HSBC UK’s £220 Switch and Save offer
HSBC UK has launched a £220 account switching offer1 encouraging consumers to build a regular savings habit, as data from the bank reveals the areas of our daily lives where we are trying to make savings, from cancelling subscriptions (31%) to opting for cheaper grocery items (44%)2.
The offer, to switch to an HSBC UK Advance or Premier Bank Account using the Current Account Switch Service, is available until further notice. Customers can receive £100 after opening an Advance or Premier Account and meeting the criteria1 which includes opening an Online Bonus Saver3. If customers continue to meet ongoing monthly criteria including making a monthly deposit of a minimum of £50 into their Online Bonus Saver they could receive up to a further £120 over 12 months as part of the offer.
The offer aims to support customers in building healthy savings habits, particularly during challenging times, and help them achieve their savings goals. HSBC UK’s data from 2,000 consumers has found that half of us are regularly reviewing our spending and choosing to cut back on non-essentials, including driving less often (23%), cancelling media subscriptions (25%) and taking less holidays (31%). Four in ten (48%) are searching for offers and discounts before making a purchase.
Pella Frost, HSBC UK’s Head of Everyday Banking, said: “It’s encouraging to see that people are regularly reviewing their spending to see where they can make savings. To make that money grow, consumers should consider transferring the extra cash straight into a savings account.
“A switch to HSBC UK could give a customer a cash injection of up to £220 and help them start a rewarding regular savings habit.”
HSBC UK current savings rates:
- Online Bonus Saver: 4.00% (on account balances less than £50k).
- One Year Fixed Rate Saver: 4.30%
- Flexible Saver account: 2.00%
- Premier Savings account: 2.25%
HSBC UK’s research also found 44% of us are shopping at a cheaper supermarket, 43% have reduced spending on birthday gifts and 11% are using public transport more often.
HSBC UK’s seven steps to saving success
- Review your account. Is your current account still serving its purpose or could you benefit from switching to an account that offers you more? Are there any direct debits that are no longer essential? Look through your transaction list with a critical eye to review your spending.
- Find out your financial fitness. Knowing how healthy your finances are can help you work out what you need to do to achieve your savings goals. HSBC UK offer a free health check over the phone. Alternatively, use the financial fitness tool to get tips on how to improve your financial health.
- Budget: plan your spending. Like a balanced diet for your physical health, a budget can be the first step to better financial health and financial resilience. It should include essentials like rent or mortgage, utility bills and transport, as well as variable expenses like eating out, entertainment, travel, plus the odd treat.
- Save money (even if it’s just a little bit). Having goals and saving towards tangible targets is a great way to stay motivated. The key is to make it a habit. One tip is to set up a standing order to your savings account for just after you get paid, so you don’t need to remember to make a payment. Just like your current account, it’s good practice to regularly review your savings account to make sure the features and benefits are working for you. HSBC UK will often ‘nudge’ customers who may benefit from reviewing savings about new offers or accounts that can earn them more interest.
- Do your research. While you don’t want to be over-thinking or second guessing every purchase you make, it’s well worth doing your research when it matters. Flights are a good example: find out which days might be cheapest to fly and how long in advance you should book to get the best price. Use comparison sites to look for better deals on finance products and utilities.
- Look for rewards. Whilst switching can save you money, sometimes it pays to be loyal. If you shop at a retailer that has a loyalty scheme, you could take advantage of special member pricing, as well as receive money off vouchers and discounts. Similarly, some credit cards will offer cash rewards when you accumulate points on spending.
- Prepare for the unexpected. Most of us experience the shock of an unexpected bill every once in a while, but having an emergency fund can help you deal with some of life’s curveballs. We recommend saving up about three months’ worth of living expenses. This would also help if you lost your primary source of income, such as your job.
Note to editors:
- HSBC Advance & Premier Bank Account Switching Offer
To qualify for the £100 incentive customers must: - Apply for a HSBC Advance, or Premier bank on or after 11 March 2024, while the offer is live and go on to successfully open the account.
- Switch an existing account using the Current Account Switch Service (“CASS”) within 30 days of opening an eligible current account. The switch must include at least two Direct Debits or standing orders.
- Deposit at least £1,500 into the account over one or more payments (this can be their mandated salary).
- Make a minimum of 20 transactions4 using their HSBC debit card.
- Register and log on to mobile banking.
- Open an Online Bonus Saver and deposit at least £50.
- Hold an eligible current account with at least two Direct Debits or standing orders
- Log onto mobile banking app
- Deposit at least £1,500 into their eligible current account
- Make a minimum of 20 transactions4 using their HSBC debit card
- Make a monthly deposit of a minimum of £50 into their Online Bonus Saver.
- Are an HSBC UK or fd current account holder on the date of application or have been on or after 1 January 2019.
- Are Channel Island or the Isle of Man residents.
- Complete a manual switch (e.g. if existing provider does not subscribe to CASS).
and within 60 days of opening the account:
If customers complete all the above steps, they will receive £100 paid into their current account within 30 days.
To receive a further £120 customers must complete all the qualification criteria above and each month:
Customers will receive £10 per month (up to a maximum of £120 – or 12 monthly payments) paid by the 20th of the following month if they have met qualifying criteria in the previous month.
If customer doesn’t meet the save offer criteria one month, they won’t receive the ‘monthly bonus payment’ for that month. This doesn’t stop a customer from meeting the criteria the next month and then returning to receiving the monthly bonus payment.
Customers will NOT qualify for the offer if they:
2Research conducted by YouGov on behalf of HSBC UK. Total sample size was 2,198 adults. Fieldwork was undertaken between 22 - 23 November 2023. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
3Online Bonus Saver estimated balance after 12 months based on a £1,000 deposit:
| Initial Deposit | Rate Type | Interest Rate | Balance at end of 12 months |
| £1,000 | Standard | 2.00% AER / 1.98% gross | £1,020 |
| £1,000 | Interest rate including bonus | 4.00% AER / 3.93% gross | £1,040 |
4The following payments are excluded: gambling transactions, credit card or insurance payments, cash withdrawals and card to card payments.