First Direct vs HSBC: Switch Bonus Comparison
HSBC offers the better net value at £220 vs £175 after fees.
- Full CASS switch with 2+ direct debits/standing orders
- Deposit £1,000 within 45 days
- 5 debit card transactions within 45 days
- Register for digital banking
- New customers only (never previously held First Direct account)
- Full CASS switch required
- 7% AER Regular Saver (up to £300/month)
- £250 interest-free overdraft buffer
- Fee-free debit card spending abroad
- Top-rated customer service
Verdict: First Direct vs HSBC
HSBC offers the higher switch bonus at £220 vs £175.
HSBC has fewer requirements (1 vs 5), making it simpler to qualify.
First Direct comes with more perks (4 vs 0), including things like 7% aer regular saver (up to £300/month).
Frequently Asked Questions
Which has the higher switch bonus, First Direct or HSBC?
HSBC currently offers the higher bonus at £220, compared to £175 from the other bank.
Can I switch to both First Direct and HSBC?
Yes, you can switch to both banks, but you need to do them one at a time using the Current Account Switch Service (CASS). Complete one switch, wait out the cooling-off period, then switch again to the second bank.
How long is the cooling-off period for First Direct and HSBC?
The cooling-off periods are: First Direct: 12 months, HSBC: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, First Direct or HSBC?
Both banks use the Current Account Switch Service (CASS), which makes the process straightforward. The main differences are in specific requirements like minimum pay-in amounts, number of direct debits, and whether you need to use their app. Check the requirements comparison above for full details.