Get £125 by switching your current account to HSBC Advance Account - new customers @ HSBC
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Get £125 by switching your current account to HSBC Advance Account - new customers @ HSBC

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Deal editor
794°
Get £125 by switching your current account to HSBC Advance Account - new customers @ HSBC
Posted 15th Sep
You can get £125 for switching your current account to a HSBC Advance Bank Account, payable within 30 days of the switch completion date. The same offer is also on the Premier bank account. Incentives to switch bank accounts have been returning recently, so good to see another offer. This is open to new current account customers within HSBC. Please note if you have a first direct or M&S current account since 1st Jan 2017 you are not eligible (part of HSBC group). You will need to pay in a minimum of £1750 per month and setup 2+ Direct Debits or Standing Orders within 30 days of using the Current Account Switch Service. Full terms here - link.



General eligibility criteria for HSBC Advance account

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  • You’re aged 18 years or above
  • You currently live in the UK/EU
  • Can pay in £1,750 or more each month (or at least £10,500 every 6 months)
  • Qualify for a minimum £1,000 arranged overdraft
  • Are happy for HSBC to do a credit check against your name (if you live in the UK)

Once you qualify for an Advance Bank Account, you can set your arranged overdraft to any amount up to the maximum limit offered.


Key conditions to qualify for the £125 switch offer


  • Apply for an eligible current account on or after 15 September 2020
  • Are not an HSBC current account holder on the date of application and have not been on or after 1 January 2017.
  • Have not opened a first direct or M&S bank current account on or after 1 January 2017
  • Instruct HSBC to start a full switch of a current account, including at least two Direct Debits or Standing Orders within 30 days of using the Current Account Switch Service
  • Terms and conditions

If you meet all of the eligibility criteria, HSBC will make a payment of £125 to you within 30 days of the switch completion date credited directly to your HSBC bank account.



HSBC Advance Bank account benefits


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  • £125 when you switch - terms apply
  • No monthly fee
  • Earn 2.75% gross on your savings (£25-£250 each month) over 12 months. This fixed saving rate is available to HSBC Advance customers, who open a new Regular Saver account. Terms apply
  • Arranged overdraft of at least £1,000 when you open your account. The first £25 is interest free.
  • £500 a day cash withdrawal limit
  • Emergency cash if you lose your card, up to £10,000 emergency cash sent to any HSBC branch in the UK or abroad
  • Easy mobile banking via app e.g. recently launched pay in cheques with a photo, a handy feature
Community Updates
Top comments
Ghostcrawler15/09/2020 08:42

Between me and my partner, enough to buy 2 iPhone 11 pro 64gb variant …Between me and my partner, enough to buy 2 iPhone 11 pro 64gb variant upfront but started this only last year Oct, now any come backs by banks not eligible as already got bonus from most (few barring). Now I will have to wait for few years so that I can be eligible again.


So you made all that money, then wasted it on 2 iPhones!
Doing that amount of switches I'm surprised any bank would even let you sniff an account with them. Every current account application does a hard search so your credit file and score takes a hit. Also the length of time you stay with an account has an effect on it too. I know this for a fact as I did a recent switch to HSBC and they did 2 hard searches in the space of 3 months for a single current account and each one hit my score by almost 40 points at a time and that's coming from a score of 998 on experian.

There are a few factors that have a positive effect on your score. Accounts that are at least 7 years old have a positive effect, so switching every 5 minutes is not good for your score in the long run. Also if the amount of credit available to you is £15k or more has a positive impact on your score.

If your only after a quick fix then switching several accounts might be right for you, but if you're planning on applying for a major financial product in the near future then just be aware of the impact that your file and score could have on a lenders decision.
JoshReeves-Cooper15/09/2020 08:31

Wonder what the maximum amount anyone has made doing bank switches in a …Wonder what the maximum amount anyone has made doing bank switches in a year 👀👀


The most I made was about £500. Not eligible for this one though
Ghostcrawler15/09/2020 09:43

nope, I did not want to mention the money in pounds in open forum so …nope, I did not want to mention the money in pounds in open forum so mentioned which phones I can buy with my earned money. I have no intention to move to expensive iOS if I can do the same with £200 phone.


"...enough to buy 2 iPhone 11 pro 64gb variant upfront..."
Sounds pretty specific to me! One way or the other I don't believe you!
114 Comments
Wonder what the maximum amount anyone has made doing bank switches in a year 👀👀
JoshReeves-Cooper15/09/2020 08:31

Wonder what the maximum amount anyone has made doing bank switches in a …Wonder what the maximum amount anyone has made doing bank switches in a year 👀👀


The most I made was about £500. Not eligible for this one though
Good to see these incentives returning - once my mortgage application has been approved I’ll be jumping back on the bandwagon!
Can you apply for this if you you have a current account with them already ? And get cash back ?
Ts189915/09/2020 08:41

Can you apply for this if you you have a current account with them already …Can you apply for this if you you have a current account with them already ? And get cash back ?


