Open and switch to HSBC's Advance Account* and you'll get £150. And if you stay for a year, you'll get a further £50 bonus - you can earn slightly more overall with the TSB account below but there are more hoops to jump through. Note the HSBC account has a high minimum monthly pay-in – £1,750 a month – so consider whether you'll be able to meet this before opting for it.
Need-to-knows You must open the account by Sun 23 Jul, then start a switch using HSBC's Current Account Switch Service, including at least two direct debits or standing orders, within 30 days. If you say you want to switch when applying online, HSBC will call you within two working days to arrange a phone or branch appointment. The bonus is paid within 50 days of the switch completing. You can't get the bonus if switching from another HSBC account, or if you've had a current account with it since 1 Jan 2015. You can get it if you have a mortgage or savings account with HSBC – just apply online as normal. If your current bank isn't signed up to CASS, you can still get the bonus by doing a manual switch. See key questions for more. If you qualify for the £150 bonus payment, you'll also get a 0% overdraft for six months when you open the account, though the limit you get is credit score dependent. If you want to get the £50 extra bonus, you need to register for mobile or online banking within 60 days of account opening, plus you'll need to pay in £1,750/mth for at least nine of the first 12 months. It'll be sent within 30 days of your first anniversary of account opening. You'll be eligible to get HSBC's 5% regular savings account. The switch bonus is also available if you're switching to HSBC's Premier Account. But you'll need to either pay your income in to it and have £50,000 of savings/investments with HSBC; or have an income of £100,000+ a year, plus another qualifying product with HSBC, to get the account. HSBC shares its £85,000 UK savings safety guarantee with First Direct, so ensure you don't hold more than £85,000 across the two banks.
All comments (74)
MidlandSparkle
6 Jun 17#1
I have it the other way round. Already on a HSBC Advanced account and doesn't give me any benefits other than an extra 0.05% on my basic savings account. I know they do have a good 5% regular saver. Loyalty doesn't pay anymore. This is why I'm in the middle of switching to TSB for their joining bonus, £5 + £5, and 3%.
Anon32
6 Jun 17#2
For people who are with tsb already. I se banks are the same as ever new customers only while existing get shafted for staying! Had no problems with the tsb but had my interest cut and don't get the £130 plus £5 for direct debits etc...
Bilbo1968
6 Jun 17#3
You're totally hilarious :neutral_face:
luvsadealdealdeal
6 Jun 17#4
Bilbo1968
6 Jun 17#5
My mistake - no you're not oO
luvsadealdealdeal
6 Jun 17#6
yeah - well - at least I said sorry
hotukdealls
6 Jun 17#7
How do we get this deal if we already have a HSBC advance account? A bit out of order for existing customers isn't it?
MadeDixonsCry
6 Jun 17#8
Why didn't you get the £130?
AndyCheets
6 Jun 17#9
Do you qualify if you already hold a First Direct account?
alu355 to AndyCheets
6 Jun 17#11
Yes
Anon32
6 Jun 17#10
I joined two years ago and they won't put me on that account and interest was cut to 3% from 5% and to £1500 from £2000 this cut is to fund new customers and then they hope you stay or can't be bothered! It amazes me at how people even with offers will still stay with their bank! I will not
darren2014
6 Jun 17#12
I was told no when I recently applied. it'll be worth checking t&c
goldy12
6 Jun 17#13
Loyalty doesn't pay unfortunately, moved from HSBC after years as a loyal customer, then to Halifax ,then to TSB and now Tesco, not once have I had a completely hassle free change over.
Anon32
6 Jun 17#14
Has it affected your credit rating? Opening and closing credit card accounts does not but they always ask how long have you been with your bank just like how long have you been at your address. The longer the better
MadeDixonsCry
6 Jun 17#15
Thank you for taking the time to explain.
Anon32
6 Jun 17#16
Don't you hate it when someone you've quoted deletes out their comment
jools2001
6 Jun 17#17
Excellent deal, but omg, a phone call to arrange an appointment to open a bank account! Are they having a laugh! who has time to do that,this day an age?
Schwarzenegger
6 Jun 17#18
Who earns £1750 a month other than League 2 footballers?
luvsadealdealdeal
6 Jun 17#19
that's why delete is there
Anon32
6 Jun 17#20
Schwarzenegger does! So you'll be fine
tavalin
6 Jun 17#21
Lots of people would. It's an annual salary of around £32,500 (allowing for tax and NI deductions).
smokedsausage to tavalin
7 Jun 17#39
Muir
6 Jun 17#22
It's not a bank thing. Who gets the best deals on broadband or phone? New customers getting cashback or people who threaten to leave. Everyone is encouraged to compare your home/ car insurance, electricity/ gas etc. every year. Even at my workplace, promotions are reserved for the people who they think will resign unless they get promoted. The squeaky wheel gets the grease.
