HSBC offering £200 cash to switch bank accounts – are you eligible and how to apply

New HSBC customers can earn £200 for switching to its HSBC Advance or Premier current account using the Current Account Switching Service (CASS). The Current Account Switching Service was introduced in 2013 and guarantees a stress-free switch from one current account to another with the free service handling the switch for you.

In this article, we look at who can get HSBC's new switching offer and how it compares to alternative banks.

What is the HSBC switching offer?

HSBC is offering a £200 switching bonus to new customers that sign up and switch to its Advance or Premier account. Switching to an HSBC Premier or Advance current account will ensure that your salary and direct debits are moved across and your existing current account will be closed once the switch is complete. The switch should only take 7 days to complete and you are protected by the Current Account Switch Guarantee should anything go awry when making the switch, meaning you won't be left out of pocket.

Who is eligible for the HSBC switching offer?

In order to qualify for the HSBC £200 cash bonus you need to switch to an HSBC Premier or Advance account and meet the following switching criteria.

HSBC Advance account switching eligibility

HSBC Advance account £200 switching offer eligibility criteria:

• Be at least 18 years old
• Be able to provide proof of address and ID if required
• Start your switch within 20 days of the account opening
• Pay in a minimum of £1,500 within 60 days of switching
• Switch 2 or more direct debits or standing orders using CASS
• Qualify for a minimum of £1,000 optional arranged overdraft
• Must not have opened an HSBC or First Direct current account since 1st January 2019

If you meet the eligibility requirements the £200 switching offer will be paid into your account within 30 days.

HSBC Premier account switching eligibility

HSBC Premier account £200 switching offer eligibility criteria:

• Have an Individual annual income of at least £75,000 and one of the following HSBC products; a mortgage, an investment or a life or protection insurance product
• Have at least £50,000 savings or investments with HSBC within 6 months of account opening for new customers or prior to opening an account if you are an existing HSBC customer
• Hold and qualify for HSBC Premier in another region or country
• Switch within 20 days of account opening
• Pay in at least £1,500 to the account within 60 days
• Switch at least 2 direct debits or standing orders
• Have not opened an HSBC or First Direct current account since 1st January 2019

If you meet the eligibility requirements the £200 switching offer will be paid into your account within 30 days.

How to apply for an HSBC current account

Before applying for a new HSBC current account check the eligibility terms above to ensure you qualify. Once you have checked the account eligibility you can apply for an HSBC Premier or Advance account via the HSBC website. HSBC says applying online is currently the quickest way to apply for an account but you can also apply in an HSBC branch.

How does the HSBC switching offer compare?

HSBC's new current account switching offer is one of the best on the market right now with only Nationwide offering the same £200 cash incentive. There are alternative switching offers though and it is a good idea to compare them all as other bank accounts may be a better fit for your finances. We compare the best offers in our article, 'The best current account switching offers and incentives'.

How to switch bank accounts

If you want to switch your current bank account follow these simple steps to get started:

1. Compare the best current account and switching offers 
2. Check you meet the new accounts eligibility criteria
3. Apply for your new account via the Current Account Switching Service (CASS) and your switch should be completed within 7 days