I want to know this as well. Do you need to have direct debit setup for 30 days then change it back after you get the cash
JoshReeves-Cooper15/09/2020 08:31

Wonder what the maximum amount anyone has made doing bank switches in a …Wonder what the maximum amount anyone has made doing bank switches in a year 👀👀



Between me and my partner, enough to buy 2 iPhone 11 pro 64gb variant upfront but started this only last year Oct, now any come backs by banks not eligible as already got bonus from most (few barring). Now I will have to wait for few years so that I can be eligible again.
19DembaBa1915/09/2020 08:42

I want to know this as well. Do you need to have direct debit setup for 30 …I want to know this as well. Do you need to have direct debit setup for 30 days then change it back after you get the cash


It says new customers only in the T&Cs
Ts189915/09/2020 08:41

Can you apply for this if you you have a current account with them already …Can you apply for this if you you have a current account with them already ? And get cash back ?



its mentioned in the key conditions "Are not an HSBC current account holder on the date of application and have not been on or after 1 January 2017"
Ghostcrawler15/09/2020 08:42

Between me and my partner, enough to buy 2 iPhone 11 pro 64gb variant …Between me and my partner, enough to buy 2 iPhone 11 pro 64gb variant upfront but started this only last year Oct, now any come backs by banks not eligible as already got bonus from most (few barring). Now I will have to wait for few years so that I can be eligible again.


So around a couple for thousand? How!?
Literally just switched my Starling account to the Halifax one for the £100. It completed just last Friday - anything stopping me from switching that account to this HSBC one?
little_green15/09/2020 08:54

So around a couple for thousand? How!?



Between us we have opened 13 accounts and have atleast got £125 - £150 each. Also made good money from Nationwide and TSB where you can just refer each other. Also not to forget recent Metro where made £150 between us.
Ghostcrawler15/09/2020 09:01

Between us we have opened 13 accounts and have atleast got £125 - £150 e …Between us we have opened 13 accounts and have atleast got £125 - £150 each. Also made good money from Nationwide and TSB where you can just refer each other. Also not to forget recent Metro where made £150 between us.


But don't you usually have to "switch" to get the bonus so did you have 13 accounts to close? That's the tripping point for me. (Sorry not giving you the 3rd degree genuinely interested & hoping you can pass on a tip or 2 lol)
They've tightened that one up then as I have had incentives from HSBC, first direct & mark&S bank and back then they didn't stipulate no incentive payouts if you'd been with other HSBC banks. Just that you couldn't switch to another HSBC banking group bank.
Edited by: "louiearch9309" 15th Sep
For those who need to work out salary to meet the min it is £26,000 pa presuming standard Tax code etc
Does the £1750 going in each month have to be direct debit, or can I just transfer it manually each month? Also, does the money have to stay in your account for a certain amount of time, or can I just put it straight into a separate savings acct for example
JoshReeves-Cooper15/09/2020 08:31

Wonder what the maximum amount anyone has made doing bank switches in a …Wonder what the maximum amount anyone has made doing bank switches in a year 👀👀


£3000 from starling
How many times, u allowed to switchs banking, i have done it last year,?? And if u switch u loose the arranged overdraft???
Ghostcrawler15/09/2020 08:42

Between me and my partner, enough to buy 2 iPhone 11 pro 64gb variant …Between me and my partner, enough to buy 2 iPhone 11 pro 64gb variant upfront but started this only last year Oct, now any come backs by banks not eligible as already got bonus from most (few barring). Now I will have to wait for few years so that I can be eligible again.


So you made all that money, then wasted it on 2 iPhones!
Damn already on this account, otherwise I'd be all over this switch. Heat
little_green15/09/2020 09:14

But don't you usually have to "switch" to get the bonus so did you have 13 …But don't you usually have to "switch" to get the bonus so did you have 13 accounts to close? That's the tripping point for me. (Sorry not giving you the 3rd degree genuinely interested & hoping you can pass on a tip or 2 lol)



yes we did..between us we switched out of 13 accounts. I was ahead to create donor accounts and choose wisely to create only those accounts who have/never offered any bonus like BoS, Starling, Monzo, VM, Tesco, etc and then create basic or essential accounts with Halifax or Lloyds and switched those accounts as well. Its bit of a roller coaster as need to manage the monthly pay-in requirements, set up and manage DDs. It's all settled now.
So what if you dont pay the required amount in every month for the 6 months, do they take the £125 back !

maxmix
Besford15/09/2020 09:33

So you made all that money, then wasted it on 2 iPhones!



