HSBC — fees, features, catches and eligibility
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Quick answer
Could HSBC pay you to switch? The HSBC Bank Account offer was £220 (switch offer checked on the bank’s own site, 27 September 2026): open in the HSBC UK app, complete a full switch with two Direct Debits, then pay in £2,000 and spend £500 on the debit card within 60 days. Card spending abroad costs 2.75% in our checks, so it suits everyday UK banking more than travel.
Who it’s for — and who should avoid it
Who it’s for
- New customers who can pay in £2,000 and spend £500 within 60 days
- People who want a high-street bank with branches
- HSBC Premier-level customers (£100,000 income or savings) — separate £500 offer
- Anyone happy to apply through the HSBC UK app
Who should avoid it
- Anyone who has held an HSBC UK or first direct current account since 1 Jan 2023 (excluded from the £220 offer)
- Joint applicants — the offer is for sole accounts
- Frequent travellers using the debit card abroad
- People who want Basic or Premier accounts to count — they don’t for the £220 offer
Key features
- HSBC Bank Account with app opening
- Switch offer £220 (until withdrawn; running from 15 Jun 2026)
- HSBC Premier switch offer £500 for customers who meet Premier income or savings levels
- Branch network plus app and online banking
Eligibility
- 18+, UK resident; once per person
- Open the HSBC Bank Account in the HSBC UK app (sole accounts only)
- Full CASS switch with at least 2 Direct Debits within 60 days
- Not an existing HSBC UK or first direct customer, and not opened one with either since 1 Jan 2023
Fees
| Item | Detail |
|---|---|
| Switch bonus | £220, paid within 60 days of meeting conditions (27 Sep 2026) |
| £1,000 spent abroad on the debit card | £27.50 (2.75%) in our checks (30 Aug 2026) |
| ATM abroad | £9.50 on £200; £32.50 on £1,000 (2.75% + 2% cash, min £1.75, max £5) (30 Aug 2026) |
| Premier switch offer | £500; Premier needs £100,000+ salary paid in or £100,000+ savings/investments with HSBC UK |
Where these facts come from: our switch bonus pages (bank sites checked 27 September 2026) and travel money page (30 August 2026).
The catch
The £220 offer is once per person, sole accounts only, and excludes recent HSBC UK and first direct customers. HSBC UK Bank plc also holds first direct, so FSCS cover of £120,000 is shared across the two. Spending abroad carries 2.75% and ATM withdrawals add 2% cash fees on the standard account.
FAQs
How much does HSBC pay to switch?
£220 on the HSBC Bank Account when we checked on 27 September 2026, for new customers who meet the switch, pay-in and card-spend conditions within 60 days.
Can first direct customers get the HSBC offer?
No. Existing HSBC UK or first direct customers, and anyone who opened a current account with either on or after 1 Jan 2023, are excluded.
Does HSBC share FSCS protection with first direct?
Yes. first direct is a division of HSBC UK Bank plc, so the £120,000 limit is shared.
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