HSBC current account switching offer: Last few days to get £200 cash

HSBC has been offering £200 to customers switching their bank account to one of its products – but it has now announced that the cash bonus will end this week. 

Those who wish to take advantage of the offer will need to submit their application by 11:59pm on Thursday 22 December.

The current account deal, which launched on 7 November, is the most generous switching offer on the market. 

– Our guide to the best bank accounts for perks, interest and cashback

New customers will need to apply for either an HSBC Premier or HSBC Advance account using the Current Account Switch Service and set up at least two direct debits or standing orders to benefit from the £200 incentive.

Joiners must also start the switch within 30 days of opening their new account and must deposit at least £1,500 into the new account within 60 days. The £200 will then be paid within 20 days.

Switchers will not qualify for the £200 offer if they have held an HSBC or First Direct bank account since 1 January 2019.

The free HSBC Advance account will be accessible to most people, while the HSBC Premier account is also a free account has some extra hoops to jump through.

To start with, it’s only available to those who pay their annual income into the account, so it will need to be their main bank account.

In addition, they must have either: 

• An annual income of at least £75,000 and a mortgage, an investment, life insurance or a protection product with HSBC.
• Savings or investments of at least £50,000 held with HSBC

They must fulfil this criteria within six months of opening their account if they’re new to HSBC, or before they open their account if they’re an existing customer.

For those that do qualify, they get the added benefit of worldwide travel insurance and possibly preferential mortgage and savings rates.  

Cash is king: HSBC’s £200 offer is the most generous switching offer available on the market

As well as the £200 freebie, HSBC is are also offering customers access to an exclusive savings deal.

HSBC’s Online Bonus Saver account is essentially an easy-access deal paying 3 per cent on balances up to £10,000, exclusive to HSBC banking customers.

Someone depositing £1,500 in the current account and then £10,000 in the Online Bonus Saver would be able to secure a £500 return in one year from the bank account incentive and savings interest combined.

On a £11,500 total commitment, that represents an almost 4.4 per cent return after one-year, whilst retaining full access to their cash.

The drawback is that the 3 per cent rate only applies for any month in which no withdrawals are made. During a month in which a withdrawal is made or the account is closed, savers will only earn 0.5 per cent.

This means savers who sign up would be wise to treat this account as their emergency fund, rather than everyday savings they can dip in and out of.

Someone depositing £1,500 in the current account and then £10,000 in the Online Bonus Saver would be able to secure a £500 return in one year from the bank account incentive and savings interest combined.

That said, there are plenty of strong bank account offers out there. Check out This is Money’s guide to the best current account deals here.