nope, I did not want to mention the money in pounds in open forum so mentioned which phones I can buy with my earned money. I have no intention to move to expensive iOS if I can do the same with £200 phone.
🔥
Aeschylus15/09/2020 09:18

For those who need to work out salary to meet the min it is £26,000 pa …For those who need to work out salary to meet the min it is £26,000 pa presuming standard Tax code etc


It doesn't have to be this. You can transfer, through a standing order with another bank account, £600 every week. Transfer it, pull it back, transfer again next week. There is no requirement for the money to be transferred in a single transaction or for it to stay with HSBC.
Doing that amount of switches I'm surprised any bank would even let you sniff an account with them. Every current account application does a hard search so your credit file and score takes a hit. Also the length of time you stay with an account has an effect on it too. I know this for a fact as I did a recent switch to HSBC and they did 2 hard searches in the space of 3 months for a single current account and each one hit my score by almost 40 points at a time and that's coming from a score of 998 on experian.

There are a few factors that have a positive effect on your score. Accounts that are at least 7 years old have a positive effect, so switching every 5 minutes is not good for your score in the long run. Also if the amount of credit available to you is £15k or more has a positive impact on your score.

If your only after a quick fix then switching several accounts might be right for you, but if you're planning on applying for a major financial product in the near future then just be aware of the impact that your file and score could have on a lenders decision.
Just dug out my old Bank Statements and DRAT! Closed my old FD A/c in Nov 2017 , so would not qualify for this offer. BAH!
So as usual nothing for existing customers
Is there a way you can check if you're eligible? I had an HSBC account previously I just can't remember what
cookson66015/09/2020 10:51

Is there a way you can check if you're eligible? I had an HSBC account …Is there a way you can check if you're eligible? I had an HSBC account previously I just can't remember what



I dont think there is any way to check if you are eligible, that only you can check and decide. Probably dig up your emails or any printed statement you have stored. I am not sure if HSBC holds any info of previous customer who made a switch. May be you can try calling them up and ask - hopefully you get any answers?
Just moved from HSBC one of the worst I've ever used
Just moved from HSBC Advance account to Starling Bank,
HSBC App and customer service is really bad once you used Starling Bank you will think twice going back to a high street bank!
little_red_devil15/09/2020 10:13

Doing that amount of switches I'm surprised any bank would even let you …Doing that amount of switches I'm surprised any bank would even let you sniff an account with them. Every current account application does a hard search so your credit file and score takes a hit. Also the length of time you stay with an account has an effect on it too. I know this for a fact as I did a recent switch to HSBC and they did 2 hard searches in the space of 3 months for a single current account and each one hit my score by almost 40 points at a time and that's coming from a score of 998 on experian.There are a few factors that have a positive effect on your score. Accounts that are at least 7 years old have a positive effect, so switching every 5 minutes is not good for your score in the long run. Also if the amount of credit available to you is £15k or more has a positive impact on your score.If your only after a quick fix then switching several accounts might be right for you, but if you're planning on applying for a major financial product in the near future then just be aware of the impact that your file and score could have on a lenders decision.


You may be surprised but it's true - they don't seem to care. I've done well out of switch bonuses, and have switched over 10 accounts now. It made a brief dent on my credit score at the start (5+ switches in 3 months) but I've had no issues since, including approved mortgage applications. Keeping track of min pay-ins and DDs is the hardest bit.

If given the option, I always decline an overdraft to reduce unnecessary credit.
joetheheartbreaker15/09/2020 10:39

So as usual nothing for existing customers


Loyalty is overrated and expensive for the consumer. With the exception of bank accounts, I switch everything after the contract expires.
Just to say that HSBC app is the slowest/worst banking app I've ever used - but £125 is £125
SneakyEel15/09/2020 13:01

Just to say that HSBC app is the slowest/worst banking app I've ever used …Just to say that HSBC app is the slowest/worst banking app I've ever used - but £125 is £125


you must have a slow phone boss.
Chronos121315/09/2020 14:11

you must have a slow phone boss.


Lol no, my other banking apps are instant but HSBC draaags. Judging by all the latest reviews on Google play I'm not the only one to find issues with it!
I assume it just needs that £1750 transf in even if it gets "spent" or transf out straight after?
We have our individual accounts which we don't want to switch but we also have a joint account where the mortgage payments + bills go into. This would cover it easily but if they go in on the 1st, they're taken by the 10th so to speak.
Not worth the credit score hit.
1750£ each month, that's for the rich, I barely do 1200£ as a supervisor and forklift driver at the same time... Let me know any of you what other job title will earn me over 1500£ in West Midlands, 'cause I'm curious
little_green15/09/2020 08:54

So around a couple for thousand? How!?


Well, for instance. The recent Santander switcher referral offer was readily and easily manipulated by people to generate £1000s in Amazon in credit without breaking the law or the (stupidly drafted!) t&c....
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