Personally though, I wouldn't use a dark ages bank like HSBC as my main bank. The amount of time you'll waste having to deal with the additional admin isn't worth the bribe.
Anon32
6 Jun 17#23
What admin?
smiggy
6 Jun 17#24
"You must pay at least £1,750 a month into the account (or a minimum of £10,500 every six month), not including money transferred from other sole or joint personal accounts held with HSBC Bank"
I once paid in £500 from PayPal and accidentally ended up being upgraded to Advance. It's all a bit pointless though.
ziggycj
6 Jun 17#25
I tried applying for this before but got rejected due to my income. I have enough savings to be able to set up a standing order from my main bank account but they judged it on income so said no.
malachi
6 Jun 17#26
...Well.....:p and I only work in IT :grin:
I wont be going for it though. I am happy with my current bank (s)
davnav
6 Jun 17#27
£1750 not for me
Cameron92
6 Jun 17#28
High min pay in... £1,750. Pfft!
whoop_de_do_basil
6 Jun 17#29
I switched to HSBC last time it was posted. They never contacted me to arrange the switch and apparently because I didn't go into branch to complete it within 30 days I lost out on the money. It was only when I rang up to cancel the account that they said they would manualy add the £150.
andreasuk
6 Jun 17#30
do you have to go through a phone interview to switch or you just have to apply online?
whoop_de_do_basil
6 Jun 17#31
It usually includes tax credits etc if you have children.
Silurianxx
7 Jun 17#32
Not for me, I don't fancy giving my money to a bank that laundered money for the Mexican drug cartels.
iibdii
7 Jun 17#33
can I switch from my backyard burried fix account??
sfsorrow
7 Jun 17#34
Yep. I fall about £40 short on £28,500 (I think), but that's with student loan being paid back and a decent pension contribution.
blondeyforever
7 Jun 17#35
I've got an advance account and it has become very handy at remortgage, they do advance products. Lower rates and they halve the product fees too!
MazingerZ
7 Jun 17#36
I'm a toilet cleaner, I qualified though :sunglasses:
spongebob1913
7 Jun 17#37
people on about 28 - 30k a year I assume, depending on tax codes and pension arrangements...
spongebob1913
7 Jun 17#38
as an FYI - usually the £1750 would include payments from accounts outside HSBC, so if you have another current account or savings account with a different institution, you could just have a Standing order for the amount you fall short each month going in and then coming out again a few days later. That's what I do to meet min pay ins on most of my accounts.
mistermoneysaver
7 Jun 17#40
Same here. It's ok though, just opened others to compensate. Nw, Tesco Bo's, Lloyds,tsb lol. £1750 is around £26100 gross I believe. But if you have other deductions at source, this can reduce the net payment.
smokedsausage
7 Jun 17#41
Plumbers
Schwarzenegger
7 Jun 17#42
Average means there are people who are above and below this threshold. I am below. The problem I have is that people who are average or above only benefit from this deal. Sorta sums up the austerity problem we have in this country.
mutley1
7 Jun 17#43
Some accounts still have to be opened in branch. I agree, it is laughable. I don't really mind as I have all the time in the world for the wrong things. Lol
Anon32
7 Jun 17#44
Go to tsb thats where i am at now and i don't get the new account so i will take on whats offer from here
mutley1
7 Jun 17#45
As someone else has said, this is not that much. More than the UK average, but the UK average is so low. I don't know how so many people manage to live on so little.
mikefrom82
7 Jun 17#46
For how long I have to have an account to do any switch?
spongebob1913
7 Jun 17#47
its less than that. 28k would net you £1,860.12 PM. obviously that excludes any pension contribution.
Muir
7 Jun 17#48
For everyone saying that £1,750 is too much - it's a pay in requirement, NOT a salary/ earnings requirement. There is absolutely nothing to stop you receiving your salary (of £1,250 or whatever amount it may be) in another account, and then transferring in and out £500 every week. You are not required to have your salary of above £1,750 paid directly into the account every month as one lump sum.
All it is asking for is that over the course of a month, you pay in at least £1,750. Can be some cash, some salary, some transfers from savings, etc. - and there is nothing to stop you moving the money back out as soon as you pay it in.
spongebob1913
7 Jun 17#49
thanks for repeating me. ^^^^^^
pshemek
7 Jun 17#50
I opened this account few months ago with the last promo. Account opening process took almost 2 months. I've been asked to come to branch with copy of my ID and proof of address. When I went to branch no one was there to help me, they told me I needed an appointment to confirm my identity. I complained about it. I applied early March however my account was opened on 16th of April and my debit card came about 25th of April. They also sent me a form asking for my signature so they could have it on records, so I had to send it back too. Then I had to call them to switch accounts in order to qualify for this bonus. It was too much of a hassle. I went through the process and they paid 150 no problem but I don't feel great about customer service (anytime I tried to call them it took at least 20 mins to get connected to someone), their mobile app is heavy and slow even though it doesn't offer anything extra.The only thing I like is the fact they don't use card readers to make transactions. That being said I will be moving to some other bank as soon as I've received my final 50 quid.
