HSBC is offering new customers £200 if they switch to its Advance or Premier current account.
This is currently the most generous sweetener on the market, but it’s only available for a limited time.
Switchers have got until Sunday 10 July to make the most of this offer, and both of the current accounts on offer have strict funding requirements.
How the incentive works
The cash incentive is split into two, with £150 paid upfront for using the Current Account Switching Service, and transferring at least two active direct debits or standing orders within 30 days of opening the account.
The remaining £50 is only available after a year, during which time you must register for internet or mobile banking (within 60 days of opening the account), and meet the eligibility criteria for your chosen account (see below) for at least nine of the 12 months.
HSBC Advance current account
The Advance Account requires you to pay in at least £1,750 each month, or a minimum of £10,500 every six months, excluding money transferred from any other sole or joint account you hold with HSBC.
Perks include free ATM withdrawals abroad (although a 2.75% non-sterling transaction fee still applies) and an interest-free overdraft for the first six months, after which the bank charges 17.9%.
Advance customers can also access the HSBC Regular Saver which pays 6% for 12 months (save between £25 and £250 each month), and sign up for free overdraft text alerts, preferential rates on HSBC mortgages, and 10% interest cashback on personal loans.
HSBC Premier current account
If you want to sign up for the Premier Account you’ll need either £50,000 worth of investments with HSBC, or an annual income of more than £100,000 in addition to a mortgage, investment, life insurance or protection product with the bank.
For this, you get your own dedicated ‘Premier Relationship Manager’ who can offer protection advice and help you build a financial plan, as well as worldwide travel insurance (for under 70s only) and fee-free international transfers between HSBC accounts.
Premier customers can also access the same preferential rates as Advance customers as well as the Regular Saver account paying 6%.
Should you make the switch?
It’s a generous cash offer, but if you don’t meet the funding requirements, several other banks are offering their own switching bonuses.
For example, Co-operative Bank is currently offering £150 to switch to its current account, as long as you transfer at least four active direct debits.
If you sign up for the Co-op’s ‘everyday rewards’ scheme you’ll also be able to earn up to £5.50 a month throughout the first year, boosting your bank balance to the tune of £216 in total.
Alternatively, Halifax and First Direct both give £100 to new customers, while M&S Bank offers a £100 gift card (as long as you move across at least two active direct debits).
However, short-term perks aren’t the best way to choose a bank – our guide to finding the best bank account helps you pick the right account by comparing credit interest rates, overdraft charges and the provider’s Which? customer score.
In January 2016 we surveyed just under 6,000 members of the public to find out the best and worst banks for customer service. You can find out how HSBC compares to other current account providers by checking out our bank account reviews.