New customers can pocket the cash if they switch to an HSBC UK Advance or Premier Bank Account using the Current Account Switch Service (CASS).

The switching incentive begins today and currently doesn’t have an end date.

To receive the £200, customers must apply for a HSBC Advance or Premier Bank account, go onto successfully open the account and then start the switch from their existing bank within 30 days.

The full switch to HSBC must include at least two direct debits or standing orders and customers must also deposit at least £1,500 into the new account within 60 days of opening. The £200 will be paid within 20 days of the these criteria being met.

Customers can’t apply for the switching incentive if they have held an HSBC UK current account since 1 Jan 2020 or opened a First Direct current account since 1 Jan 2020. However, they may hold a First Direct account if it was opened before 1 Jan 2020.

Research by HSBC found that more than half (54%) the population have had the same current account for more than a decade, with more than two in five staying put for even longer at more than 15 years (41%). Nearly one in five (18%) say they’ve had the same current account for more than 20 years.

Increases to savings rates

HSBC has also upped the interest it pays on a number of savings accounts as follows:

• 1 Year Fixed Rate Savings Account up from 3.5% to 4% from 30 March 2023
• Online Bonus Saver instant access account up from 3.25% to 3.50% on first the £10,000 from 20 April 2023
• My Savings / Premier My Savings youth account up from 4% to 4.25% on the first £3,000 from 20 April 2023

Pella Frost, HSBC UK’s head of everyday banking, said: “We are here to help our customers, and it is extremely encouraging that they are also helping themselves by keeping an eye on their finances.

“It is evident from our new research that people could do more to review their finances by considering the benefits of switching their current account, including the possibility of earning a cash reward for switching alongside opening a linked savings account to help them make the most of their money.”

“With HSBC UK’s Regular Saver providing 5% AER/Gross, fixed for 12 months, and increases to interest rates of up to 0.50% on other savings accounts, a switch to HSBC UK could give a customer £200 cash and help them start a rewarding regular savings habit.”