HSBC Premier Bank Account
Current account
£500
switching bonus
Penny's take
Strong reward, but only for high earners. The £500 bonus is one of the largest switch incentives available, and the fee-free account adds genuine ongoing value through worldwide family travel insurance, digital health services and international banking access — perks that would cost meaningful money elsewhere.
The catch is the steep eligibility bar: you need either a £100,000-plus salary or £100,000 parked in HSBC savings or investments within 90 days. That makes this irrelevant for most switchers, and exclusively worthwhile for affluent customers who already meet Premier criteria.
Requirements at a glance
Monthly fee
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.