Bank Account
Switching bonus from HSBC
Bonus
£220
Penny's take
Solid free-account bonus, but the bar is high. At £220 with no monthly fee, this is one of the more generous no-cost switch offers around, making it worthwhile for anyone who can comfortably meet the conditions. The included benefits are modest — rotating retail discounts and a separate multi-currency account — so the bonus itself is the real draw.
The catch is the combined workload: a full CASS switch with two direct debits, £2,000 deposited, and £500 in debit card spending, all within 60 days. That suits someone with a decent regular income switching a genuinely active account, but could be a stretch if your finances are tighter or your spending habits don't naturally hit those thresholds.
Requirements at a glance
Deposit requirement
Direct Debits
Transactions
Monthly fee
Online Banking
How to qualify
Requirements
- •Open account via mobile app and complete a full switch using the Current Account Switch Service (CASS), including at least two direct debits within 60 days.
- •Deposit a minimum of £2,000 into the account within 60 days.
- •Spend £500 using a debit card linked to the account within 60 days.
Account Benefits
No monthly fee
Use the HSBC Bank Account without paying a monthly account charge.
Home & Away
Access changing HSBC cardholder discounts on shopping, dining, travel and experiences.
Global Money access
Eligible customers can separately open the fee-free app-only Global Money Account to hold and spend supported currencies.