How long does the £220 bonus take to arrive?

HSBC says the reward is paid after the qualifying conditions are met. Treat it as conditional on HSBC verifying the full switch, £2,000 pay-in, £500 card spend and 2 Direct Debits.

Can I do this if I had a First Direct account before?

No. First Direct is part of HSBC Group, so if you've held any HSBC or First Direct account since 1 January 2023, you're not eligible.

Do I have to keep the account open after getting the bonus?

There's no contractual minimum period stated, but closing immediately after the bonus lands may affect your eligibility for future HSBC offers. Most people keep it open for 3-6 months.

Popular

HSBC Bank Account £220 Switch Bonus

Switch to an HSBC current account and get £220 cash after a full switch, 2 Direct Debits, £2,000 paid in, and £500 debit-card spend within 60 days. It is one of the stronger cash offers, but the activity requirements are real.

Read our full review · 4.1/5 →

Quick answer

Use the referral link for the HSBC offer. New eligible customers can get £220 after meeting the requirement: £2,000 deposit, £500 card spend and 2 Direct Debits. Last verified 2026-06-27.

Reward: £220
Referral code: No code required
Last verified: 2026-06-27

Difficulty: Medium
Time to claim: 15-20 minutes
Time to payout: Within 20 days after all terms are met

Get £220 ->

Ad / referral links — we may earn a bonus when you sign up.

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How to claim

Open an HSBC Bank Account through HSBC's current switch-offer route (new HSBC customers only — no HSBC or First Direct account since 1 Jan 2023).
Use the Current Account Switch Service (CASS) to switch from a different banking group.
Complete the switch with at least 2 active Direct Debits transferred.
Deposit at least £2,000 within 60 days of opening.
Spend at least £500 on the debit card within 60 days.
Receive £220 credited to your account once HSBC verifies the switch, pay-in, card-spend and Direct Debit conditions.

Eligibility & requirements

New HSBC customers only (no HSBC or First Direct account held since 1 January 2023).
Must use the full Current Account Switch Service.
Minimum £2,000 deposit and £500 card spend within 60 days.
At least 2 active Direct Debits must transfer over.
Application and payout timing are controlled by HSBC's live switch-offer terms.

Verification notes

Minimum spend/deposit: £2,000 deposit, £500 card spend and 2 Direct Debits
Last verified: 27 June 2026
Automated source check: 9 August 2026

Official source Non-affiliate link

Provider terms can change without warning. Treat this as a verification snapshot and confirm the live terms before applying.

Pros

Highest standard bank switch bonus available (£220).
Well-established bank with full branch network.
Solid mobile app and online banking.

Watch out for

Excludes anyone who held an HSBC Group account (HSBC or First Direct) recently.
Higher deposit and spend requirements than many competing switch offers.
No interest on balance.
The reward is not paid immediately; HSBC checks all qualifying activity first.

FAQ

How long does the £220 bonus take to arrive?: HSBC says the reward is paid after the qualifying conditions are met. Treat it as conditional on HSBC verifying the full switch, £2,000 pay-in, £500 card spend and 2 Direct Debits.
Can I do this if I had a First Direct account before?: No. First Direct is part of HSBC Group, so if you've held any HSBC or First Direct account since 1 January 2023, you're not eligible.
Do I have to keep the account open after getting the bonus?: There's no contractual minimum period stated, but closing immediately after the bonus lands may affect your eligibility for future HSBC offers. Most people keep it open for 3-6 months.

Bank SwitchingCurrent Account

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Added 16 June 2026 · Last updated 16 June 2026. Offers and terms change frequently - always confirm on the provider's site before applying.