HSBC now offers £1,000 for switching to its Premier current account and Isa - is it worth opening?
HSBC has hiked its switching bonus for new Premier current account customers from £250 to £500, which means you can now earn £1,000 when you combine this offer with an existing Isa incentive.
Customers that have previously plumped for the lower amount since it opened in March will also get the boost.
To be a Premier customer, you need to pay in an annual salary of £100,000 or more. Alternatively, you can have over £100,000 in savings and investments with the bank.
According to HSBC, the annual salary requirement equates to paying in at least £5,100 monthly.
When it comes to the Isa, you can earn £500 for opening one by depositing or transferring at least £100,000. This deal closes on 11 May, and you'll get your cashback by 30 September.
There's a good range of offers available from banking providers currently, including a £150 welcome bonus from Raisin for opening a savings account and Isa cashback from both Barclays and Lloyds.
HSBC has upped its switching bonus to lure Premier customers
How can you get £1,000 from HSBC?
1. Switch current account for £500
To get the £500 for switching your current account to HSBC Premier, you must use the Current Account Switch Service (CASS).
After the full switch, HSBC says that you have to continue to meet the Premier eligibility criteria and keep your account in 'good standing' to bag the £500 reward.
All being well, you'll get the cash in your account within 70 days.
But if you've held an HSBC or First Direct current account recently, you're out of luck – the deal restricts those who've had one of these products since 1 January 2025.
2. Open an Isa with at least £20,000 to get between £150 and £500
For the next £500 you need to open an HSBC Isa and deposit or transfer £100,000 or more before 11 May.
If you don't have this much to stash, you may still be eligible for a lower level of cashback.
You'll get £150 if you have between £20,000 and £49,999.99 and £250 if you have between £50,000 and £99,999.99.
Keep in mind that the money must be new funds to HSBC, meaning you can't just add money that you already hold with HSBC, First Direct or M&S Bank.
You'll get the cashback by 30 September, so you must hold the savings until at least then.
You'll also need to be mindful of the Financial Services Compensation Scheme limit of £120,000.
These accounts are eligible for the cashback:
- HSBC Loyalty Cash Isa - 3%
- HSBC Fixed Rate Cash Isa - 4.5%
- HSBC Global Investment Centre Stocks and Shares Isa
What other bank switch bribes are available?
If you're not eligible for the HSBC Premier deal, have a look at these switch bribes from other banks:
- Barclays – £200
- Lloyds – £200 (£500 for Lloyds Premier)
- Santander – £180
- First Direct – £175
- Natwest – £150
You can read our view of these accounts in our guide to the best current accounts.
If you're looking at opening an Isa for the long-term, it's worth considering a stocks and shares Isa.
Investing can give you a better chance of beating inflation over the long term than holding cash, but keep in mind experts suggest keeping your money in the market for at least five years.
Read our guides to investing for beginners and the best stocks and shares Isas for more.
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