£220 for switching your current account to HSBC.
What you have to do
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Complete a full switch using the Current Account Switch Service, which closes your old account.
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Pay in at least £2,000, in one or more payments.
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Have at least 2 active direct debits, already collecting on the account you switch from, so they move across with the switch.
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Spend at least £500 on the new debit card.
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Log in to the bank’s app or online banking.
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Do all of it within 60 days.
Who can’t get it
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You can’t already have a current account with HSBC / First Direct.
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You can’t have held one on 1 January 2023.
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You can’t ever have had a switch bonus from HSBC / First Direct.
When it pays
As soon as about 2 months after the switch if you meet the conditions straight away, and up to 4 months if you use the whole window.
How to start the switch
Choose to switch while you apply. If you skip it, HSBC can only switch you later by going into a branch.
1.
Apply for the HSBC Bank Account on their website.
2.
When the application asks, choose to switch an existing account.
3.
Enter the sort code and account number of the account you are leaving.
Answer six tap-only questions and we’ll tell you if you can get the HSBC offer, and which other offers you can take alongside it.
Only one of these pays
HSBC is in the same banking group as First Direct, so you can only get one of their bonuses.
Questions
How much is the HSBC switch offer?
£220 for switching your current account to HSBC, as of 31 October 2026.
Do I need direct debits for the HSBC switch bonus?
Yes, 2. They have to be collecting on your old account before you switch, so they come across with it.
How long does the HSBC bonus take to arrive?
As soon as about 2 months after the switch if you meet the conditions straight away, and up to 4 months if you use the whole window.
Can I get the HSBC bonus if I’ve had one before?
No. HSBC only pays people who have never had a switch bonus from HSBC / First Direct.
Can I get both the HSBC and First Direct bonuses?
No. They are the same banking group, which pays one switch bonus per person, so pick the one whose conditions suit you.
More on switching
This is general information and isn’t financial advice. Banks can change or withdraw offers at any time.
Get this worked out for your banks
Six tap-only questions and Bank Switcher tells you which of these offers you can take, in the order that collects the most. Free, and about a minute.