Get free money for opening 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 the highest its ever offered – and you can boost it if you apply via a cashback site.
Past promotions have ranged from straight cash to a combination of money and vouchers, and you can expect to make between £120 and £175 in total.
The latest one though is a huge £200, going up to £240 via Quidco and there’s potentially another £10 available on top.
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 £200. 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. This is a very high-paying offer, not just in comparison to other banks but to previous HSBC offers.
Extra £40 to £50 via cashback site
But it gets better! You can also get an extra £40 if you open the account via cashback site Quidco.
And until 27 November 2022, you can get even more if you’re not already a member of Quidco. Sign up for the cashback site via this welcome bonus worth an extra £10 (created especially for this HSBC offer). Once this is done, search for HSBC in Quidco and apply from there.
(This is a different welcome offer to the one you can get if you sign up to my newsletter. Though that’s worth more, at £17, it requires a £10 purchase. This means that offer won’t track with the HSBC application. To get the bonus and HSBC cashback you need to use the specific link above).
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 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
- 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 date for this offer to end. If that changes, I’ll update it here and in the details on 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?
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. See the full list here.
One thing going for it is you will be able to open a savings account with 3% interest paid on up to £10,000. However, if you make a withdraw the rate for that month drops to 0.5%. Plus, at the time of writing you can get higher rates (5.12% on up to £5,000 with Barclays) or similar rates on larger deposits that are fully easy access.
HSBC Advance account
|Benefits||HSBC “home & away” offers|
|Interest||Access to 3% limited access account on up to £10,000|
|Access to 1% ER (fixed) regular saver|
|Requirements||Qualify for £1,000 overdraft facility|
|Notes||Shared FSCS protection with HSBC|
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
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.
HSBC Switching summary
|Switching bonus||£200 cash|
|Bonus paid||Money paid within 30 days of completing the switch|
|Open to existing customers||No|
|Requirements||Open a new HSBC Advance current account|
|Pay £1,500 into the account within the first 60 days in one or more deposits|
|Set up 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|
|Exclusions||Not had an HSBC current account on or since 1st January 2019|
|Not opened a First Direct 1st account since 1st January 2019|
Previous HSBC switch offers
Here are some of their recent switching rates: