HSBC launches £500 bank switch deal for new customers - how to claim

The exclusive offer rewards eligible customers with a VIP shopping experience at Selfridges stores nationwide, including a £500 gift card and additional perks

The promotion targets new customers with a minimum annual income of £100,000 who complete a full account switch to the bank's flagship premium fee-free account.

The switching incentive is available for new customers only and forms part of HSBC's strategy to attract clients to its premium banking offering.

To qualify for the promotion, customers must meet the eligibility criteria of a £100,000+ salary and complete a full switch to a Premier account through the Current Account Switch Service.

The VIP shopping experience at Selfridges includes the £500 gift card alongside other exclusive perks as part of the retail package.

The promotion provides immediate access to the enhanced Premier account benefits while delivering what the bank describes as VIP treatment from the moment customers join the service.

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The offer, which is limited and can be withdrawn at any time, is not available to existing HSBC and first direct current account customers.

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.

"We know our customers value premium experiences, which is why we have introduced a switching incentive that offers them VIP treatment."

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."

The enhanced Premier account includes Premier Health services through the new HSBC Health App. This offers digital GP appointments, remote physiotherapy, personalised treatment plans, mental health support, health check kits and up to two second opinions annually for customers and their families.

Premier Travel benefits retain free worldwide travel insurance for the whole family, including cover for dependents travelling up to age 23.

The account also provides preferential rates on foreign exchange and international payments to support customers' international lifestyles.

Additional features include access to deals and discounts via a dedicated web page, plus special offers and rewards from brand partners, alongside round-the-clock customer support.