Get free money for opening and using a new HSBC current account
It’s been almost a year since HSBC offered switching cash, but it’s returned with a deal that’s potentially table topping.
The latest one offers upfront cash for the switch – but there are fair few hoops to jump through first and exclusions apply.
Here’s how the current deal works, what else you can get and my analysis.
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How much can you get for switching to HSBC?
The latest promotion will pay you £220 for switching to an HSBC bank account – making it the highest-paying cash switch offer available right now.
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 switch offer?
The bonus is available to new HSBC customers who open an Bank Account, although there is a completely different switch incentive for people opening a Premier current account. Sadly existing customers can’t get the money.
The HSBC Bank Account switch offer needs you to:
- Aged 18+
- Use the HSBC Mobile Banking app to open the account
- Be a UK resident
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 2023.
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 2023.
How to get the HSBC switch offer
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:
- Be 18 or over and a UK resident
- Open an HSBC Bank Account in the HSBC UK Mobile Banking app on or after June 15, 2026 – and before the offer is withdrawn (yet to be confirmed)
- Complete a full switch using the Current Account Switching Service including two direct debits within 60 days
- Deposit at least £2,000 in the bank account withing 60 days of opening
- Spend at least £500 on your HSBC debit card within 60 days of the account opening – this can be done via Apple, Samsung or Google Pay
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
- internal transfers from another HSBC accounts in your name
If you’re someone who uses a cashback card for their spending, then you can hack this in the same way users can on some reward accounts. 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, but it has put a 60 day upper limit on when you’ll get the cash. This clock starts ticking once you’ve met all of the qualifying criteria – so the switch, the deposit and the £500 spend.
The fastest a switch can take place is seven working days, so you’re looking at 69 days at the latest 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.
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When does the offer end?
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.
Featured switching deal
Customer rating
3.9/5
- Switch bonus£180
- Offer endsUnknown
- Perks8% regular saver
- Additional bonus£45 Amazon Voucher
- FSCS Protected? Yes
- Switch bonus requirements Switch using the Current Account Switch Service and close your old account within 60 days of starting the switch
- Deposit requirements Deposit £1,500 in the first 60 days from opening the account
- Direct debits transferred over Set up two Direct Debits before or after the switch from a selected list of household bills
- Existing customers? Can't have held any Santander current account on 1 January 2025
- Restrictions Can't have received a switching bonus from Santander already, offer limited to once per person
- Eligible accounts Open a new or hold an existing Everyday, Edge, Edge Up or Edge Explorer current account
- Regular saver 8% (variable) regular savings account. Includes 5% (variable) bonus for 12 months
- £45 Amazon Voucher requirements You need to carry out the full switch between 30 June and 9 July and open a Santander Regular Saver and fund it with at least £200 within 30 days
Should you switch to HSBC?
The HSBC Bank Account 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 Global Money Money Account, which can be especially handy if you’ve got family or other interest overseas or are a frequent traveller.
There’s also access to HSBC’s regular saver and home&Away discounts and rewards programme – but neither of these are market-leading.
HSBC Bank Account
| Benefits | HSBC “home & away” offers |
| Interest | Access to 5% ER (fixed) regular saver |
| Fee | None |
| Requirements | 18 or older, happy for us to do a credit check against your name (if you live in the UK), can provide ID and proof of address if needed |
| Notes | Shared FSCS protection with First Direct |
What do customers think of HSBC?
Over at our sister site Smart Money People, customers have left reviews of HSBC’s bank accounts. The average rating was 3.92 out of 5. You can read more details of their reviews, or leave your own, over at the Smart Money People website.
HSBC switch summary
James’ Analysis
The HSBC switch offer is the highest payer on the market for standard accounts, but the account it’s attached to is distinctly average.
That said, it’s also perfect for people who’ve recently moved to the UK and has one of the lowest bars to qualify for – making it perfect for people either looking for some switching cash or who don’t qualify for some of the other accounts.
Overall, if you’re just looking for switching cash, it’s a good bet. If you want an account to settle down with for the long term I’d personally take a smaller switch bonus and a different account.
HSBC £220 switch details
| Switching bonus | £220 cash |
| Bonus paid | Money paid within 60 days of completing the requirements |
| Open to existing customers | No |
| Requirements | Open a new HSBC Bank Account using the HSBC Mobile Banking app |
| Pay £2,000 into the account within the first 60 days in one or more deposits | |
| Switch two direct debits | |
| Switch using the Current Account Switch Service and close your old account | |
| The old account must be from a different bank | |
| Spend £500 with the debit card in the first 60 days | |
| Exclusions | Not had an HSBC or First Direct current account on or since 1st January 2023 |
| Offer ends | No current information |
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
I don’t know why i’m putting myself through this – but i’ll be the guinea pig on this one 😉
So I got the initial £100 and for the first month of the £10/month…. It didnt come through.
I’ve just spent 1h35(!!) on the phone to HSBC about it. They were absolutely useless and took an hour just to read the Ts an Cs to me. My reply was “wait, after all that time you haven’t even checked if made the requirements??”
She tried telling me the reason was because I didnt leave my £50 in the savings account, which it doesnt specify in the Ts and Cs.
After pushing for a manager about 8 times I finally got though to a UK specialist, who said the reason was because I didnt log into the app in May. I pointed out a manual transfer that must have been actioned in the app and she admitted I was eligible and their system had made a mistake. She made a £20 payment to me manually. Not sure if that covers May and June or whether she just doubled May’s because I had been on the phone for a million years.
The moral of the story is – I will never use HSBC as my main bank. They are shocking, and the signing up process was terrible.
I don’t want to be the guinea pig next time. Please someone save me 😂😂
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
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?
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
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’
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.
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
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.
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?
Has anyone got the £40 Quidco offer and £10 from this site? Still waiting from November.
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
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?
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
Hi Lachlan, yes it was Money Saving Expert or Money Supermarket (they’re the same company so either worked)
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?
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
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
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
I’ve had a First Direct account since 2002. Am I eligible?
not if it is still open.
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?
In theory that should be fine, though it’s worth contacting HSBC to confirm.
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.
Do you still have to qualify for a £1000 overdraft to get this as you did before? Whether you need it or not.
Yes, the HSBC Advance account does have a condition that you qualify for the overdraft, even if you don’t use it.
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?
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.
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.
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.