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HSBC Relaunch Cash Incentive To Switch

In early November 2022, HSBC launched a £200 cash incentive offer to tempt users to switch to their HSBC Advance account. The offer ended on 22nd December 2022. However, it appears that HSBC have decided to get things going again, so customers can take advantage of the offer once more.

These offers appear to come and go quite often. Earlier this year Santander launched a similar offer, with £200 to switch, however this was only available for around 2 and a half weeks before being withdrawn (it appears that the take-up was maybe higher than Santander was expecting!). Therefore, if you are in a position to switch account, and the HSBC account appeals, then it is a good idea to do it soon, before the offer is withdrawn.

To qualify for the offer, customers must use the Current Account Switching Service (CASS) to do the switch, and move over at least 2 direct debits or standing orders. They then must pay £1500 or more into the account within 60 days of opening. They will then receive the £200 into their new account within 20 days. Customers must not have held a HSBC account since 1st January 2019 to qualify.

The HSBC current account has many competitors nowadays, and customers may prefer a digital only app-based bank for the extra convenience. See the options available in our Best Digital Bank UK article.