High street bank offering £220 deal Martin Lewis' MSE says is 'rare'

High street bank offering £220 deal Martin Lewis' MSE says is 'rare' Martin Lewis and his Money Saving Expert team call the deal a 'winner on switch cash alone' HSBC has been praised for a "fuss-free" bank-switching deal with one of the biggest instant cash bonuses seen so far in 2026. As highlighted in the latest Money Saving Expert (MSE) Martin Lewis newsletter, this offer is described as a "rare" deal offering more than £200 to customers prepared to switch to their services. The HSBC Bank Account is within reach for many Brits. Switching customers can get the money, provided they have not previously been a customer or held a current account with HSBC or First Direct since January 2023, reports the Express. Detailing the full switching deal, MSE wrote: "A winner on switch cash alone, which many serial switchers will be eligible for. This HSBC Bank Account £220 switch bonus is the largest we've seen in some months. "Importantly, given the switch bonus offer only excludes those who've had an HSBC or First Direct account since January 1, 2023, you may find you're eligible for the offer even if you switch banks a lot." To be eligible for the £220 payment, new customers must: - Open a bank account: This can be done in HSBC's mobile banking app or online - Complete a full switch within 60 days: Using the Current Account Switch Service (CASS), people can automatically transfer their everyday banking over to HSBC. Must include at least two direct debits. - Deposit £2,000 and spend £500 on your debit card: Actively use the account to become eligible for the cash boost. Tara Bedelian, head of current accounts at HSBC UK, said: "With our new £220 incentive, there are more reasons than ever for customers to switch to HSBC UK. The account has a number of customer-only benefits, including access to Global Money, our multi-currency account offering our best exchange rates. Once new customers have switched their everyday banking to us and met the offer criteria, the bonus will be paid within 60 days." In addition to the £220 bonus, account perks include access to products like the Global Money account, enabling customers to convert, spend and send multiple currencies from around the world. Customers will also benefit from exclusive offers and discounts on shopping, dining, and travel. Changing banks isn't a complicated process, with the bulk of the work handled by your new bank, and it can help people secure a worthwhile bonus. There's no cap on the number of switches you can complete, though most banks will typically only honour a switch offer once. There is just one 'caution' before switching. Every time you apply for a new account, a check is carried out, leaving a 'hard search' on your record that usually remains for months. MSE's Chris Collier said: "Switching banks regularly can affect your ability to get credit in future, as the applications will show on your file, and could indicate a lack of stability. Done sensibly, it's not usually a big deal, yet multiple applications in a short time can look odd." He advised that people with any significant credit plans, such as a mortgage, should avoid making a switch for at least six months beforehand.