The incentive matches the highest switching offer on the market.
Time is running out to take advantage of HSBC’s switching deal after it set 3 July as the end date. Reintroduced in April, the deal offers a £200 cash incentive for customers switching from an existing current account to an HSBC Advance or Premier Bank Account.
Those looking to take advantage need to submit their application for one of these two valid accounts by midnight on 3 July. Within 30 days of successfully opening, the next step is to initiate the switch process, facilitated by the Current Account Switch Service (CASS). The service will transfer all your payment mandates to your new account, which the offer specifies needs to include at least two direct debits or standing orders.
Additionally, you’ll need to pay at least £1,500 by one or more deposits into your new HSBC Advance or Premier account within 60 days of account opening in order to receive the cash offer. Customers looking to open an Advance account will also need to qualify for an overdraft of at least £1,000. The £200 will be paid within 20 days once all the conditions mentioned above have been met.
Excluded from the offer are those who have held an HSBC UK current account or have opened a first direct account since 1 January 2020. You may hold a first direct account and still be eligible for this offer if it was opened before 1 January 2020. Otherwise, Channel Islands and Isle of Man residents are also exempt.
Before switching, you’ll need to ensure that your existing provider is subscribed to CASS, as manual switches won’t qualify for the offer.
Account: Advance Account
Interest Rate (AER): Up to 0.00%
Overdraft Rate (AER): 39.90%
Switching Incentive: Switch your current account to HSBC and you could earn £200. T&Cs and other eligibility criteria apply.
TERMS AND CONDITIONS: Receive £200 when you switch to an HSBC Advance Account using the Current Account Switch Service (including 2+ Direct Debits or standing orders). You'll need to start your switch within 30 days of opening the account and pay in at least £1,500 within the first 60 days. To be eligible, you can't have held an HSBC current account or opened a first direct current account since 1 January 2020. Once you meet all our eligibility criteria we’ll pay £200 into your account within 20 days. Offer may be withdrawn at any time. Terms and conditions and other eligibility criteria apply.
The HSBC Advance Account is a fee-free current account that grants you access to retail offers and the bank’s best savings rates. As with most other HSBC current accounts, Advance account holders can benefit from the home&Away reward program and exclusive customer-only products, such as the Regular Saver and Global Money Account.
What differentiates the Advance Account is that it additionally comes with a free emergency cash service, fee-free international transfers between HSBC accounts and the ability to view all your international HSBC accounts on one screen with Global View.
Meanwhile, the HSBC Premier Account is a fee-free current account that comes with the added benefits of HSBC Worldwide Travel Insurance, and preferential terms on mortgages, loans and credit cards for you and your family. Premier accountholders will also have access to the HSBC Financial Advice Service, and exclusive access to two rewards credit cards.
To open a Premier Account, you must have an income of at least £75,000 and already possess an HSBC UK mortgage, investment or protection product. Alternatively, those with £50,000 in savings with HSBC UK also qualify.
Both accounts give you the option to take out an arranged overdraft, subject to status. With the HSBC Premier Account, the first £500 of your arranged overdraft is interest-free, while the Advance Account allows you a £25 interest-free buffer.
Nationwide BS, NatWest, Starling Bank, and Triodos Bank have all enjoyed an increase in current account customers towards the end of 2022. This is according to the latest data from the Current Account Switching Service (CASS), which said that Nationwide BS gained almost 112,000 new customers between October and December. This might be because Nationwide BS offered a £200 switching incentive during this period.
To compare these accounts in more detail, visit our Current Account charts.
HSBC has relaunched this switching offer after its research found that two-thirds of people haven’t considered switching their current account, with over half the population using the same current account for over a decade.
“It is evident from our new research that people could do more to review their finances by considering the benefits of switching their current account, including the possibility of earning a cash reward for switching alongside opening a linked savings account to help them make the most of their money,” says Pella Frost, HSBC UK’s Head of Everyday Banking.
When HSBC previously launched this deal in November 2022, it was the bank’s largest switching offer since 2018.
It matches deals currently available from NatWest and Royal Bank of Scotland. Both of these providers pay £200 to eligible customers who switch and deposit £1,250 into a qualifying account.
By £25, it exceeds a current offer from first direct and a deal from Halifax which closed at the start of this month.
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