Open and switch to HSBC's Advance Account* and you'll get £150. And if you stay for a year, you'll get a further £50 bonus - you can earn slightly more overall with the TSB account below but there are more hoops to jump through. Note the HSBC account has a high minimum monthly pay-in – £1,750 a month – so consider whether you'll be able to meet this before opting for it.
You must open the account by Sun 23 Jul, then start a switch using HSBC's Current Account Switch Service, including at least two direct debits or standing orders, within 30 days. If you say you want to switch when applying online, HSBC will call you within two working days to arrange a phone or branch appointment.
The bonus is paid within 50 days of the switch completing.
You can't get the bonus if switching from another HSBC account, or if you've had a current account with it since 1 Jan 2015. You can get it if you have a mortgage or savings account with HSBC – just apply online as normal.
If your current bank isn't signed up to CASS, you can still get the bonus by doing a manual switch. See key questions for more.
If you qualify for the £150 bonus payment, you'll also get a 0% overdraft for six months when you open the account, though the limit you get is credit score dependent.
If you want to get the £50 extra bonus, you need to register for mobile or online banking within 60 days of account opening, plus you'll need to pay in £1,750/mth for at least nine of the first 12 months. It'll be sent within 30 days of your first anniversary of account opening.
You'll be eligible to get HSBC's 5% regular savings account.
The switch bonus is also available if you're switching to HSBC's Premier Account. But you'll need to either pay your income in to it and have £50,000 of savings/investments with HSBC; or have an income of £100,000+ a year, plus another qualifying product with HSBC, to get the account.
HSBC shares its £85,000 UK savings safety guarantee with First Direct, so ensure you don't hold more than £85,000 across the two banks.