Anon32
10 Jun 17#51
This seems to be putting me off if TSB still paid 5% i would have stayed was wort £7 a month but with this cut to £3.66 max per month its not a great deal! This HSBC is worth ££8.66 a month for two years if you want to stay that long!
If TSB hadn't cut their rate to fund new customers only then it would be fine! But claiming interest rates have gone down only to offer new incentives is just downright lies!
But this look hard to open? I don't mind going in brance but two months. I thought the switch service is guaranteed in 7days!
pshemek
11 Jun 17#52
They switched me within 7 days after I applied for it (you need to call or visit their branch) but whole account opening process took almost 2 months. It might be less for people who have no problems with online application. However when I filled in online application they told me I need to come to branch with ID and proof of address. Don't know why cause my credit history is perfect.
Grohller
11 Jun 17#53
What's anyone's thoughts of doing the switch from TSB, then just re opening another TSB later? Maybe getting an extra benefit from the new TSB scheme on the other account (I have two).
Anon32
11 Jun 17#54
Well thats it going back to tsb in over a year once tou get the £200 from hsbc. The point is i don't want to keep switching if they paid the 5% i would have stayed! This is becoming like broadband and insurance new customers only all the time while trying to rip off existing customers
djaydearz
13 Jun 17#55
league 2 footballers prob earn 1750 a week.
Most of the country probably earns at least £1750 a month....
louhigs
20 Jun 17#56
"You may hold a first direct and/or M&S Bank current account and still qualify."
That's on the T&Cs doc. Looks like this is my next switch then :smile: #serialswitcher
Anon32
18 Jul 17#57
Anyone apply for this? Just going to start before the deadline on the 23rd july
louhigs
18 Jul 17#58
I did :smile: Switch completed now awaiting my payment :smile:
Anon32
18 Jul 17#59
How did it go?
louhigs
19 Jul 17#60
All good. Very happy so far :smile:
louhigs
21 Jul 17#61
Oh yes I did get this. I reveiv d my card the next day however so don't worry :wink:
Anon32
21 Jul 17#62
No card yet! When does the switch start? Is the account opened before the cass?
iAmLegendFam
27 Jul 17#63
Opened fine for me, and I only just graduated from university.
You don't even need to hold any money in the account, just had £1750 transfer in and £1750 transfer out the next day.
Not exactly sure what you lose if you don't keep £1750 switching once you have the £150 anyway.
louhigs to iAmLegendFam
2 Aug 17#64
Think you lose the £50 for staying with them after 12 months.
Anon32
4 Aug 17#65
louhigsOh yes I did get this. I reveiv d my card the next day however so don't worry There are some referrals so maybe you can find out please and let me know!
UPDATE: Card has come then i got the text saying good news your account is active! Must of been if they sent me the card! How on earth do you get the switch bonus and start the CASS?
UPDATE 2: Received pin and welcome letter for 'interactive services' gather thats internet banking! Nothing about a payout or the CASS service. Posted my signature off
UPDATE 3: As no one has contacted me i went into the branch and made an appointment to start the switch! She confirmed i will get the bonus. No one to help there and then. So i gather this will be it. But i find it funny that you have to take the initiative! I don't mind but its not clear how this all works its like right its open now i better get down the branch. I don't mind it like that but they should say and not let you think right what do I do now
UPDATE 4: Welcome pack and another paper asking for my signature. Don't know if this one is for telephone banking or online banking. The other one said interactive services so i gather this is both! Rather than send this one off as i have an apoointment with them next fri (4th aug) i will sign and hand it in there! So all in all accocunt opened,welcome pack sent and appointment made to start switch service. Bit long winded but got there in the end
UPDATE 5: Had appointment and he started my switch all in all not too bad. Will get the £150 and the £50 if i register for internet banking. Switch will complete next week. Also regular saver linked for £250 and 5% interest. Even nationwide only do £250 and not the £500
iAmLegendFam
21 Aug 17#66
Anyone had this paid?
louhigs to iAmLegendFam
24 Aug 17#67
Yes paid a few weeks back.
iAmLegendFam to louhigs
24 Aug 17#68
My account switched on the 27th July, still no money. Did you complete it before me?
