Premier Bank Account
Switching bonus from HSBC
Bonus
£500
Penny's take
A generous bonus, but the bar is exceptionally high. The £500 reward is one of the largest switch bonuses available, and the fee-free account adds real ongoing value through worldwide family travel insurance, digital health services and preferential rates — benefits that genuinely suit high-net-worth customers.
The catch is the £100,000 salary or savings threshold, which makes this irrelevant for most people. Those who do qualify will find the package compelling, but note the no prior HSBC or first direct account since January 2025 restriction could quietly disqualify many otherwise eligible applicants.
Requirements at a glance
Deposit requirement
Direct Debits
Transactions
Monthly fee
Online Banking
How to qualify
Requirements
- •Open an HSBC Premier Bank Account as a new customer.
- •Within 90 days, either complete a full Current Account Switch Service (CASS) switch with a qualifying salary of at least £100,000 a year, or deposit and maintain at least £100,000 in eligible HSBC UK savings or investments for the qualifying period.
- •Keep the Premier account open and eligible until the reward is paid.
Things to check
- New customers only: you cannot have held an HSBC UK or first direct account since 1 January 2025.
- HSBC Premier eligibility criteria apply.
- The separate £290 cashback requires opening the fee-charging Premier World Elite Mastercard and is not part of the £500 switch reward.
Account Benefits
No monthly fee
HSBC Premier has no monthly account charge, subject to Premier eligibility.
Worldwide family travel insurance
Apply for Aviva worldwide cover for eligible family members; age, residency, medical and trip restrictions apply.
Online health services
Eligible customers and family members can access digital GP appointments, mental-health support and specialist second opinions.
Preferential banking rates
Access preferential rates or terms on selected HSBC loans, mortgages and savings products.
International banking access
Open and manage eligible HSBC accounts across more than 20 destinations through HSBC global services.