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.
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 £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 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 to run with 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+
- 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 of opening the account
- 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.
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+ Get a £17 Quidco bonus (new members only). More details
Get the best of Andy’s money saving content every Thursday, straight to your inbox
Get a £17 Quidco bonus (new members only). More details
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?
This offer will end on 22 December 2022. 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. 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 switching options.
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 an “Online Bonus Saver” account with 3% interest paid on up to £10,000. However, if you make a withdraw the rate for that month drops to 0.65%. 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 (drop to 0.65% in months you make withdrawals) |
| Access to 5% ER (fixed) regular saver | |
| Fee | None |
| 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
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.
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 | |
| Offer ends | Unknown |
Previous HSBC switch offers
Here are some of their recent switching rates:
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.