HSBC vs Nationwide £200 switching bonus – how do the accounts compare?

It's HSBC vs Nationwide: HSBC has matched Nationwide’s switching bonus for customers looking for a new current account. We explain how they compare.

HSBC vs Nationwide
(Image credit: Getty Images / Future pLC)

HSBC’s latest switching offer matches Nationwide’s £200 deal and makes both banks the most attractive on the market if you’re looking to make some cash by switching your bank account.

If you’re already thinking about changing your bank account, now is a good time to give it a go with two big-name high street banks offering you £200 to switch. But which bank account switching deal is right for you?

Switching bank accounts is straightforward, the Current Account Switch Service (opens in new tab) takes care of it all for you – it only takes seven days and your balance, direct debits and standing orders follow you to your new account. So you shouldn’t miss a bill or payment.

But to qualify for a switching bonus you’ll usually have to tick a few boxes, like closing your old account, setting up a certain number of direct debits and having a minimum amount of money in your account.

We’ve taken a closer look at both offers to see how they compare.

HSBC vs Nationwide £200 switching bonus – how do the accounts compare?

HSBC’S £200 switching offer

The front of an HSBC high street branch

HSBC is offering £200 if you move to either its Advance or Premier account, using the Current Account Switch Service.

(Image credit: Bloomberg / Getty images)

Those interested will need to apply for a HSBC Advance (opens in new tab) account (or if you're lucky enough to earn more than £75,000 a HSBC Premier (opens in new tab) account)using the Current Account Switch Service and, unlike typical switching offers, there's no minimum monthly pay-in to keep the account, though you will need to deposit £1,500 once to get the bonus.

HSBC is offering £200 to those who open either its Advance or Premier accounts, using the Current Account Switch Service.

In order to qualify, you will need to start your switch within 30 days of the account opening, and then pay at least £1,500 into the account within 60 days. You will also need to switch at least two direct debits or standing orders. 

The Advance account is a free bank account and comes with an optional arranged overdraft of up to £1,000. The Premier account is also free but comes with more impressive features, such as free worldwide travel insurance and the first £500 of your overdraft being fee-free. In addition, you qualify for better rates on mortgages and ISAs with HSBC.

The switching offer is only available to new HSBC customers. In fact, to be eligible you cannot have had an HSBC account or have opened a First Direct current account since 1 January 2019. Once all eligibility criteria have been met, you’ll receive the £200 within 20 days.

Key HSBC account info at a glance

Swipe to scroll horizontally
Overall service quality*App ratingsBranches in UK 24/7 customer support
54%4.6 / 5 stars Google Play, 4.8 / 5 stars Apple Store 441 in total - 96 full service branches, 172 smaller cash service branches and 173 digital 'self-service' branchesYes - in emergencies

*Source: CMA banking survey (opens in new tab). August 2022

How to apply

Nationwide’s £200 switching offer

The front of a Nationwide high street branch

The switching bonus is on offer on three Nationwide accounts: the FlexAccount, the FlexDirect and the FlexPlus.

(Image credit: Nathan Stirk / Getty images)

Nationwide's £200 offer is open to both new members and existing Nationwide account holders who have another bank account elsewhere that they can switch away from.

Switchers must set up a minimum of two active direct debits.

The switching bonus is on offer on three Nationwide accounts: the FlexAccount, the FlexDirect and the FlexPlus (opens in new tab).

The FlexAccount is a pretty basic free account, while the FlexDirect includes an interest-free overdraft and 5% interest on balances of up to £1,500. It’s also free. Finally, the FlexPlus includes worldwide travel insurance, mobile phone insurance and breakdown cover, as well as no fees for transactions abroad. It will set you back £13 a month.

With Nationwide, you will need to switch using the Current Account Switch Service, and the bonus will then be paid within 10 days.

But, you won't be eligible if you’ve switched from one Nationwide account to another, or if you’ve benefited under any previous current account online switch offer since 18 August 2021.

Key Nationwide account info at a glance

Swipe to scroll horizontally
Overall service quality*App ratingsBranches in UK24/7 customer support
68%4.2 / 5 stars Google Play, 4.8 / 5 stars Apple Store
625 branches
Yes - in emergencies

Source: CMA banking survey (opens in new tab). August 2022

How to apply

The verdict

Both switching offers are well worth considering if you’re looking for a new current account. The ability to make £200 just by moving your bank account is compelling at the best of times, but even more enticing with rocketing inflation. Ultimately the best option for you will depend on your circumstances and your existing bank account. 

HSBC’s offer is more limited, in that you cannot have held an HSBC account or First Direct account for the last few years, which could rule you out. By contrast, Nationwide’s offer is open to existing customers as well as those new to the building society.

If your priority is earning a return on the money you keep in your bank account, then Nationwide’s account (opens in new tab) will be a better bet since you earn a market-leading rate of 5% on the first £1,500 you keep within the account.

That said, if you have a bigger pot of savings then being an HSBC (opens in new tab) current account holder comes with its own perks. That’s because you’ll then qualify for its Online Bonus Saver account, which pays 3% on balances of up to £10,000.

The best easy-access savings account currently available pays 2.75%, though you can save substantially more at up to £1million.

If you have a few overseas trips planned for the next few months the HSBC Premier account will look particularly attractive since it comes with free worldwide travel insurance, potentially saving you some cash on your travels. But you'll need an annual salary of more than £75,000 to apply

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John Fitzsimons
Contributing editor

John Fitzsimons has been writing about finance since 2007, and is a former editor of Mortgage Solutions and loveMONEY. Since going freelance in 2016 he has written for publications including The Sunday Times, The Mirror, The Sun, The Daily Mail and Forbes, and is committed to helping readers make more informed decisions about their money.

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