HSBC has launched a current account switching incentive worth up to £260, combining a £220 cash payment with a £40 supermarket voucher. The voucher can be spent at Tesco, Sainsbury's, Marks and Spencer or Waitrose, but customers must apply before 4pm on Wednesday, November 25, to receive it.
The offer was highlighted in the latest MoneySavingExpert (MSE.com) weekly newsletter, which describes it as one of the largest upfront switching incentives currently available on a standard current account.
Eligibility and requirements
The HSBC Bank Account has no monthly account fee, but customers must meet several conditions to qualify. Applicants must transfer an eligible existing current account using the Current Account Switch Service, which automatically moves regular payments and closes the old account.
Customers must also pay at least £2,000 into their new HSBC account within 60 days of opening it, although this does not have to be deposited in one payment. To qualify for the £220 cash incentive, customers must spend £500 using their new debit card within 60 days.
The additional £40 supermarket voucher is available to eligible customers who apply before the November 25 promotional deadline. According to MoneySavingExpert, the voucher should arrive within 90 days, while the cash reward could be paid by January, depending on when the customer completes the switching requirements.
Who qualifies for the HSBC switching offer?
The promotion is aimed at new HSBC customers, with restrictions affecting people who have previously held accounts with HSBC or its sister bank, first direct. MoneySavingExpert states that customers who have held an account with either bank since 2023 will not qualify for the incentive.
The offer is also unavailable for joint account switches. Customers should check the full HSBC switching terms and conditions before applying, particularly if they have previously banked with HSBC or first direct.
The account also provides access to a linked regular savings account offering a fixed interest rate of five per cent for one year, with customers able to save up to £250 each month.
Other banks offering switching incentives
HSBC is not the only bank offering money to customers who move their current account. MoneySavingExpert reports that seven banks currently have switching incentives worth at least £175, although the qualifying conditions and payment schedules differ.
Other offers highlighted in its November newsletter include Santander, first direct, Lloyds, NatWest and Nationwide. Some require customers to transfer a minimum number of Direct Debits, deposit a specified amount or make debit card transactions before receiving their reward. Anyone considering switching should compare the full account features rather than choosing solely on the cash incentive.
How the Current Account Switch Service works
The Current Account Switch Service allows customers to move between participating banks, with switches normally completed within seven working days. The service transfers Direct Debits, standing orders and incoming payments to the new account, while payments accidentally sent to the old account are redirected.
However, recurring card payments, including subscriptions linked to a debit card number, are not automatically transferred. Customers will need to update those payment details themselves. Opening a new current account can also involve a credit check, which may temporarily affect a customer's credit profile. People preparing to apply for a mortgage or another major credit product may wish to consider the timing before switching.
Full details of the HSBC promotion, including eligibility requirements and exclusions, are available on the bank's official website.
