What is the HSBC Switch? HSBC pays £220 for switching to its free Bank Account using the official Current Account Switch Service.
⏳ No end date has been announced, but switch offers change often, so check before you start.
How to claim it
- Open an HSBC Bank Account in the HSBC UK app, as a sole account (not the Basic Bank Account), and choose a full switch with at least 2 Direct Debits.
- Within 60 days, pay in £2,000. It can be in smaller amounts.
- Within the same 60 days, spend £500 on your new debit card.
- Your £220 is paid within 60 days of meeting everything.
Handy hints
- Good to know
- What you need: 2 Direct Debits, a full switch, £2,000 paid in and £500 spent on the card.
- Is it free? Yes, the HSBC Bank Account has no monthly fee.
- Need Direct Debits? Plum or Moneybox can set up free monthly Direct Debits to yourself. Keep them monthly, as quarterly ones aren’t always counted.
- Follow every step: read the bank’s switch offer terms carefully and do each step within the time limits. Miss one and you can lose the bonus.
- Space out applications: each new account can show on your credit file, so don’t open lots at once.
- Who can’t get it: anyone who has held an HSBC or First Direct current account since 1 January 2023. HSBC and First Direct are the same group, so you can only get one of the two bonuses.
- Use your switching account: switch from a spare account, like the TSB one under Start here, so your main bank stays put.
- Earning more
- Regular saver: HSBC’s linked regular saver pays 5% on up to £250 a month for a year.
Ready to claim your £220?Time needed: 30 mins. Deposit: £2,000 paid in.