HSBC Offer £170 For Switching Bank Account
Banks regularly offer cash rewards to new customers to get more people to use their services for the long term.
While most banks occasionally offer £100 or £150 to switch providers, HSBC has recently launched a particularly attractive new cash reward incentive of £170 for switching current accounts.
The reward scheme uses the Current Account Switch Service (CASS) – a service that guarantees to complete your bank account switch within just 7 days of applying as long as your old bank also facilitates this service (most UK banks do).
But before you switch, here’s what you need to know:
In this article, we go through the terms and conditions of HSBC’s switching service, what you need to do to secure the £170 reward, and what the process will entail.
What are the rules for HSBC’s account switching reward?
- You must use the Current Account Switching Service to complete your switch. If you simply withdraw your money from your old bank account and open a new HSBC account, you won’t be eligible for the reward.
- You must move over at least 2 direct debits or standing orders to your new HSBC bank account to be eligible.
- You’ll need to open your HSBC account first to start your switch, and you must start the switch within 30 days of opening the account.
- You must also deposit at least £1,500 into your new HSBC account within 60 days of opening it.
- And you must keep your bank account open until you have received your cash reward (paid within 20 days of either your switch completion date or the date that you add £1,500 (whichever is the latter).
Remember, the switching service is only for bank accounts – any other products or savings accounts (e.g., ISAs) you have with your existing provider will not be moved across and won’t qualify you for the cash bonus.
What if I’m already an HSBC customer?
You will not qualify for the switching reward if:
- You have had an HSBC current account already since 1 January 2019
- You have opened a First Direct current account since 1 January 2019
What type of HSBC bank account do I need to open to get the reward?
You will need to apply for an HSBC Premier or HSBC Advance bank account to be eligible for the reward.
Joint accounts are eligible.
HSBC Advance account basics:
- Telephone, in-branch and online banking.
- Contactless payments and Apple, Google and Samsung Pay are supported.
- Arranged overdraft of up to £1,000.
- Use of the HSBC banking app to give you security and control, including instant payment notifications and budgeting tools.
- Exclusive access to HSBC’s regular saver account.
- Discounts at ASOS, Costa and Not On The Highstreet.
HSBC Premier account basics:
Only eligible if:
- You have an individual annual income of £75,000 or more, and a mortgage, investment, or protection product with HSBC.
- You have savings or investments of at least £50,000 with HSBC UK.
And you get:
- HSBC worldwide travel insurance.
- Preferential terms for your mortgage for you and your children, and a preferential cash ISA interest rate.
- Arranged overdraft
- No monthly fee
- Premier credit cards
What type of accounts qualify for the switch?
Only current accounts are eligible to switch to the HSBC bank account and be eligible for the reward.
If you have a savings account or an investment account, transferring these will not grant you the £170 bonus.
Do I have to close my existing account to get the £170 reward?
Yes, you do.
By starting the Current Account Switching Service you will have to agree to close your old bank account to complete the switch.
The CASS makes it easy, and any direct debits and ongoing payments will automatically be moved across for you.
How long does the bank account switch process take?
The current account switch service takes just 7 days.
You can still use your old account right up until the 6th day of your switch, including features like bank transfers, debit card payments and online banking, and you’ll be able to use your new account as soon as the transfer completes.
When will the £170 reward be paid?
HSBC will pay your reward within 20 days of your switch completion date or the date that you add £1,500 (whichever comes later).
Who can apply for the HSBC current account?
To open an HSBC Advance or Premier account you must:
- Be 18 or older and live in the UK or EU
- Consent to a credit check
- Can provide ID documents and proof of address