HSBC's Launch New £220 Switch Offer

HSBC UK has launched a £220 cash bonus for new customers switching to its current account — the highest standard switching incentive available right now, edging ahead of the £200 deals from Barclays, First Direct and NatWest.

It's a strong headline figure. But the bonus comes with slightly chunkier hoops than some rivals, so it's worth checking the requirements before you switch for the extra £20.

What you get and how to qualify

You'll need to open an HSBC UK Bank Account via the HSBC app, then meet all of the following within 60 days:

• Complete a full switch using the Current Account Switch Service (CASS), including at least two direct debits

• Deposit at least £2,000 into the account

• Spend £500 on the linked debit card

Hit all three and the £220 lands within 60 days. The account also comes with access to HSBC's Global Money multi-currency account and the usual retailer and travel offers.

How it compares

Among standard, everyday current accounts, £220 is currently the most you can get for switching:

Higher bonuses do exist — Premier-tier accounts from the likes of Lloyds and Barclays pay £400–£500 — but those need a salary of £100,000+ or large balances held with the bank, so they're out of reach for most switchers. HSBC also runs a separate £500 Premier welcome bonus under the same £100k income or savings threshold.

Is it worth switching for?

The extra £20 over the £200 field is real money, but weigh it against the hurdles. HSBC's £500 debit card spend and £2,000 deposit are steeper than Barclays' simpler £1,000 pay-in, and the bonus can take up to 60 days to arrive. The £500 spend is achievable through normal everyday use, but it's an extra box to tick.

It's also worth noting HSBC tends to score mid-table on customer service surveys, so if service matters to you, First Direct's £200 — consistently one of the highest-rated banks in the UK — may be the better all-rounder despite the smaller bonus.

One eligibility point to check before applying: these offers are for new customers only, and you'll generally be excluded if you've held an HSBC or First Direct current account in recent years. Confirm the exact exclusion dates in HSBC's terms.

The bottom line

If you want the biggest cash bonus and the requirements aren't a stretch, HSBC's £220 is the one to beat. If you'd rather have lighter hurdles or stronger service, the £200 deals are close enough to be worth a look. page.

Switch offers change and get withdrawn quickly, so check the latest before you apply. You can compare every live UK switch offer on our bank switching offers page.