HSBC UK is increasing its switching incentive to £500. Eligible customers can get £500 cashback when they switch to an HSBC Premier Bank Account.

Customers who applied under the previous £250 offer will also get £500. They must pay in £100,000 or more, or open a Premier account and keep £100,000 in savings and investments with HSBC UK.

Carl Watchorn said HSBC Premier is designed to deliver long-term value. Increasing the switching incentive makes it more rewarding to experience Premier benefits.

The enhanced offer supports customers in building financial resilience. HSBC has also introduced an ISA incentive to encourage savers to maximise their tax-free allowance.

Criteria must be met.

New customers could earn up to £1,000 in cashback by combining incentives. Premier customers get exclusive features like health benefits and digital GP appointments.

Members get free worldwide travel insurance and preferential rates on foreign exchange and international payments.

Support from wealth specialists and preferential rates on loans, mortgages, and savings are included.

Applicants must be UK residents, aged 18 or over. They must open an HSBC UK Premier Bank Account after March 23, 2026.

Within 90 days, they must complete a full switch to their Premier Account, paying in £100,000 or more, or depositing and maintaining £100,000 in savings and investments.

Customers must continue to meet the account eligibility criteria to keep their Premier Bank account.

Existing HSBC UK or first direct current account holders do not qualify.

It's for people with money.

The cash reward will be paid into the new Premier Account within 70 days of qualifying. The offer is valid once per person.

Those with a Joint Account can only get one welcome bonus per account. The reward will only be paid if customers remain eligible.

HSBC UK can end the offer without notice. Customers who have already requested a switch will still get the offer if they meet the requirements.