HSBC UK has introduced a new switching incentive offering customers £220 in free cash, described by MoneySavingExpert as the "biggest" promotion in recent memory. The "rare top offer" comes with conditions, and experts caution against letting the cash dictate long-term loyalty.
Eligibility and Requirements
To qualify for the £220 bonus, customers must pay in a total of £2,000 within 60 days of opening the account, complete a full switch using the Current Account Switch Service including moving two direct debits, and spend £500 on the debit card within the first 60 days. Applicants must be 18 or older and may need to provide ID and proof of address. Joint accounts are not eligible, and a credit check may be required.
Existing HSBC customers cannot claim the offer, but those who previously claimed a switching offer from HSBC or First Direct before January 2023 may qualify if they are no longer customers.
Bonus and Additional Benefits
The £220 bonus will be deposited within 60 days of meeting the requirements. The account also offers exclusive shopping and dining discounts, as well as access to customer-only products such as the Global Money Account, which provides multi-currency services with competitive exchange rates.
Tara Bedelian, head of current accounts at HSBC UK, said: "With our new £220 incentive, there are more reasons than ever for customers to switch to HSBC UK. The account has a number of customer-only benefits, including access to Global Money, our multi-currency account offering our best exchange rates. Once new customers have switched their everyday banking to us and met the offer criteria, the bonus will be paid within 60 days."
Expert Advice
MoneySavingExpert experts hailed the offer as "the biggest free upfront cash we've seen for a while" and noted it is unusual for HSBC to make such an offer under its own name rather than its sister bank, First Direct. They added: "We say grab the cash if it works for you, but don't let it buy your loyalty. You needn't stick with the bank for other products, so bag yourself the best credit card, loan, savings, mortgage and more from across the market. However, don't let that stop you getting paid for your custom."
Applications can be made via the HSBC UK app or online.
