9 May 2022

HSBC current account switch offer worth £170 springs up

A new current account offer from HSBC UK could see those switching to an Advance or Premier current account receiving £170 cash into their account, the bank announced today.

This offer runs from 9th May and is available alongside a separate offer which provides 6 months’ cashback on HSBC UK’s innovative ‘mix and match’ insurance offer, Select and Cover, worth an additional £117.

Tom Wolfenden, HSBC UK’s Head of Retail, said: “Recent HSBC UK *research showed that the increase in the cost of living is starting to bite, with a significant increase in those who say they have no disposable income but are taking proactive steps to balance the household budget.

“Eight in ten people are looking to implement additional changes to those they have already put in place, which shows people are trying to get a grip on their finances. While cutting back on everyday and occasional spending or cancelling any unwanted or unused subscriptions could help, taking note of the wide range of offers that could provide discounts or even cash, could make your money go further or go a little way to reducing the impact of the increase in the cost of living.”

On top of the new £170 switching offer and the ‘mix and match’ insurance offer, HSBC UK has five useful tools available to help support people with the increase in the cost of living:

Tom Wolfenden,
HSBC UK’s Head of Retail

  1. Balance after bills: HSBC UK’s Balance After Bills feature gives users an easy way to manage spending and make better financial decisions by simply showing them how much money they have left until payday after regular outgoings. The feature promotes better budgeting by providing insight into available funds from one month to the next and is currently used by around 3 million customers monthly.
  2. Subscription management tool: HSBC UK has also launched a subscription management tool (i.e. being able to see and cancel your recurring card payments like on-demand TV subscription services etc) to all customers on mobile. Our customers have cancelled over 200,000 subscriptions so far this year - around 2.5k a day.
  3. Financial Fitness Score Tool: To help people get to grips with their financial fitness, HSBC UK also offers a quick service through our website that can analyse people’s spending, borrowing and savings habits to give them a ‘fitness score.’ The result of this test will signpost to tips and support on ways to improve financial health, with the option of retaking the test at a later date to see an updated score.
  4. Educational resources: HSBC UK offers a broad range of educational resources around topics such as budgeting, as well as a budget calculator to help people take control of their spending. There is also additional support and guidance available for those who may be struggling more with their finances through: Money Worries | Support With Your Finances - HSBC UK
  5. Support to get into investing: HSBC UK also provides a lot of online resources to help people learn about investing. Through HSBC My Investment, we offer an online investment service available to the bank’s UK customers that allows people to invest with a starting amount of £50 per month, a lump sum of £1,000, or both, after completing a risk tolerance questionnaire.

Media enquiries to:

Email: UKPressOffice@hsbc.co.uk

Note to editors:

  1. *Total sample size was 2105 adults. Fieldwork was undertaken between 8th - 11th April 2022. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
  2. The Advance and Premier current account receiving £170 offer is available from 9th May 2022 and may be withdrawn at any time.
  3. To Open an HSBC Advance Account and within 30 days use the Current Account Switch Service to switch (with 2+ Direct Debits / standing orders) and in 60 days pay + £1,500 into the account. Once eligible, we’ll pay £170 into your account within 20 days. Offer for new customers who haven’t held an HSBC current account or opened a first direct current account since 1 January 2019. To be eligible for an HSBC Advance Account, you’ll need to be approved for £1,000+ arranged overdraft. Further offer and account T&Cs apply.
  4. Conditions for an HSBC UK Premier Account include having an individual annual income of at least £75,000 and one of the following with HSBC UK: a mortgage, an investment, life insurance or a protection product; or within 6 months, having savings or investments of at least £50,000 with HSBC UK.
  5. Select and Cover is available to HSBC UK customers who hold at least one of the following products: a bank, savings, mortgage or credit card account. It includes the following products: Travel insurance, Gadget insurance, Mobile phone insurance, Home Emergency and Excess insurance, Motor Breakdown cover and Starter Life insurance.
  6. The Select and Cover offer is to provide new HSBC UK Advance account holders with cashback equivalent to 6 months’ premium for a Policy with 3 insurance options, worth £117. A new Select and Cover policy must be taken out within 60 days of opening the Advance account. Payment of the Cashback reward will be made after payment for the 6 month premium have been received, provided the premium has been paid in full for the first 6 months without any break or lapse, and have otherwise acted in accordance with these terms and conditions.
  7. Select and Cover pricing options:
    Three Options: £19.50 a month (£234 a year)
    Four Options: £26.00 a month (£312 a year)
    Five Options: £32.50 a month (£390 a year)
    Six Options: £39.00 a month (£468 a year)
    Seven Options: £45.50 a month (£546 a year)
  8. One example of savings that can be made with Select And Cover vs purchasing individual policies:
    Policy HSBC Select And Cover including Travel, Mobile and Motor Breakdown Post Office – Premier Cover Travel Insurance Mobile - Protect Your Bubble (3 gadgets inc loss) Motor Breakdown – AA Family breakdown cover
    Annual Price £234 £364.37 £245.88 £259
    Saving per year (£364.37 + £245.88 + £259) £869.25 - £234 = £635.25 saving


HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$3,022bn at 31 March 2022, HSBC is one of the world’s largest banking and financial services organisations.