A major bank is offering new customers to get their hands on a big, old wad of cash for free — but not everyone is eligible for the incentive.
Who doesn't love getting a bit of money for not a lot of effort? We all do, which is why money gurus like Martin Lewis are always backing the benefits of switching banks, particularly when it comes with a juicy financial incentive.
In this case, HSBC is offering a very healthy £750 cashback bonus to new customers who make the switch in 2026, but you do need to meet a certain criteria to apply.
The bank recently unveiled its 'bring more, get more' switching incentive, which is aimed at drawing in higher earning customers who are willing to bring all their pockets of cash together under one bank.
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"This offer is our way of rewarding new customers who choose to bring their finances together with us," Carl Watchorn, head of Premier proposition at HSBC UK, said when announcing the deal.
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Who can get the £750 switching offer
Unfortunately for many of us, the free £750 is out of reach unless you're earning a salary of at least £100,000.
That's because under the offer, new Premier customers can bag an easy £250 by switching their main current account and paying in a hefty annual salary of £100,000 or more.
HSBC Premier accounts are designed for higher earners and offer a number of different benefits, including investment support, wealth planning, worldwide family travel insurance, priority service and exclusive offers, including discounts and rewards on travel, dining and lifestyle. Must be nice, eh?
Okay, so we've covered £250 in cash bonuses, but what about the other £500? Well, that's reserved for anyone who can also transfer £100,00 or more in savings or investments to HSBC.
If you can do both of these things, then you'll be laughing all the way to the bank, both literally and metaphorically.
To qualify for the deal, you need to complete the switch using the Current Account Switch Service, with salary payments coming directly from an employer into an HSBC Premier account.
If you're in the lucky group of people who qualify for the switch, you'll need to act fast as you need to move to a Premier account before 23 February to be eligible.
From that point onwards, the £100,000 savings or investment balance must be transferred and kept for at least three months.
As long as all these steps are taken by 30 April, HSBC will then pay the cashback directly into your Premier account within 70 days.
Emma Rosemurgey