Get free money for opening and using a new HSBC current account
It’s been almost a year since HSBC offered switching cash, but it’s returned with a deal that’s potentially table topping.
The latest one offers upfront cash for the switch – but there are fair few hoops to jump through first and exclusions apply.
Here’s how the current deal works, what else you can get and my analysis.
Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.
How much can you get for switching to HSBC?
The latest promotion will pay you £220 for switching to an HSBC bank account – making it the highest-paying cash switch offer available right now.
You can only get one switching deal from HSBC at any time, so you can’t double this up by switching into another personal account or a joint account. If you switch into a joint account as your first switch, there’s only one payment in total, rather than per person.
Who can get the HSBC switch offer?
The bonus is available to new HSBC customers who open an Bank Account, although there is a completely different switch incentive for people opening a Premier current account. Sadly existing customers can’t get the money.
The HSBC Bank Account switch offer needs you to:
- Aged 18+
- Use the HSBC Mobile Banking app to open the account
- Be a UK resident
Some previous customers will be able to take advantage and be treated as new customers as long as any previous HSBC account was closed prior to 1 January 2023.
Since they’re part of the same banking institution, current or former First Direct customers will be barred from getting the bonus too if they opened or had that account after 1 January 2023.
How to get the HSBC switch offer
As with most bank switching bonuses, it’s not a simple as just opening a new account and getting the money. You’ll need to:
- Be 18 or over and a UK resident
- Open an HSBC Bank Account in the HSBC UK Mobile Banking app on or after June 15, 2026 – and before the offer is withdrawn (yet to be confirmed)
- Complete a full switch using the Current Account Switching Service including two direct debits within 60 days
- Deposit at least £2,000 in the bank account withing 60 days of opening
- Spend at least £500 on your HSBC debit card within 60 days of the account opening – this can be done via Apple, Samsung or Google Pay
It’s worth noting that you have the option to switch standing orders – so you don’t need to find new Direct Debits. I’d definitely take this option if you don’t already have those payments in place on your old account.
A standing order can be something as simple as moving money into a savings account or to another of your current accounts. Once the money is moved, you can simply move it back. Just make sure there’s enough money in the account to cover this payment.
What counts as a debit card payment?
You can use your debit card as normal, so every day shopping and spending counts. However the following are excluded:
- gambling transactions
- credit card payments
- insurance payments
- cash withdrawals
- card to card payments
- internal transfers from another HSBC accounts in your name
If you’re someone who uses a cashback card for their spending, then you can hack this in the same way users can on some reward accounts. This means you could use Revolut, Monzo or Chip to add money via debit card. Or you could add money to the likes of Amazon as credit to spend later.
When will the money be paid?
HSBC tends to pay reasonably fast, but it has put a 60 day upper limit on when you’ll get the cash. This clock starts ticking once you’ve met all of the qualifying criteria – so the switch, the deposit and the £500 spend.
The fastest a switch can take place is seven working days, so you’re looking at 69 days at the latest from opening the account. However, it could be the cash is paid faster.
It makes sense to meet the requirements as early as possible once you have opened the account and got online banking details to speed this process up.
Get the best of our money saving content every week, straight to your inbox
Plus, new TopCashback customers get a high paying £18 welcome offer
When does the offer end?
At launch there’s no published end date, so it could go any time. If a date is announced, I’ll update it here and in the details on our ultimate guide to bank switching offers, where you’ll also be able to see other switching options. In 2023, the offer ran from April to July.
Should you switch to HSBC?
The HSBC Bank Account account isn’t one of my top picks. Indeed, there are better apps and better ongoing rewards available from many other accounts.
There’s a Global Money Money Account, which can be especially handy if you’ve got family or other interest overseas or are a frequent traveller.
There’s also access to HSBC’s regular saver and home&Away discounts and rewards programme – but neither of these are market-leading.
HSBC Bank Account
| Benefits | HSBC “home & away” offers |
| Interest | Access to 5% ER (fixed) regular saver |
| Fee | None |
| Requirements | 18 or older, happy for us to do a credit check against your name (if you live in the UK), can provide ID and proof of address if needed |
| Notes | Shared FSCS protection with First Direct |
What do customers think of HSBC?
Over at our sister site Smart Money People, customers have left reviews of HSBC’s bank accounts. The average rating was 3.92 out of 5. You can read more details of their reviews, or leave your own, over at the Smart Money People website.
HSBC switch summary
James’ Analysis
The HSBC switch offer is the highest payer on the market for standard accounts, but the account it’s attached to is distinctly average.
That said, it’s also perfect for people who’ve recently moved to the UK and has one of the lowest bars to qualify for – making it perfect for people either looking for some switching cash or who don’t qualify for some of the other accounts.
Overall, if you’re just looking for switching cash, it’s a good bet. If you want an account to settle down with for the long term I’d personally take a smaller switch bonus and a different account.
HSBC £220 switch details
| Switching bonus | £220 cash |
| Bonus paid | Money paid within 60 days of completing the requirements |
| Open to existing customers | No |
| Requirements | Open a new HSBC Bank Account using the HSBC Mobile Banking app |
| Pay £2,000 into the account within the first 60 days in one or more deposits | |
| Switch two direct debits | |
| Switch using the Current Account Switch Service and close your old account | |
| The old account must be from a different bank | |
| Spend £500 with the debit card in the first 60 days | |
| Exclusions | Not had an HSBC or First Direct current account on or since 1st January 2023 |
| Offer ends | No current information |
Other switching deals
If you’re not planning on being a serial switcher then it’s worth checking if there aren’t other deals you prefer – even if they pay less. The box below shows the latest offers
The best bank switch bonuses
Check out our list of all the bank switch offers you can get when opening a new current account
Previous HSBC switch offers
Here are some of their recent switching rates:
- £200 – April to July 2022
- £200 – November to December 2022
