HSBC UK doubles Premier switching reward to £500 in boost to attract new customers
Eligible customers can receive £500 cashback when they switch their current account to an HSBC Premier Bank Account using the Current Account Switch Service (CASS) and meet the account eligibility criteria*. Those customers who applied under the previous £250 cashback offer which launched in March, will also receive the full £500.
Customers can qualify for the reward by paying in an annual personal salary of £100,000 or more, or by opening a Premier account and maintaining £100,000 or more in savings and investments with HSBC UK.
Carl Watchorn, Head of Premier Banking at HSBC UK, said:
“HSBC Premier is designed to deliver meaningful, long-term value for our customers. By increasing our switching incentive to £500, we’re making it even more rewarding to experience the full benefits of Premier from day one, alongside ongoing support to help customers manage, grow and protect their wealth.”
The enhanced offer forms part of HSBC UK’s wider focus on supporting customers in building financial resilience and growing their wealth. The bank has also recently introduced an ISA incentive designed to encourage savers to maximise their annual tax-free allowance.
Together, these offers mean new customers could now earn up to £1,000 in cashback by combining both incentives.
Beyond the introductory reward, HSBC UK Premier is a full-service banking proposition designed to help customers maximise their financial potential, whether through preferential savings rates, tailored lending, or expert guidance on investments.
Premier customers also benefit from a range of exclusive features, including:
Premier Health:
- Gain a range of health benefits and services, provided by Square Health (Individual terms and conditions apply)
- Access digital GP appointments, mental health support, plus second opinions for you and your family
Premier Travel, International and Lifestyle:
- Free worldwide travel insurance remains in place for the whole family and includes cover for dependents traveling with you up to age 23.
- Preferential rates on foreign exchange and international payments.
- Customers also have access to a range of new Premier offers in the rewards and benefits hub in the HSBC mobile app. (Individual T&Cs apply)
Premier Wealth:
- Plan for your future with support from a team of wealth specialists (fees and eligibility apply)
- Benefit from a range of preferential rates on loans, mortgages and savings
- An even more premium service: the HSBC UK Premier team are now here to help 24/7 via chat or telephone, while eligible customers also have access to relationship management, tiered according to their level of investments.
Media enquiries to:
Leila Taleb
Leila.Taleb@hsbc.com or UKpressoffice@hsbc.co.uk
*Eligibility criteria and terms apply:
What is the Premier Welcome Reward offer?
- Get a £250 reward when you switch your current account using CASS to an HSBC UK Premier Bank Account and pay in your annual personal salary of £100,000+. Typically, this means paying in at least £5,100 monthly.
- You can also qualify for the £250 reward by opening an HSBC UK Premier Bank Account and depositing and maintaining £100,000 or more in savings and investments with HSBC UK.
- These terms and conditions lay out the full eligibility criteria for this offer. By taking part in the Premier Welcome Reward offer, you’re agreeing to these terms and conditions
How do I qualify for this offer?
- Be a UK resident, aged 18 or over.
- Open an HSBC UK Premier Bank Account (“Premier Account”) on or after 23 March 2026 and before this offer is withdrawn.
- Within 90 days of account opening, qualify for Premier by either:
- Completing a full switch to your Premier Account from an existing current account using the CASS switch service, including paying in an individual annual salary of £100,000+; typically, this means paying in at least £5,100 monthly, or
- Depositing and maintaining £100,000 or more in savings and investments with HSBC UK
To keep your Premier Bank account, you will need to continue to meet the account eligibility criteria. If you no longer qualify, we may need to review your account status. For more information about the HSBC Premier Bank Account, including the eligibility criteria, visit hsbc.co.uk/premier.
You don’t qualify if:
- You’re an existing HSBC UK or first direct current account holder or have held a HSBC UK or first direct account on or after 1 January 2025.
- You only qualify for a Premier Account by being an HSBC staff member.
How and when will I be paid
- After meeting the offer criteria, the cash reward will be paid in GBP into your new Premier Account within 70 days of you qualifying.
- This offer is valid once per person.
- If you have a Joint Account (either a joint current account or joint savings/investments), you can only get one welcome bonus per account, not one each.
- The reward will only be paid if you remain an eligible Premier Account customer with an open account that is not restricted or suspended at the time of the reward.
When can we end the offer?
HSBC UK may end this offer without prior written notice at any time. If we do this, and you’ve already requested a switch, you’ll still get this offer if you meet all the requirements.
Your Personal Data
HSBC, its group companies, and its authorised third parties will only use your personal data provided in relation to the offer for the purposes of administering the offer reward. Your data will be treated in accordance with our Privacy Notice.
What else do I need to know?
- HSBC UK Bank plc (“HSBC”, “we”, “us”, or “our”) is the promoter of this offer.
- We’re not responsible for any loss or damage you incur by taking part in the offer unless the loss or damage is caused by our negligence.
- We can change these terms and conditions or cancel the offer without telling you in advance if:
- Required by law; or
- There are reasons beyond our control; or
- There’s a fair or valid reason.
- In the event of any changes or cancellation of the offer, we will not be held responsible for any resulting loss, direct or indirect, due to the inability to continue the offer as planned.
- If you receive the reward, then this may be reportable to HMRC, and you are responsible for any tax liabilities. We do not provide tax advice, please speak to a tax advisor if needed.
- The offer is intended for individuals participating in good faith, a genuine way and for lawful purposes. If HSBC reasonably believes you’ve acted in a way that is suspicious or fraudulent, such as trying to abuse the offer, HSBC may choose not to pay the reward and may suspend your account.
- These terms and conditions are governed by English law, and claims can be brought in courts in the United Kingdom.
Notes to editors:
HSBC UK
HSBC UK serves over 15 million active customers across the UK, supported by 23,000 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 UK is a ring-fenced bank and wholly-owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 56 countries and territories. With assets of US$3,233bn at 31 December 2025, HSBC is one of the world’s largest banking and financial services organisations.