Notifications can be managed in browser preferences.Jump to contentIndependentSwipe for next articleIndependent Bulletin homepageDownload our appAllNewsSportCultureLifestyleSimon EnglishTuesday 16 June 2026 14:50 BSTHSBC UK has launched a new £220 cash incentive for customers switching their current account (Mike Egerton/PA) (PA)HSBC UK has launched a new £220 cash incentive for customers switching their current account, making it the top offer for upfront bonuses in the market.To qualify for the £220 bonus, new customers must use the Current Account Switch Service, transfer at least two direct debits, pay in £2,000, and spend £500 on a linked debit card within 60 days.While HSBC's incentive provides a large immediate payout, Kate Steere, personal finance expert at Finder, said Santander's Edge account could generate greater returns over a year.HSBC also provides a separate £500 switching bonus for eligible Premier account customers, which requires a personal salary of at least £100,000 or £100,000 in savings and investments with HSBC UK.This new offer is likely to intensify competition among banks, with others like First direct, Nationwide, and Lloyds also offering various cash incentives and perks to attract new customers.In fullHSBC launch £220 offer to switch banks - but how does it stack up against the competition?Thank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in