HSBC UK has announced its latest switch offer which is the “biggest” promotion in recent memory. The “rare top offer” has been praised by MoneySavingExpert, but they warned customers shouldn’t let the cash buy their loyalty.
The new offer says it will give customers £220 cash for free just for switching from their current bank to a HSBC Bank Account. People who have an existing account with HSBC won’t qualify but if you previously claimed a switch offer from HSBC or First Direct before January 2023 you could still be eligible, provided you’re no longer a customer. The £220 bonus will be paid within 60 days of your account meeting the requirements. The account also provides other perks like exclusive offers and discounts on shopping or dining and access to the bank’s exclusive customer-only products like Global Money Account.
To qualify for the free cash you must:
- Pay in a total of £2,000 within 60 days
- Complete a full switch with the Current Accoutn Switch Service including moving two direct debits
- Spend £500 on your debit card in the first 60 days
- Be 18 years of age or older
- Able to provide ID and proof of address if needed
You can apply for the account in the HSBC UK app or online. However, joint accounts are not able to switch and get the bonus, these accounts may also have to undergo a credit check.
MSE experts praised the offer as “the biggest free upfront cash we’ve seen for a while” and noted that it’s rare for HSBC to do this under its own brand and not it’s 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.”
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.”