Deal of the week: earn £200 for switching your current account

23 June 2017

Move your current account to HSBC and stay for a year and you can earn a £200 switching bonus.

What’s the deal exactly?

Open an HSBC Advance or HSBC Premier bank account (the Premier account requires you to have £50,000 or more in savings and investments) and move your existing current account to earn a £150 switching bonus. Keep your account open for a year and you will earn a further £50, bringing the total bonus to £200.

Why should I care?

Moneywise research shows that introductory offers like this are the main reason consumers change their current account. Our poll of 3,000 readers found 57% say a compelling introductory offer from another bank is what makes them most likely to switch.

Plus, it’s a free £150 or £200 (depending on how long you stay with HSBC) for doing relatively little.

What’s the catch?

This deal only applies to people switching to HSBC Advance or HSBC Premier. The rest of HSBC’s range, including student and graduate accounts, are not included.

To get the initial £150 you must move your current account with at least two direct debits or standing orders using the Current Account Switch Service (CASS). To get the extra £50 you must register for mobile or online banking within 60 days of opening the account, and keep the account open for a year.

You can switch accounts either in branch or over the telephone, but not online. The offer applies to successful applications received by 23 July 2017.

What other options do I have?

Many other providers are also running switching offers at present. You can currently get £125 for moving your current account to Halifax, £110 for switching to the Co-operative Bank or £100 for joining First Direct.

M&S Bank also pays a £125 voucher to new current account switchers, plus a £5 voucher each month for a year, bringing the total reward to £185.

Read Moneywise’s guide to the best current accounts for a full overview of the market – you may be more suited to a current account that pays in-credit interest rather than a bonus, for example.

Where can I find out more?

Full details are available on the HSBC website.

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