HSBC has revived its £200 sign-up offer for people who switch to its Advance or Premier current accounts, though you’ll need substantial savings or a £21,000 annual income (post tax) to qualify.
The offer, which launched this week, is available to anyone joining the bank via the Current Account Switching Service, providing they set up at least two direct debits, you don’t have an HSBC current account and haven’t had one in the last year (you can have had a First Direct or M&S current account, which are both part of the HSBC Group), and meet the account’s income eligibility criteria.
This requires a deposit of at least £1,750 each month for the HSBC Advance account, or a six-figure annual income with either an HSBC mortgage, an investment, life insurance, or protection product for the more exclusive Premier service. You can also get the Premier service if you have savings of at least £50,000 with HSBC.
People who qualify for the bonus will get £150 within a month of joining, plus a further £50 if they still hold the account after a year.
New HSBC customers who join via the switching service will also receive an interest-free overdraft for six months.
The terms and conditions stipulate that HSBC reserves the right to pull this deal at any time, which it has done so in the past.
HSBC’s deal is currently the biggest cash bung you’ll get for joining a bank or building society using the current account switching service.
The next largest switching incentive is £150 from the Co-op, plus through its Everyday Rewards Scheme it’s possible to get an extra £5.50 a month.
If you’re an M&S shopper, you can get get £100 when you join and an extra £10 a month for a year, providing you deposit at least £1,000 a month. However, M&S Bank pays its bonus in M&S vouchers, rather than cash.
If HSBC’s £1,750 monthly deposit is a sticking point, do bear in mind that this doesn’t need to come from a single payment.
Transfers from other HSBC accounts won’t count towards the £1,750 monthly goal, though additional cash deposits do.