HSBC £500 (was £250) switch offer for opening a Premier Account (23/03/2026 to TBC)

danny13579

New HSBC switch offer starts today. While it's marketed at high earners, don't let that put you off. T&Cs.

Edit: Offer has been increased from £250 to £500.

They use the word "salary" but can't find anything yet to define whether this means that self employed people or freelancers (i.e. non-salaried people) are excluded, unless they have £100k+ to deposit in savings or investments with HSBC.

"Income" would be a better word IMO and would cover non-salaried people who choose that pay in option.

They also use the word "typically" with the pay in requirement, so I'm not quite sure what the actual pay in requirement is (if there is one) within the first 90 days, for people who choose that option!

Steps:

1: Open a new Premier Account.

2: Within 90 days of account opening complete a full switch to your Premier Account from an existing current account using the Current Account Switch Service, including paying in an individual annual salary of £100,000+;

Typically, this means paying in at least £5,100 monthly (for salaried people)

or

Depositing and maintaining £100,000+ in savings and investments with HSBC (for unsalaried people such as self employed people and freelancers, or salaried people who don't meet the salary requirement, or salaried people who just prefer this option).

Excludes:

+ Existing HSBC UK or First Direct current account holders or if you have held a HSBC or First Direct account on or after 1 January 2025.

Offer has now been added to the Switching Offers Archive for future reference.

flaneurs_lobster

The main website is a little less ambiguous and doesn't use "salary"

Who can apply?

You can apply for an HSBC Premier Account if you meet ONE of these criteria:

• You have an individual annual income of at least £100,000, and pay it into your HSBC Premier Bank Account.
• You have savings or investments of at least £100,000 with HSBC in the UK.
• You already qualify for HSBC Premier in another country.

Suspect that the mentions of a monthly pay-in of £5100 is for the purpose of qualifying for the bribe, doesn't get around the annual income qualification though.

danny13579

flaneurs_lobster

You can apply for an HSBC Premier Account if you meet ONE of these criteria:

You have an individual annual income of at least £100,000, and pay it into your HSBC Premier Bank Account.

So the Premier Account page (main website) uses the term "income" (which includes non-salaried people) but the switching offer page and T&Cs use the term "salary" (which doesn't). 💁‍♂️

ccluedo

Does anyone know if realistically this could be combined with the £500 ISA cashback offer.

Anyone attempted it?

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81953569#Comment_81953569

Don't see why not, they are actioning completely different product lines.

Not attempted personally, First Direct customer so no switch bonus, no spare £100k so no ISA cashback.

danny13579

flaneurs_lobster

no spare £100k so no ISA cashback.

Am surprised to hear this 🤔 but it doesn't have to be £100k, that's to get the £500. £20k would get you £150. £50k would get you £250.

These are 2 separate offers. It's similar to their previous switch offer to this, where they offered up to £500 for moving up to £100k of savings, investments and/or salary over to HSBC.

Sandyra

https://forums.moneysavingexpert.com/discussion/comment/81953569#Comment_81953569

I was all set to do it this week, but Barclays have increased their 1 year flexible cash isa to 4.4% for premier account holders and they have £600 cashback. Although I’d be £250 worse off, I’m thinking that HSBC customer service isn’t great, neither is Barclays but I’m willing to give them another go (as they paid out compensation) sometimes better the devil you know.

PS HSBC was fixed with no withdrawals and Barclays allowed 3.

ccluedo

As two separate offers, they may not be "stackable" but may require 2 separate 100k deposits... (at which point I'm out)

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81953626#Comment_81953626

Further reading makes it clear that both offers can be combined.👍

Make life up to £750 more rewarding

Get £250 when you complete a full switch with a £100k+ salary or transfer £100k+ in savings / investments. New customers only. Financial eligibility and T&Cs apply.

Plus up to £500 with new funds paid into selected ISAs. ISA offer ends 11 May. Deposit and / or transfer a minimum total of £20,000 in new funds (£100k+ for max £500). Eligibility and T&Cs apply

saajan_12

https://forums.moneysavingexpert.com/discussion/comment/81953626#Comment_81953626

Does it actually require 2 lots of 100k?

£100k in ISA savings is savings surely?

Also does anyone know how long the qualifying period is that you have to maintain that amount in the account? Can't' see it in any of the FAQ or T&Cs from HSBC

ccluedo

No, it doesn't require two lots.