Offer Review

HSBC switching offer 2026 — £220 bonus explained

Updated 15 July 2026 · 6 min read

HSBC is currently offering £220 to new customers who switch to a standard account — and a separate £500 offer for Premier customers with £100,000+ income or savings. Here's the full guide to both, and which one you're likely to qualify for.

Affiliate disclosure: Links to HSBC on this page are affiliate links. We may earn a small commission if you open an account. Full disclosure →

HSBC Bank Account (standard)

£220 bonus. 2 DDs, £2,000 pay-in + £500 card spend within 60 days. App only. No monthly fee.

Claim offer →

The two HSBC switching offers explained

HSBC currently runs two separate switching offers — it's important to understand which one applies to you:

Standard offer — £220 (most people)

Bonus: £220 cash
Account: HSBC Bank Account (opened via app only)
Monthly fee: None
Requirements: Switch via CASS, 2 active DDs, £2,000 pay-in AND £500 debit card spend within 60 days
Deadline: Ongoing — no current end date

Premier offer — £500 (high earners only)

Bonus: £500 cash (or up to £1,000 for Premier ISA customers)
Account: HSBC Premier account
Eligibility: Requires £100,000+ annual sole income (or £120,000+ joint) paid into HSBC, OR £100,000+ in savings/investments with HSBC
Note: This is not accessible to most switchers — it's designed for existing high-net-worth HSBC customers

Am I eligible for the standard £220 offer?

✅ Switch via CASS
✅ Two active Direct Debits transferred
✅ Pay in £2,000 within 60 days
✅ Spend £500 on your HSBC debit card within 60 days
✅ Never held an HSBC current account before
✅ Not held a First Direct account since January 2018 (same banking group)
✅ Must apply via the HSBC app (not online or in branch)

Key difference from other offers: HSBC requires both a £2,000 pay-in AND £500 in debit card spending within 60 days. The card spend requirement is higher than most other offers — make sure you'd naturally spend £500 on your card, or plan to use it for everyday purchases after switching.

How to claim the HSBC £220 bonus

Download the HSBC app and apply for a Bank Account — must be done via the app
Request a full CASS switch from your existing current account
Your switch completes in 7 working days — Direct Debits transfer automatically
Pay in at least £2,000 within 60 days
Spend at least £500 using your HSBC debit card within 60 days
Bonus paid within 30 days of all conditions being met

Is the HSBC £220 offer worth it?

Yes — if you can meet the conditions. The £500 card spend requirement is the main consideration. If you typically put everyday spending (food, fuel, bills) on a debit card, you'll hit £500 easily within 60 days. If you rarely use a debit card for spending, NatWest's £200 offer has simpler conditions and may be the better starting point.

Should you switch to HSBC or First Direct first?

Because HSBC and First Direct are part of the same banking group, switching to one makes you ineligible for the other (unless you held HSBC before January 2018 in the case of First Direct). The choice:

Choose HSBC if you want the higher bonus and can hit £500 card spend
Choose First Direct if you want the best-rated customer service and simpler conditions (but note the 15 July 2026 deadline)

Once your bonus lands: make it work harder. See our guide to what to do with your switching bonus — from investing platforms to travel cards, we've rounded up the best options for your extra cash.

Already a BeSwitchReady member? Your Direct Debits are ready.

Your two BeSwitchReady Bacs Direct Debits satisfy HSBC's requirement to transfer 2 Direct Debits via CASS. Just make sure you apply via the HSBC app, not the website.

Not yet a member? Two Direct Debits, £1.98/month total (£0.99 each) — set up once, ready for every offer.

Join BeSwitchReady →

Claim the HSBC £220 offer

Apply via the HSBC app. Your BeSwitchReady Direct Debits transfer automatically via CASS.

Apply for HSBC →

Affiliate disclosure: Links to HSBC on this page may earn BeSwitchReady a commission. Always verify current terms at hsbc.co.uk before applying. Bonus amounts and eligibility criteria may change.