Anon32 to iAmLegendFam
24 Aug 17#69
I'm waiting too but "The bonus is paid within 50 days of the switch completing." as its not been a month fir me yet then you must be patient. Overall i am pleased with hsbc
Anon32 to iAmLegendFam
11 Sep 17#72
£150 paid today just needed for new heating system! Worth it for just changing banks it fuctions the same as the ts
iAmLegendFam to Anon32
11 Sep 17#73
Yup. Mine paid today too, took a while but I presume they do it once a month in batches.
louhigs
25 Aug 17#70
I completed my switch on 11th July
Anon32
25 Aug 17#71
Mine switched 14th of aug. As soon as it comes in i'll let people know
![Fresh Breakfast Meat Box (Using code) @ Campbells Meat [Haggis / Lorne Sausage / Bacon / Black Pudding & More]](/images/topics/208684_1.jpg)
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Opening post
Open and switch to HSBC's Advance Account* and you'll get £150. And if you stay for a year, you'll get a further £50 bonus - you can earn slightly more overall with the TSB account below but there are more hoops to jump through. Note the HSBC account has a high minimum monthly pay-in – £1,750 a month – so consider whether you'll be able to meet this before opting for it.
Need-to-knows
You must open the account by Sun 23 Jul, then start a switch using HSBC's Current Account Switch Service, including at least two direct debits or standing orders, within 30 days. If you say you want to switch when applying online, HSBC will call you within two working days to arrange a phone or branch appointment.
The bonus is paid within 50 days of the switch completing.
You can't get the bonus if switching from another HSBC account, or if you've had a current account with it since 1 Jan 2015. You can get it if you have a mortgage or savings account with HSBC – just apply online as normal.
If your current bank isn't signed up to CASS, you can still get the bonus by doing a manual switch. See key questions for more.
If you qualify for the £150 bonus payment, you'll also get a 0% overdraft for six months when you open the account, though the limit you get is credit score dependent.
If you want to get the £50 extra bonus, you need to register for mobile or online banking within 60 days of account opening, plus you'll need to pay in £1,750/mth for at least nine of the first 12 months. It'll be sent within 30 days of your first anniversary of account opening.
You'll be eligible to get HSBC's 5% regular savings account.
The switch bonus is also available if you're switching to HSBC's Premier Account. But you'll need to either pay your income in to it and have £50,000 of savings/investments with HSBC; or have an income of £100,000+ a year, plus another qualifying product with HSBC, to get the account.
HSBC shares its £85,000 UK savings safety guarantee with First Direct, so ensure you don't hold more than £85,000 across the two banks.
All comments (74)
who has time to do that,this day an age?
Personally though, I wouldn't use a dark ages bank like HSBC as my main bank. The amount of time you'll waste having to deal with the additional admin isn't worth the bribe.
https://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance/how-to-apply
I once paid in £500 from PayPal and accidentally ended up being upgraded to Advance. It's all a bit pointless though.
I wont be going for it though. I am happy with my current bank (s)
All it is asking for is that over the course of a month, you pay in at least £1,750. Can be some cash, some salary, some transfers from savings, etc. - and there is nothing to stop you moving the money back out as soon as you pay it in.
If TSB hadn't cut their rate to fund new customers only then it would be fine! But claiming interest rates have gone down only to offer new incentives is just downright lies!
But this look hard to open? I don't mind going in brance but two months. I thought the switch service is guaranteed in 7days!
Most of the country probably earns at least £1750 a month....
That's on the T&Cs doc. Looks like this is my next switch then :smile: #serialswitcher
You don't even need to hold any money in the account, just had £1750 transfer in and £1750 transfer out the next day.
Not exactly sure what you lose if you don't keep £1750 switching once you have the £150 anyway.
There are some referrals so maybe you can find out please and let me know!
UPDATE: Card has come then i got the text saying good news your account is active! Must of been if they sent me the card! How on earth do you get the switch bonus and start the CASS?
UPDATE 2: Received pin and welcome letter for 'interactive services' gather thats internet banking! Nothing about a payout or the CASS service. Posted my signature off
UPDATE 3: As no one has contacted me i went into the branch and made an appointment to start the switch! She confirmed i will get the bonus. No one to help there and then. So i gather this will be it. But i find it funny that you have to take the initiative! I don't mind but its not clear how this all works its like right its open now i better get down the branch. I don't mind it like that but they should say and not let you think right what do I do now
UPDATE 4: Welcome pack and another paper asking for my signature. Don't know if this one is for telephone banking or online banking. The other one said interactive services so i gather this is both! Rather than send this one off as i have an apoointment with them next fri (4th aug) i will sign and hand it in there!
So all in all accocunt opened,welcome pack sent and appointment made to start switch service. Bit long winded but got there in the end
UPDATE 5: Had appointment and he started my switch all in all not too bad. Will get the £150 and the £50 if i register for internet banking. Switch will complete next week. Also regular saver linked for £250 and 5% interest. Even nationwide only do £250 and not the £500