HSBC offers current account switchers an attractive £220

HSBC launches one of the most competitive cash rewards for switching to a standard current account.

Today (15 June 2026) HSBC has launched a £220 bonus for new customers switching to its Bank Account via the provider’s app.

To receive the cash reward, eligible customers will need to complete a full switch using the Current Account Switch Service (CASS) and must transfer at least two direct debits. Customers will then need to deposit £2,000 or more into the account and spend £500 using a debit card linked to the account within 60 days of opening. They will get the bonus within 60 days of meeting the requirements.

“The £220 free cash offer is incredibly generous and may entice customers who want to move to a simple stress-free bank account where they don’t need a raft of ad-ons or pay monthly account fees,” commented Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

“However, that’s not to say that customers don’t get any extra perks, because they can gain access to discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC home&Away,” she added.

What other perks does the account offer?

As well as the attractive £220 bonus, the account incentives include access to products like the provider’s Global Money Account, which allows customers to convert, spend and send currencies from around the world.

Exclusive offers and discounts on shopping, dining and travel are also available. For further details on these incentives, view the HSBC UK website.

What’s more, “customers of HSBC gain access to its exclusive regular savings account, it pays a competitive rate of 5% and savers can save up to £3,000 in the 12-month period”,  Springall stated.

Alternatively, those chasing down the highest returns "can find rates of up to 7% gross on regular savers, such as with The Co-operative Bank and first direct,” Springall continued.

She also highlighted how “those who accidently dip into their overdraft will be pleased to know the account has a £25 interest-free limit”. Although “more generous limits can be found elsewhere, such as with the £250 buffer on the first direct 1^st Account”.  

While perks such as cash bonuses and discounts can be appealing, it’s a good idea to consider all features of an account to make sure it best meets your needs. It’s also worth thinking about whether the incentives will benefit you. For example, if you know you will be travelling a lot this year, perks such as discounted travel could save money.

How does it compare?

HSBC now offers one of the most competitive current account switching incentives on the market. However, there are many other competitive deals available, with Barclays Bank launching its summer deals last week. The provider is offering eligible customers a slightly smaller £200 to switch to its standard Barclays Current Account.

Read more: Get £200 when switching to a Barclays Current Account

There is also an array of other providers offering attractive cash bonuses for switching to their current accounts, such as first direct and NatWest (£200), as well as Nationwide BS, Santander and Bank of Scotland which offer smaller bonuses ranging from £175 to £180. All are subject to Ts&Cs. To learn more, see our regularly updated switching deal chart.

Alternatively, for those with a higher income, HSBC continues to offer a £500 bonus to customers switching to its Premier Bank Account. For information on how to qualify, head to HSBC UK’s website.