HSBC launched the £200 bonus for eligible customers switching to its Advance or Premier bank accounts on 7 November – but the deal ends tomorrow (22 December).

The £200 is the highest cash switching incentive on the market at the moment. It’s available to those who successfully switch to HSBC using the Current Account Switching Service (CASS).

To be eligible for the £200, there are certain rules you need to follow.

You’ll need to deposit at least £1,500 within 60 days of opening the account and you must transfer at least two direct debits or standing orders to the new account. The current account switch must also begin within 30 days of opening a new account.

Once these measures have been completed, the £200 will be paid within 20 days.

Anyone who has opened an HSBC or First Direct current account since 1 January 2019 is not eligible for this offer. People living in the Channel Island or the Isle of Man are also excluded from this deal.

Both the Advance and Premier accounts are free but to open a Premier Bank Account, you’ll need to have an income of £75,000 or more, have savings or investments of at least £50,000 with HSBC, or qualify for the account in a different country.

To qualify for an Advance account, you’ll need to be approved for an arranged overdraft of at least £1,000.