Overview
- HSBC launched a £220 switching bonus on June 16 that pays to customers who use the Current Account Switch Service, move at least two direct debits, deposit £2,000 and spend £500 on the linked debit card within 60 days.
- HSBC also announced a separate £500 Premier switching reward that requires high income or savings thresholds, while rivals have matched with their own time-limited packages.
- Barclays is running two switch options valid until August 27, 2026: a £200 cash payment for standard switches and up to £600 in experience rewards for customers who meet Barclays Premier criteria.
- Challenger Revolut is competing without a full switch by offering a £20 sign-up payment and a promotional 5% AER savings rate for new instant-access accounts for six months.
- Consumer experts and MoneySaving sites caution customers to read eligibility rules, note that banks usually pay bonuses only after conditions are met, and consider ongoing cashback or interest that can exceed one-off payouts while multiple applications may trigger hard credit searches.