HSBC is offering new customers a £220 cash incentive for switching to its current account, according to Money Saving Expert (MSE). The deal is rare for the bank, which seldom offers fee-free switch bonuses, and is the largest switch bonus seen in months.
How to Qualify for the £220 Bonus
To receive the £220, customers must open a new HSBC Bank Account via the app (joint accounts and the HSBC Basic Bank Account are excluded). Within 60 days of opening, they must complete a full switch including two or more direct debits, deposit £2,000 or more, and spend £500 or more on the debit card. The £220 will be paid within 60 days of meeting all criteria.
Exclusions and Additional Perks
The offer excludes anyone who has held an HSBC or First Direct account since January 1, 2023. The account also provides access to HSBC's regular saver, which pays 5% fixed interest on up to £250 per month for one year.
Expert Advice
MSE noted: "Switching to a new current account is quick, easy and can earn you up to £220 in free cash and perks. Yet you can get plenty of perks without switching bank account, including up to 2% cashback on bills and decent savings interest." The site emphasized checking all terms and conditions before switching.
