HSBC is back with a £200 switching offer

Posted: 17 April 2023 11:20 am

HSBC has launched a £200 switching deal for its Advance current account.

On the hunt for the latest current account switching deal? HSBC has returned with a new £200 cash bonus (last seen in December 2022) when you switch to its Advance current account, which has no monthly fees.

Under the latest deal, new customers switching to the HSBC Advance Account will receive £200 into their account within 20 days of meeting the eligibility criteria.

How do you get the £200 bonus?

In order to qualify for the £200 bonus, you’ll need to open an HSBC Advance Account and start your switch within 30 days using the Current Account Switching Service.

You’ll also need to deposit at least £1,500 in the account within the first 60 days and switch 2 or more direct debits or standing orders to your new account.

You won’t qualify for the bonus if you already have an HSBC current account or have opened a first direct current account since 1 January 2020.

See the full details in our best bank account switching deals guide to help you compare bank offers and incentive schemes.

What else is on offer?

If you open an HSBC Advance Account you’ll also get access to its Regular Saver. This has an interest rate of 5% AER and allows you to save up to £250 a month. If you save the full amount of £3,000, you stand to earn £81.25 in interest after 12 months.

You’ll also be able to take advantage of HSBC’s home&Away offers programme, which gives you discounts at retailers like Costa Coffee, ASOS and Not On The High Street.

Other current account switching offers

There are other strong cash incentives available. For example, NatWest and RBS are also offering a £200 switching bonus.

However, if you’re after the best overall switching deal, first direct’s long-running £175 switching deal wins out if you make use of its linked savings account at 7% AER. Full analysis in our best bank account switching deals guide.

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