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Get £170 when you switch to HSBC Advance

Have a little something on us when you switch

To claim your £170 welcome bonus, you'll need to open an HSBC Advance Account and start your switch within 30 days using the Current Account Switch Service.

You'll also need to pay at least £1,500 into your account within 60 days and switch 2+ Direct Debits or standing orders. New customers only. T&Cs and other eligibility criteria apply.

  • To apply for an Advance Account, you must be 18+, live in the UK or EU and qualify for an (optional) arranged overdraft of at least £1,000.

HSBC UK Advance Debit card image

Offer details

To qualify for your £170 welcome bonus, you must:

  • Switch your current account to us using the Current Account Switch Service, including at least 2 Direct Debits or standing orders

  • Start your switch within 30 days of opening your account

  • Deposit at least £1,500 into your new account within 60 days of opening it

You will not qualify for the offer if:

  • you've had an HSBC current account since 1 January 2019
  • you've opened a first direct current account since 1 January 2019

 

We'll pay your welcome bonus into your account within 30 days of you meeting all the eligibility criteria. 

About your optional arranged overdraft

Arranged and unarranged overdrafts

When you open this account, you'll have the option to take out an arranged overdraft.

An arranged overdraft allows you to borrow money (up to an agreed limit) if there’s no money left in your account. This can be useful if you're hit with an unexpected bill, for example.

If a payment would take you past your arranged limit (or if you don’t have one), we may let you borrow using an unarranged overdraft. There's a chance that payments you try to make using an unarranged overdraft may be declined. However, we'll always try to allow essential payments if we can. Using an unarranged overdraft for more than 30 days can harm your credit score.

You can apply for an arranged overdraft when you open your account, or at any time later. You can ask to increase, remove or reduce your limit at any time in online or mobile banking, by phone or in-branch. Your new limit can't be less than what you owe.

Overdrafts are designed for short-term borrowing only and are subject to status.

Overdraft text alerts

If we’ve got your mobile number, we’ll send you an SMS text alert if you’ve gone overdrawn or we know you’re about to. These alerts are designed to help you manage your overdraft usage and avoid being charged interest.

You can opt out of overdraft text alerts by calling us or asking us in-branch – but remember you’ll be opting out for all your current accounts with us. If you opt out or we don’t have an up-to-date number for you, you could end up paying interest you might otherwise have avoided.

How does our overdraft compare?

You can compare our overdrafts with other ways of borrowing by looking at the representative annual percentage rate (APR). The Representative APR is the cost of borrowing over a year and lets you compare the costs with other credit products.

This account comes with a £25 interest-free buffer. If you go overdrawn by more than that, you'll need to pay interest on the amount you borrow at the rate shown below.

Representative example: 0% EAR (variable)1 on the first £25, 39.9% EAR (variable) on anything above that, giving a representative rate of 38.9% APR (variable)2. Based on an arranged overdraft of £1,200.

The monthly cap on unarranged overdraft interest is £20.

Ready? Apply and switch to get your £170

Additional information

1. EAR stands for effective annual rate. This is how all UK banks must show interest rates on their overdrafts, to make it easier for you to compare one bank’s overdraft with another. Please note that it doesn’t include any fees you might be charged in addition to interest.

2. APR stands for annual percentage rate. This is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. It takes into account not just the interest, but also any other charges you may have to pay, as well as any interest-free amount.