New customers can pocket £125 for switching their current account to HSBC using the Current Account Switch Service (CASS).

To get the cash, customers must complete a full switch including at least two direct debits or standing orders.

The deal is open to anyone who hasn’t had a HSBC, First Direct or M&S Bank current account since 1 January 2018.

Account eligibility

To be eligible for HSBC’s Advance Account you’ll need to pay in at least £1,750 a month into the account, or a minimum of £10,500 every six months. This money can’t include money transferred from any other sole or joint personal accounts held with HSBC.

To be eligible for HSBC’s Premier Account you’ll need an individual annual income of at least £75,000. You’ll also need to hold one of the following with HSBC: a mortgage, or an investment, life insurance or protection product. Alternatively, you’ll need at least £50,000 in savings or investments with HSBC UK.

Account perks

As well as £125 for switching accounts, HSBC Advance or Premier account customers benefit from savings on shopping through HSBC UK’s ‘Home And Away’ offers site, with offers including Costa Coffee, ASOS, and Not On The High Street.

Fiona Anderson, HSBC UK’s head of everyday banking, said: “For many millions of people, 2020 was a defining year, whether as result of home schooling, changes to working patterns or financially. We have already seen that 2021 will be unpredictable too, but there is light at the end of the tunnel and we all hope we can return to some kind of normality sooner rather than later.

“We know that health and money are the two most common subjects people have been thinking about during the pandemic and while we are in the midst of this lockdown, we might be able to provide a little financial boost for those switching their banking to us, with £125 on offer for switching to our Advance or Premier current accounts.”

HSBC last run a similar switching offer in September 2020.