Martin Lewis and his Money Saving Expert team have hailed HSBC's new bank-switching offer as a 'rare' deal, providing customers with a £220 cash bonus for switching to their services. This offer is described as one of the largest instant cash bonuses seen so far in 2026.
HSBC Bank Account Switching Deal
The HSBC Bank Account is accessible to many Brits, with the £220 bonus available to switching customers who have not held a current account with HSBC or First Direct since January 2023. The Money Saving Expert newsletter highlighted this as a 'winner on switch cash alone', noting that many serial switchers may be eligible.
To qualify for the £220 payment, new customers must:
- Open a bank account via the HSBC mobile app or online.
- Complete a full switch within 60 days using the Current Account Switch Service, including at least two direct debits.
- Deposit £2,000 and spend £500 on their debit card.
Tara Bedelian, head of current accounts at HSBC UK, stated: '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.'
Additional Perks and Considerations
In addition to the £220 bonus, account perks include access to the Global Money account for converting, spending, and sending multiple currencies, as well as exclusive offers on shopping, dining, and travel.
Switching banks is straightforward, with the new bank handling most of the process. However, each application leaves a 'hard search' on credit records, which can affect credit scores. MSE's Chris Collier advised: 'Switching banks regularly can affect your ability to get credit in future, as the applications will show on your file, and could indicate a lack of stability. Done sensibly, it's not usually a big deal, yet multiple applications in a short time can look odd.' He recommended avoiding switches at least six months before applying for significant credit like a mortgage.
