![](https://media.product.which.co.uk/prod/images/original/d6fdd8b00ec1-money-mag-banner-1.jpg)
Get Which? Money magazine
Find the best deals, avoid scams and grow your money with our expert advice.
Sign up nowHSBC has launched a switching bonus for new customers moving to its Advance account.
You could pocket £200 for moving to the account, which comes with an optional arranged overdraft (worth a minimum of £1,000) and a linked savings account offering 5% AER.
Here, Which? takes a closer look at the new offer, and compares it to other switching incentives on the market right now.
This current account is free to open and offers a minimum arranged overdraft of £1,000.
The overdraft has a £25 interest-free buffer, but the rest of what you borrow is charged at 39.9% EAR (variable). This means if you go overdrawn by more than £25 you’ll pay interest.
If you need to use an overdraft, you may be better off looking at accounts that offer bigger fee-free allowances or cheaper rates.
You can also open a linked HSBC Regular Savings account, offering 5% AER for 12 months. You can save up to £250 each month up to a total of £3,000. But you won’t be able to make withdrawals during the 12 months.
You’ll also be eligible to get money off at the likes of Costa, Asos and Not on the High Street with its Home & Away rewards programme.
To get the HSBC £200 switching incentive, you’ll need to switch using the Current Account Switch Service (CASS).
You’ll need to have at least two direct debits or standing orders set up from the new account within 30 days, and pay in £1,500 within the first 60 days.
Once you meet all the eligibility criteria you'll get the £200 into your account within 20 days.
This offer is only open to new customers and you can’t have held a HSBC current account or opened a new First Direct current account since 1 January 2020.
You’ll need to be over 18 and qualify for an optional arranged overdraft of at least £1,000.
Find the best deals, avoid scams and grow your money with our expert advice.
Sign up nowHalifax got a customer satisfaction score of 71% in our latest survey of the best and worst banks, putting it in 18th place out of 21 providers we covered.
Customers rated it highly for its online banking service and online banking app. But it received a middling score for its call-based customer service and how it deals with complaints.
HSBC hasn’t provided an end date to the switching offer, however we know these offers don’t always stay around for long if they prove popular.
For example, the recent £175 switching offer from Halifax was only available for a few weeks before it recently closed.
So, if you've spotted a bank account that's right for you, we suggest you move sooner rather than later.
HSBC isn't the only bank encouraging people to switch using a cash incentive. Below we've rounded up the current offers to consider. Just remember to check our best and worst banks review to weigh up whether it's worth making the move.
You can get a £200 bonus if you switch to either the NatWest or RBS Select, Reward, Premier Select or Premier Reward accounts – each provider's accounts work in the same way.
Select current accounts are fee-free, while Reward accounts come with a £2 monthly fee and added perks such the ability to earn up to £5 a month (or £60 a year) back in rewards.
You aren’t eligible for the bonus if you’ve had any bonuses from NatWest, RBS or Ulster Bank since October 2017.
Premier bank accounts are for those who either earn at least £100,000 a year, have a mortgage of at least £500,000 with NatWest or RBS, or have at least £100,000 in savings and investments saved with NatWest or RBS.
Regardless of which account you choose, you'll need to deposit at least £1,250 and log into your mobile banking app within 60 days to get the £200.
First Direct is offering £175 to new customers who switch to its 1st Account.
You must use the Current Account Switch Service to switch, deposit £1,000 within three months of opening the current account and you cannot have been an HSBC current account holder on or after 1 January 2019.
The bonus will be paid into your account within four months.
The 1st Account offers a £250 interest-free overdraft (subject to status), has no monthly fees, and has a regular saver account which pays 7% AER, fixed for 12 months.
First Direct was named a Which? Recommended Provider in our latest survey on the best and worst banks. Nearly every aspect of its service was rated five stars by customers, including online banking, complaints handling and overall customer service.
Join us on our weekly audio show for the latest money news and personal finance hacks to help make you better off.
Listen now