HSBC bank switch offer: Get £150

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

More than any other bank, there’s often free cash available for switching to HSBC. And it’s usually one of the biggest paying offers.

The promotion ranges from straight cash to a combination of money and vouchers, and you can expect to make between £120 and £160 in total.

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 £150. You can only get one switching deal at any time, so you can’t double this up by switching into another personal account or a joint account.

This is a very high-paying offer, not just in comparison to other banks but to previous HSBC offers. Here are some of their recent switching rates:

  • £150 cash and £10 Shelter donation (Winter 2021)
  • £110 cash and £30 Uber Eats voucher (Autumn 2021)
  • £140 cash (Summer 2021)
  • £125 cash (Autumn 2020)

Who can get the HSBC switching offer?

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

The HSBC Advance account has its own requirements:

  • Aged 18+
  • Live in the UK or EU
  • 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 they last had an HSBC account prior to 1 January 2019.

Since they’re part of the same banking institution, current First Direct customers will be barred from getting the bonus too unless they opened that account before 1 January 2019. However, if that was the case and they still have the account they will be able to get the bonus.

HSBC switching bonus requirements

As with most bank switching bonuses, it’s not a simple as just opening a new account and getting the money. You’ll need to:

  • Open a new HSBC Advance current account
  • 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
  • Switch at least two Direct Debits or standing orders
  • Not have an HSBC current account or had one since 1 January 2019
  • Not opened a First Direct current account 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.

When will the money be paid?

HSBC tends to pay reasonably fast. You’ll get the money in your account within 30 days of completing the switch and paying in the £1,500.

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.

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

Once you have the cash there’s no requirement to keep the account, so you can switch again.

When does the offer end?

There’s no published end date for this promotion, which started on 29 December 2021. It could end at any time and there’s not always notice of when this will happen.

If there’s any more information I’ll update the details in my ultimate guide to bank switching offers, where you’ll also be able to see other options.

Often HSBC bring out a similar offer within a few weeks of one ending, so if you have missed out expect another to come along.

Should you switch to HSBC?

HSBC vs First Direct switching bonuses

If you decide to switch to HSBC it rules out the option of getting money from First Direct. And vice versa. So which should you pick?

If you’re just after the free cash and don’t intend to use the bank account on a regular basis then the higher paying account is usually HSBC, especially if the offer is around £150. At the moment First Direct is paying £130 but it’s usually either £100 to £125.

However if you think you will use the account for everyday banking then First Direct possibly has the edge when it comes to customer service. The app is improving all the time and is no longer as frustrating as it used to be. You’ll also get a £250 interest-free overdraft buffer.

HSBC account holders do get access to some special offers and deals though they’re not worth choosing the bank for, just some to be aware of it you have an account.

Both accounts offer a 1% regular saver which isn’t that great right now, so that shouldn’t sway you one way or another. There will be better places for your savings.

HSBC vs other switching offers

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

Right now you can get up to £125 from Nationwide (and you can get this for both a personal and a joint account) or 12 bottles of wine from Virgin Money, which also offers 2.02% interest on £1,000.

Andy’s Analysis

If you are eligible for the deal then I’d definitely grab the free cash. It possibly has the easiest conditions to meet from any switching deal and pays very well.

However I wouldn’t use it as my main account. First, there are better current accounts out there for everyday banking and rewards. Second, HSBC ranks as one of the worst banks when it comes to ethics.

Ideally you’d switch an account you’re not using just to claim the money, and then switch again to another bank when the right offer comes along.

If you only have one account I’d recommend opening an account elsewhere and then switching that. Even if this offer goes, it’s likely (though not guaranteed) a similar offer will return you can get.

4 thoughts on “HSBC bank switch offer: Get £150

  1. 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.

  2. 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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