17 April 2023

HSBC UK adds £200 switching offer and increases saving rates

HSBC UK is reintroducing its £200 current account switching offer in addition to increasing savings rates for the tenth time in just over a year, the bank has confirmed.

The offer, available for successful applications1 to switch to an HSBC UK Advance or Premier Bank Account using the Current Account Switch Service, is available from 17th April, with no end date set at this time.

This move comes as HSBC UK reports a 15% increase in the total number of customers using the bank’s mobile banking app compared with Feb 2022, in addition to a 19% increase in the total number of app log-ins over the same time period, suggesting more customers are keeping a closer eye on their finances and more frequently.

While the bank reports its customers being more vigilant on their finances, additional research for the bank shows that most people rarely think about switching bank accounts, with two-thirds (67%) of people not having considered switching their current account.

The research also shows that more than half the population (54%) have had the same current account for over a decade, with more than two in five staying put for even longer at over 15 years (41%). Nearly one in five (18%) say they’ve had the same current account for over 20 years.

Pella Frost, HSBC UK’s Head of Everyday Banking

Pella Frost, HSBC UK’s Head of Everyday Banking, said: “We are here to help our customers, and it is extremely encouraging that they are also helping themselves by keeping an eye on their finances. It is evident from our new research that people could do more to review their finances by considering the benefits of switching their current account, including the possibility of earning a cash reward for switching alongside opening a linked savings account to help them make the most of their money.”

“With HSBC UK’s Regular Saver providing 5% AER/Gross, fixed for 12 months, and increases to interest rates of up to 0.50% on other savings accounts, a switch to HSBC UK could give a customer £200 cash and help them start a rewarding regular savings habit.”

Increases to savings rates include:

  • 1 Year Fixed Rate Savings Account up 0.50%, increased to 4% from 30th March 2023.
  • Online Bonus Saver instant access account up 0.25%, increasing to 3.50% on first £10,000(incl. bonus) from 20th April 2023.
  • My-Savings / Premier My Savings youth account up 0.25%, increasing to 4.25% on first £3,000 from 20th April 2023.

On Cost of Living support, Pella Frost added: “Banks have never been better equipped to help customers who have money worries. Our Financial Support Team, working alongside those in our branches and on the phone are trained to support customers when they need help, but it is really important that people reach out to their providers at the earliest opportunity. Missing payments can impact your credit rating, which can have a knock-on effect to other areas of your life, including things like getting a new mobile phone contract.”

“I strongly encourage customers to get in touch with us and their other suppliers early if they have money concerns or see financial difficulties on the horizon. If you are up to date with your payments, contacting us to let us know about any money worries you have won’t impact your credit file. We stand ready to help.

“We would also encourage people to make the most of our wider package of support and information. Anyone can sign up to a session with a financial wellbeing consultant, regardless of whether they are a customer or not. It can be really helpful to get an outside perspective on ways to manage money - a good first step is to take our financial fitness test and get your score – you’ll then be signposted to support available.”

Media enquiries to:

Steve Gracey - steve.gracey@hsbc.co.uk | 020 7991 4118

Email: UKPressOffice@hsbc.co.uk

Note to editors:

  1. HSBC Advance & Premier Bank Account Switching Offer Customers must:
    • Apply for a HSBC Advance, or Premier bank on or after 17th April 2023, while the offer is live and go onto successfully open the account.
    • Complete a full switch of their existing current account to us using the Current Account Switch Service (CASS), with at least two Direct Debits or Standing Orders. They must start the switch within 30 days of opening their new account.
    • Customers must deposit at least £1,500 by 1 or more deposits into the new account within 60 days of opening their new account.
    • The £200 will be paid within 20 days of the above criterion being satisfied.
    • Customers will NOT qualify for the offer if they:
      • Have held an HSBC UK current account since 1st Jan 2020.
      • Have opened a first direct current account since 1 Jan 2020. They may hold a first direct account if it was opened before 1 Jan 2020.
      • Are Channel Island or the Isle of Man residents.
      • Complete a manual switch (e.g. if existing provider does not subscribe to CASS).

  2. Table showing increases to Savings accounts coming into effect on 20th April 2023:

  3. Product Tier Rate to 19APR Rate as at 20APR
    Instant Access Premier Savings £1+ 1.50% 1.60% (+0.10%)
    Flexible Saver £1+ 1.20% 1.30% (+0.10%)
    Online Bonus Saver <£10k (Inc. Bonus) 3.25% 3.50% (+0.25%)
    >£10k (Inc. Bonus) 1.75% 2.00% (+0.25%)
    Exc Bonus 1.20% 1.30% (+0.10%)
    ISA Help To Buy ISA <12k 2.50% 2.75% (+0.25%)
    >12k 1.20% 1.30% (+0.10%)
    Youth Future Saver for Children >£1 1.50% 1.60% (+0.10%)
    MySavings / Premier My Savings >£3k 1.50% 1.60% (+0.10%)
    <£3k 4.00% 4.25% (+0.25%)
    Fixed Regular Saver
    5.00% 5.00%
    Fixed Rate Saver - 1 Year
    3.50% 4.00%* (+0.50%)
    Fixed Rate Saver - 2 Year
    3.75% 4.10%* (+0.35%)

    *Fixed Rate Saver interest rates increased on 30th March 2023

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, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one of the world’s largest banking and financial services organisations.