If you want to be paid to switch, this account is the strongest on the market. Open and switch to HSBC's Advance Account* and you'll get £150 plus a further £50 after a year. But the account has a high minimum monthly pay-in – £1,750/mth – so consider whether you'll be able to meet this before opting for it. You'll also be eligible to get HSBC's 5% regular savings account.
- To get the bonus, you must open the account and start a full switch using HSBC's Current Account Switch Service, including at least two direct debits or standing orders, within 30 days.
- The bonus is paid into your account 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 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.
- 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.
- Minimum monthly pay-in: £1,750 (equates to £26,100 annual salary)
- In-credit interest: None
- App: You can download it for iOS (rated 2/5) and Android (rated 3.4/5).
- Arranged overdraft cost: 0% for the first six months if you switch, then 17.9% EAR
- Unarranged overdraft cost: £10 buffer, then 17.9% EAR interest, plus £5/day charge each day you're overdrawn (max £80/month)
From MSE but not exclusive