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

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81962544#Comment_81962544

"The qualifying funds need to remain held with us at the time the reward is paid. Cashback will be paid by 30 September 2026"

saajan_12

https://forums.moneysavingexpert.com/discussion/comment/81962556#Comment_81962556

isn't that for the ISA?

I meant the premier account £250 offer, now doubled to £500 if you pay in and maintain £100k in savings or investments.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81962568#Comment_81962568

Yes, sorry I thought it was ISA savings you were asking about.

danny13579

HSBC have increased the amount of the incentive from £250 to £500.

This alongside the ISA offer (if you put £100k+ into it) can earn you a nice £1,000.

vacheron

I just got off their "real person" help agent and they confirmed that it needs to be salary, which is a shame as I have just signed up for the Lloyds £500 premier switch (which doesn't specify this) so could have cycled my £5K standing order through both accounts and then back to my main account to meet the eligibility, and bag 2 x £500 incentives. 🙁

One thing I don't get though is that if someone is earning £100K, surely they won't be stupid enough to be taking £5K+ of net pay as this would mean having £40-£50K+ taxed at 40%. I would have hoped that instead they would be making significant pension or other deductions to minimise their tax, and paying significantly less into their account each month?

Essex123

They might be making payments to a SIP from net pay and then claiming back the higher rate tax relief. Slightly less efficient than salary sacrifice but more control over timing and range of investments.

longdog1981

I agree with vacheron in that I had same info from someone on chat - they look at take home pay - you cant even top it up with eg personal savings. the ts and cs need to be far clearer here.

While people may be paying into a sip from net pay as essex123 suggests, it seems to unfairly discriminate against those leveraging workplace pension scheme (potentially for the ease of not having to claim back).

It also penalises those who have workplace share schemes, which reduces takehome pay (even though it is not salary sacrifice).

In theory i could stop my pension contribs etc, so my takehome exceeds their threshold, and they would welcome me with open arms, even if i put it all on red at the casino each month. However sensible pension contribs and investment mean i may not be welcome - doesnt seem to send the right message or encourage good behaviour.

However given they are focused on salary, takehome pay would be very easy to monitor systemically - conpared to checking people's gross salary exceeds 100k.

i am tempted to reduce my pension contribs slightly for a couple of months, so i qualify, get the 500 and then leave. Or i may try my luck, having got the reward, up my pension contribs again and see what they do.

subjecttocontract

HSBC savings rates are awfull........they're no where near competitive.......If they think their offer of a 3% ISA is going to attract my £100K, they are very wrong.

Gambler

I'm guessing I won't qualify as I had a first direct joint account as at January 2025?

Nasqueron

https://forums.moneysavingexpert.com/discussion/comment/82003388#Comment_82003388

Their terms have previously stated you cannot get it if you ever had a switch bonus from them as well, but no you would not qualify as you had an account as of 1/1/2025