HSBC £220 switch offer for opening a Bank Account (15/06/2026 to TBC)

danny13579

New HSBC switch offer launched today. T&Cs.

1: Open a Bank Account in the HSBC app on or after 15th June 2026 but before the offer is withdrawn.

2: Within 60 days of opening your HSBC Bank Account:

+ Complete a full CASS switch which includes at least 2 direct debits.

+ Deposit at least £2,000 into your HSBC Bank Account.

+ Spend at least £500 on your HSBC debit card.

Incentive will be paid within 60 days of meeting the above criteria.

Exclusions:

+ You already are an HSBC or First Direct customer (doesn't say whether that's at the start of the offer or when you open your account - but from reports it seems like it's from when you open your account) or opened an HSBC or First Direct current account on or after 1st January 2023.

The T&Cs for this offer have been added to the switching offers archive for future reference.

superleeds27

Spend at least £500

Urgh… I'm out!

SacredStephan

I appear to be ineligible for this offer as I have a dormant HSBC credit card. My wife appears to be ineligible because she has an active M&S credit card that was recently taken over by HSBC. Oh well.

crumpet_man

https://forums.moneysavingexpert.com/discussion/comment/82035768#Comment_82035768

Do you normally spend £500 in 60 days? If so, use the HSBC debit card instead of your other cards/cash.

Another way round it is to pay some bills, gas/elec, council tax etc

Last option which isn't guaranteed but usually works for me, use the debit card to deposit into a savings account and/or pay a credit card bill.

danny13579

For anyone thinking about or planning on doing this offer, there are some exclusions with the debit card spend.

Greyhound26

I’ve got a solid credit score etc and no debt whatsoever and was turned down for this, oh well!

PRAISETHESUN

Been a long time since I've been eligible for a HSBC switch. And even better that I already have a Lloyd's donor account with DDs ready to go from my CL incentive a few months ago 😊

TheDriver0987

I have a HSBC credit card, so I guess I can't. 😔

Ruggers13

Does anyone know if standing orders or direct debits count towards the £500 ?

grandadgolfer

How savvy are HSBC & First Direct checking if you’ve had an account with its sister bank, I know some banks are not the best with their checks

danny13579

https://forums.moneysavingexpert.com/discussion/comment/82036809#Comment_82036809

HSBC is the only bank I've never received a switching incentive from. This is because of my First Direct account (from whom I have received two incentive payments - so it kind of balances out). So in my experience, HSBC are good with checking between both banks. But others may have had different experiences.