HSBC launches £500 bank switch deal to new customers | Personal Finance | Finance

HSBC UK has announced a new incentive aimed at attracting customers to its fee-free Premier current account, following the account’s relaunch earlier this year.

The promotion offers a shopping experience at Selfridges, including a £500 gift card and additional perks, for new eligible customers. To qualify, people must have a minimum annual income of £100,000 and complete a full account switch to HSBC Premier using the Current Account Switch Service.

This incentive forms part of HSBC’s broader Premier account offering, which was updated in February. The new account includes a range of benefits across areas such as wealth management, international services, travel, and health, along with access to round-the-clock customer support.

The changes are intended to align with the needs of its higher-income customers. Full details of the account can be found here.

Sabine Fichaux, head of customer propositions at HSBC UK, said: “We have redesigned our Premier offering to ensure our perks and benefits echo what our customers want from a premium bank account, all still without a monthly fee.”

She added: “Our priority has always been for customers to experience premium service from the moment they join Premier.

“This new offer is a great introduction to everything our premium account has to offer, including access to preferred products, wealth specialists and other exclusive benefits.”

How to qualify for the offer

Eligible customers who complete the switch will be entitled to one Selfridges VIP shopping experience, including access to the “The Selfridges Lounge,” a complimentary drink and a £500 Selfridges Gift Card.

To qualify, people must complete a full switch, including their monthly salary (equivalent to an individual annual salary of £100,000 or more) and two or more Direct Debits, using the Current Account Switch Service (CASS) by August 12, 2025. You must also be a UK resident.

The monthly salary payments and two direct debits must be maintained until October 31, 2025.

Eligible customers who complete this will receive an email on or after November 9, 2025, to claim their gift card.

The account must be opened within 30 days from the date of application, and customers must allow a minimum of 10 days for the full switch to complete by August 12.

The offer, which is limited and can be withdrawn at any time, is not available to existing HSBC and first direct current account customers.