HSBC switch bonus: which Direct Debits count?
HSBC pays £220 when you switch to its Bank Account. Here’s what its Direct Debit condition means and how to meet it.
HSBC’s £220 switch bonus needs a full switch to an HSBC Bank Account that includes 2 Direct Debits, completed within 60 days of opening the account in the app. You must also pay in £2,000 and spend £500 on your debit card. HSBC’s offer page doesn’t say the Direct Debits must have collected a payment, but setting them up early is safer.
What HSBC asks for
| Condition | What the bank says |
|---|---|
| Account | HSBC Bank Account, opened in the HSBC UK mobile banking app. The Basic Bank Account isn’t eligible. |
| Switch | A full switch through the Current Account Switch Service within 60 days of opening the account |
| Direct Debits | The switch must include 2 Direct Debits |
| Pay in | £2,000 |
| Card spending | £500 on your HSBC debit card |
| Who can apply | New customers only. Not if you’ve held an HSBC UK or first direct current account since 1 January 2023. |
| End date | None given. HSBC says it can withdraw the offer at any time. |
Do the Direct Debits need to be active?
HSBC’s offer page says the switch must include 2 Direct Debits. It doesn’t define active or say a payment must already have been collected. Read the full offer terms before you switch.
The Direct Debits must be on your old account, because the switch moves payments from there. Payments set up in the 7 working days before your switch date may not move across. The safest approach is to set up any missing Direct Debits a week or two ahead and wait until the first payment has left your account.
Can you get both the HSBC and first direct bonuses?
Usually not. first direct is part of HSBC. HSBC excludes anyone who has held a first direct current account since 1 January 2023, and first direct excludes anyone who opened an HSBC current account on or after 1 January 2018. Pick the one that suits you. See the first direct switching guide.
Is Switch Direct Debit suitable for HSBC?
HSBC’s offer page doesn’t exclude subscription payments, unlike Lloyds. It also doesn’t confirm that any particular payee counts, so we can’t promise it will. If you need two Direct Debits, two to the same business may not count as two. One of ours plus an existing bill is a safer mix. HSBC decides who gets paid.
Step by step
- Check you’re not excluded (see the table above).
- Make sure your old account has 2 Direct Debits. Set up any you’re missing and wait for the first payment.
- Open an HSBC Bank Account in the HSBC UK app.
- Request a full switch within 60 days. Your old account will close.
- Pay in £2,000 and spend £500 on your debit card.
- Keep the Direct Debits running until the bonus is paid. See when to cancel.
Questions
How much is the HSBC switch bonus?
£220 when you switch to an HSBC Bank Account. HSBC Premier offers £500, but only with a salary of £100,000 or more, or £100,000 in savings or investments moved to HSBC.
How many Direct Debits do you need for the HSBC switch?
Two. They must be included in the full switch from your old account.
Do standing orders count for HSBC?
HSBC’s offer page only mentions Direct Debits. first direct accepts standing orders, but HSBC doesn’t say it does.
Can I use the HSBC Basic Bank Account?
No. HSBC says the Basic Bank Account isn’t eligible for this offer.
Can I get it if I’ve had a first direct account?
Not if you’ve held an HSBC UK or first direct current account since 1 January 2023.
Do I have to close my old account?
Yes. A full switch through the Current Account Switch Service moves your payments and closes your old account.
When does HSBC pay the bonus?
HSBC’s offer page doesn’t say. Check the full offer terms when you apply.
When does the HSBC offer end?
HSBC gives no end date and says it can withdraw the offer at any time.