no requirement to keep the account, so you can switch again.

£10 a month for a year requirements

The next part of the offer could earn you another £120, but there’s yet again loads of hoops to jump through. Most of these are things you’ll have done to trigger the initial £100.

  • Pay £1,500 into the account each month
  • Pay out at least two Direct Debits or standing orders each month
  • Spend with the HSBC debit card 20 times each month
  • Open an Online Bonus saver and add £50 each month
  • Log into the HSBC mobile app each month
  • Pay £50 into your Online Saver account

You need to start doing this within a calendar month of getting the first £100, and repeat each month after. So say you apply in March and get the switching bonus in late April, you’ll start doing this in May.

The payments are made on the 20 of the following month, and you’ll need to keep the account open to get the payment.

Technically doing a full year of this part of the offer could mean you’ll have stayed with the bank for 14 or 15 months.

When does the offer end?

*Update: The offer ended 28 March 2024 without any notice, which meant it was around for just two weeks*

At launch there’s no published end date, so it could go any time. If a date is announced, I’ll update it here and in the details on our ultimate guide to bank switching offers, where you’ll also be able to see other switching options. In 2023, the offer ran from April to July.

Should you switch to HSBC?

The HSBC Advance account isn’t one of my top picks. Indeed, there are better apps and better ongoing rewards available from many other accounts.

There’s a 5% paying regular saver, but that can be beaten at other banks. You don’t get any significant cashback or rewards for having the account.

HSBC Advance account

BenefitsHSBC “home & away” offers
InterestAccess to 5% ER (fixed) regular saver
FeeNone
RequirementsQualify for £1,000 overdraft facility
NotesShared FSCS protection with First Direct

What do others think of HSBC?

Over at our sister site Smart Money People, customers have left reviews of HSBC’s bank accounts. The average rating was 3.76 out of 5. You can read more details of their reviews, or leave your own, over at the Smart Money People website.

Smart Money People advert

HSBC Switching summary

Andy’s Analysis

Could this be the worst switching deal yet? This offer not only requires a lot of actions, you’ll also have to keep it going for well over a year.

It makes sense as far as HSBC are concerned – they want customers to use their bank, not just switch away once they have the cash. But for punters like us, there are better and easier options – and better banks too.

Plus, since you’re faced with a choice of HSBC or First Direct for switching cash, I’d be more inclined to wait and see if a decent FD offer launches as they’re usually far simpler.

£100 switch details

Switching bonus£100 cash
Bonus paidMoney paid within 30 days of completing the requirements
Open to existing customersNo
RequirementsOpen a new HSBC Advance current account
Pay £1,500 into the account within the first 60 days in one or more deposits
Switch two Direct Debits or standing orders
Switch using the Current Account Switch Service and close your old account within 30 days
The old account must be from a different bank
Open an Online Bonus saver and add £50 in the first 60 days
Spend with the debit card 20 times in the first 60 days
Open the HSBC app in the first 60 days
ExclusionsNot had an HSBC or First Direct current account on or since 1st January 2019
Offer endsEnded 28 March 2024

£10 a month details

Monthly bonus£10 cash
Bonus paidOn the 20 of the following month
StartStart the requirements in the calendar month after receiving your first £100
Monthly requirementsPay £1,500 into the account
Monthly requirementsPay two Direct Debits or standing orders
Pay £50 into your Online Bonus saver
Spend with the debit card 20 times
Open the HSBC app
Offer ends12 months after starting

Other switching deals

If you’re not planning on being a serial switcher then it’s worth checking if there aren’t other deals you prefer – even if they pay less. The box below shows the latest offers

Previous HSBC switch offers

Here are some of their recent switching rates:

  • £200 – April to July 2022
  • £200 – November to December 2022

28 thoughts on “HSBC bank switch offer: Get up to £220

  1. This is UNDENIABLY the worst switching deal EVER as you’ve questioned in yoir anaylsis

    I thought TSB ones were bad – this is 100 times worse than those – those look great npw, cant wait for a TSB one now LOL

    HSBC have disappointed – TBH with all those hurdles the total incentive should be £400 plus

    Infact for all this the overall incentive has gone “down” when everyone’s has been generally going on

    I doubt they’ll have many, if any, takers ! LOL

    Not for me – thanks for letting me know though – you’re always on the moneu ! LOL Your “Andy’s analysis” at the end was spot on as always – I just head straight there and decide whether I will bother with the rest

  2. Hi, I cannot seem to find where to use the Swithc Service online for HSBC? Do you have a link please? Other banks have been simple…or am I missing something?

  3. Hi, how many days does it take for them to open your account. I opened mine on the 12th of may but I haven’t gotten any response from them except the one confirming that they received my application

  4. I wanted clarity of the First Direct situation. From HSBC terms of offer as of 20/6/23:

    ‘you have opened a first direct current account on or after 1 January 2020. You may hold a first direct current account and still qualify for this offer as long as the current account was opened before 1 January 2020’

  5. Just found the answer to this from contacting HSBC. Setting up new standing orders on the HSBC account after opening DOES NOT count and means elibibility for the switching bonus will not be met.

