HSBC launches £220 switching offer – find out how to qualify

(UPDATE 27th March 2024 - This offer is no longer available)

HSBC has launched a brand new £220 switching offer for new customers who haven't held an HSBC or First Direct current account since 1st January 2019. The offer launched on 11th March 2024 and it's indefinite but could be withdrawn at any time.

New customers who switch to either an HSBC Premier or HSBC Advance account and fulfil all of the requirements can receive up to £220 as part of the offer.  HSBC's switching offer is the best on the market right now in terms of pure monetary value. However, qualifying is complex and happens in two stages, so read on to find out exactly what you need to do to make the most of it.

How to qualify for the £220 HSBC switching offer

There are two stages to the £220 HSBC switching offer. When you complete the first part successfully, you'll get £100. Then, you'll need to complete the second part over 12 months to receive the remaining £120.

Qualifying for the first £100 with HSBC

To qualify for the first £100 with HSBC, you'll need to:

1. Apply for either an HSBC Premier or HSBC Advance bank account and ensure the account is open within 30 days of your application
2. Switch your existing account using the Current Account Switch Service (CASS) within 30 days of your account being open
3. Ensure you switch at least two Direct Debits or standing orders

Then, within 60 days of opening your eligible account, you'll need to:

1. Deposit a minimum of £1,500 in your eligible account
2. Make 20 eligible debit card payment transactions from your new account (exclusions apply^)
3. Log-in to the mobile banking app
4. Open an Online Bonus Saver account and add £50
5. Ensure both the current account and Online Bonus Saver account remain open until you receive the £100

^Any gambling transactions, credit card payments, cash withdrawals, card to card payments and insurance payments do not count as part of the 20 eligible debit card transactions.

Once you've fulfilled all of the criteria above, you will then receive £100 into your account within 30 days.

Qualifying for the remaining £120 with HSBC

You can earn up to an additional £120 as part of the switching offer if you fulfil the following requirements for the 12 months after you've received your £100 switching payment. This means you need to complete all the steps below every month:

1. 1. Keep your current account open and have at least 2 Direct Debits or standing orders
   2. Pay in at least £1,500
   3. Make at least 20 eligible debit card payment transactions
   4. Log-in to the mobile banking app
   5. Add at least £50 to the Online Bonus Saver

Every month that you complete the above steps will earn you an additional £10 for up to 12 months. HSBC will pay the £10 by the 20th of the following month. If you miss out on completing the steps during a certain month, then you won't get £10 the following month. But, if you then qualify again during the next month, you'll get £10 the month after that.

In essence, you can miss out on a month and still qualify the following month. As such, you can earn up to £120 over 12 months, but this isn't guaranteed and involves completing all of the steps above.

How to switch to HSBC

You can switch to HSBC online or in-branch depending on your preference. The switch is handled by the Current Account Switch Service (CASS). Before you get started, it's a good idea to download bank statements from your old provider so you don't lose them after the switch. You may also want to look through your Direct Debits and standing orders to ensure you meet the switching requirements or to cancel any that are no longer relevant.

Once you're ready to go, select the HSBC account you're interested in and use CASS to pick a bank switch date. Switching current accounts typically takes around 7 working days. CASS will ensure your balance, income payments, and outgoing payments are all switched over. Just make sure you don't set up any new direct Debits or other payments while the switch is taking place as they may not carry over. Once the switch is complete, you'll be notified and your old account will close.

HSBC Advance vs HSBC Premier: Which one should you choose?

In order to qualify for the offer, you'll need to choose between the HSBC Advance and HSBC Premier accounts. The good news is that both accounts are fee-free. HSBC Premier, however, is the bank's premium account and so you must meet one of the following requirements to qualify:

• Earn an income of at least £75,000 and have an HSBC mortgage, investment, life insurance or protection product
• Have savings or investments amounting to at least £50,000 with HSBC; this can be within six months of opening your account
• Be an HSBC Premier customer in another country

If you're wondering which account to choose, the table below sums up both accounts' main features.

Feature	HSBC Advance	HSBC Premier
24/7 customer support
Apple Pay, Google Pay, and Samsung Pay
Home&Away discounts and rewards programme
Exclusive Home&Away offers
Exclusive customer-only products like Global Money Account
US$10,000 emergency cash to any HSBC branch worldwide (if you have enough funds)
Fee-free international transfers between your HSBC accounts
Family HSBC Worldwide Travel Insurance
Preferential terms on various financial products
Access to the HSBC Financial Advice service
Two rewards credit cards

What other switching offers are there?

If you're not sure the HSBC offer is quite right for you, we have a list of the best current account switching offers which we update frequently. Make sure to bookmark it and come back to it to benefit from switching offers as and when they come up.

Some of the best current account switching offers on the market right now include NatWest's £200 switching offer and Lloyd's £175 switching offer. While NatWest's offer is indefinite, Lloyd's is due to expire later this month.