HSBC UK has launched a rare £220 cash switch offer, which MoneySavingExpert (MSE) has praised as the biggest promotion in recent memory. However, MSE experts warned customers not to let the cash buy their loyalty.
Offer Details and Eligibility
The promotion, which started earlier this month, is available to new customers who switch to a HSBC Bank Account using the Current Account Switch Service. Existing HSBC customers are not eligible, but those who previously claimed a switch offer from HSBC or First Direct before January 2023 may still qualify if they are no longer customers.
To receive the £220 bonus, which will be paid within 60 days of meeting the requirements, customers must:
- Pay in a total of £2,000 within 60 days
- Complete a full switch including moving two direct debits
- Spend £500 on their debit card in the first 60 days
- Be 18 years or older
- Provide ID and proof of address if needed
Applications can be made via the HSBC UK app or online. Joint accounts are not eligible for the switch bonus, and accounts may be subject to a credit check.
MSE Advice: Grab the Cash, Not the Loyalty
MSE experts described the offer as “the biggest free upfront cash we’ve seen for a while” and noted it is rare for HSBC to offer such a deal under its own brand rather than through 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.”
Additional Benefits
Besides the cash bonus, the account offers exclusive perks such as shopping and dining discounts, and access to HSBC’s Global Money Account, a multi-currency account 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.”