    Similarly, standing orders on the old account (which will be used to switch from to the HSBC account) do not count unless they have paid out at least once prior to the switch.

    Hope this helps someone.

  6. Hi Andy

    Question re switching standing orders from old account to new HSBC account to get the bonus – do the standing orders have to have paid out at least once from the old account or can they be new? Alternatively, it is enough to set 2 new standing orders on the new HSBC account or do you have to switch 2 existing ones?

    Thanks

    1. Just found the answer to this from contacting HSBC. Setting up new standing orders on the HSBC account after opening DOES NOT count and means elibibility for the switching bonus will not be met.

      Similarly, standing orders on the old account (which will be used to switch from to the HSBC account) do not count unless they have paid out at least once prior to the switch.

      Hope this helps someone.

  7. Is there a typo in the HSBC article- it mentions that people who opened an First Direct account BEFORE Jan ’20 are barred from the HSBC switching bonus, but then goes on to say that if the First Direct account was opened BEFORE Jan ’20 they are eligible?
    As someone who has a First Direct account (which is closed) prior to Jan ’20 can I get the HSBC £200 bonus?

  8. Has anyone got the £40 Quidco offer and £10 from this site? Still waiting from November.

  9. Must I apply for an overdraft of £1000 to get the offer. I’m on minimum wage and feel like I’m unlikely to get such a high overdraft

  10. Hi Andy

    I have never had a HSBC Account. I used to have a First Direct Account, which I opened on 10.08.2010 and closed on 13.10.21.

    Would I qualify?

  11. Hi Andy

    I took up this offer when you first highlighted it, I think in March. However, I can’t find the email you sent then advising us to click on a link to one of the other money saving websites. Was it Money Saving Expert that offered it – at that point – exclusively via a link from its site?

    At any rate, I switched accounts before the deadline in early May from Halifax with two standing orders. I understand I fulfilled all the eligibility criteria to receive the bonus. However, HSBC has refused to pay me the bonus because they say I used their website directly to open my current account with them. I know that wasn’t the case as I clicked on the link provided by the other money saving website. Could you possibly confirm which website it was, please?

    Many thanks as ever for your very helpful advice

    Lach

    1. Hi Lachlan, yes it was Money Saving Expert or Money Supermarket (they’re the same company so either worked)

  12. I have a HSBC current account opened less then 30 days ago. The t&c’s say you have 30 days to begin the switching process to receive the offer. There is nothing on the HSBC website to instruct them to begin the switch, the only links about the offer take you to start an application to open a new current account. Any advice?

  13. Hi Andy,

    My son has just started work and his salary gets paid into a Nationwide flex one account, his old child account.
    Can he open up the HSBC

  14. Hi Andy,

    My son has just started work and his salary gets paid into a Nationwide flex one account, his old child account.
    Can he open up the HSBC account and switch in one go or would he need to open an active HSBC account first

    Regards

    John

  15. andy,ive switched thro curent account switch fro smile bank to hsbc,the transfer has been done now £900 has been transfered now to hsbc,,,does this count towards the 1500 needed within 60 days

  16. I’ve had a First Direct account since 2002. Am I eligible?

    1. not if it is still open.

  17. Can I set up one direct debit and one standing order? Or does it have to be two of the same type of payments (two directs debits or two standing orders)? Also what if the account I am switching has already 1500 on it, do I need to transfer additional 1500 within 60 days?

    1. In theory that should be fine, though it’s worth contacting HSBC to confirm.

  18. Hi Andy
    Been lurking for a year now since finding your web site, great videos you do, has help me a lot. I now have 7 hard searches on Experian, 3 on clear score and 3 credit karma all within a year of opening 10 bank accounts and 5 credit cards. Would like to switch to hsbc and first direct for the bonus but the thing about getting my documents certified has put me of. In your review of hsbc switching offer, do you think you could mention the process of opening a account with hsbc and first direct so that others are aware thank you.

  19. Do you still have to qualify for a £1000 overdraft to get this as you did before? Whether you need it or not.

    1. Yes, the HSBC Advance account does have a condition that you qualify for the overdraft, even if you don’t use it.

      1. Hello Andy regarding this Q&A, I messaged HSBC last night and was told that the £1000 doesn’t affect the £200. Are they mistaken and if so is it too late for me to apply now that my switch has already gone through last week?

        1. Just messaged HSBC and this is there answer.

          I understand that you have an enquiry about the switch incentive as well as applying for an overdraft.

          You have the option to apply for the arranged overdraft when switching and provided all the switch incentive qualifying criteria are met, you can still get the incentive, regardless if you have applied for an overdraft or not.

          Whether you will apply for an overdraft before or after the switch had been completed, this is still subject to credit checks.

  20. Can you get this if you already have a single HSBC account but switch from a joint account over to HSBC? We had an HSBC joint account for bills back in 2015 but that has been closed since 2017.

    1. Hi Andrew, so if you currently have any HSBC current account you aren’t eligible. However if your partner doesn’t have a solo account they can take advantage and switch their own account into a new HSBC one – as long as they meet that Jan 2010 cut off.

      Incidentally, when switching a joint account you can only switch it into another joint account. But you can switch personal accounts into a solo or joint account.

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