HSBC introduces new £200 current account switch offer

The market-leading deal is the high street bank’s largest switching offer since 2018.

HSBC has introduced a £200 incentive for eligible customers who switch to its HSBC Advance or Premier Bank Accounts today.

To take up the offer, you’ll need to use the Current Account Switch Service (CASS), a free process which moves users from one account to another.

At least two direct debits or standing orders are required and the switch must start within 30 days of the account being opened. You’ll also need to deposit at least £1,500 within 60 days.

The £200 incentive will be paid within 20 days of the above criteria being met.

Customers who have held an HSBC UK current account since 1 January 2019 or opened a first direct current account since 1 January 2019 are not eligible for the offer.

Moneyfactscompare.co.uk finance expert Rachel Springall said: "It’s good to see more current account providers launch current account switcher incentives this time of year, and the £200 offer from HSBC is one of the more generous of those available – with Nationwide also offering £200 right now.

"As with any current account, its imperative consumers choose an account carefully, weighing up all the benefits and charges and not be swayed by the up-front cash alone.

"At this time of year, there may well be consumers out there who could do with a cash boost, and for them, £200 could be a big help amid the cost-of-living crisis."

The Advance Account is fee-free and comes with the option of an arranged overdraft of at least £1,000.

The Premier Account is also fee-free and comes with HSBC Worldwide Travel Insurance and preferential terms on mortgages and savings.

There’s no credit interest payable on either account, but switchers will benefit from exclusive access to HSBC’s Online Bonus Saver account.

This is an easy access account which pays 3.00% AER on balances up to £10,000, with anything above this sum earning a rate of 0.75% AER.

However, this rate is only paid per calendar month if you don’t make any withdrawals. Should one or more withdrawals be made the rate drops to 0.50% AER.

Both accounts also provide access to HSBC’s Home & Away scheme, a rewards portal providing offers and discounts on products and services including shopping, dining and travel.

HSBC's Switching offer mirrors the £200 offered by Nationwide BS for customers switching to its FlexAccount, FlexDirect and FlexPlus accounts.

The deal also betters the £150 being offered by Lloyds Bank for customers who switch to its Club Lloyds and Platinum accounts, although this offer is due to end on 14 November.

Meanwhile, first direct, which is a banking division of HSBC, also offers a £175 switching incentive for its 1st account.

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