First Direct vs HSBC Premier: Switch Bonus Comparison
HSBC Premier offers the better net value at £500 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)
- Open a Premier account on/after 23 Mar 2026 (UK resident, 18+)
- Within 90 days: full CASS switch + pay in £100k+ salary (~£5,100/mo)
- OR deposit and keep £100k+ in HSBC UK savings/investments (90 days)
- Must keep meeting Premier eligibility criteria
- Not held an HSBC UK or first direct account since 1 Jan 2025
- 7% AER Regular Saver (up to £300/month)
- £250 interest-free overdraft buffer
- Fee-free debit card spending abroad
- Top-rated customer service
- £500 paid within 70 days of qualifying
- No monthly fee
- Worldwide travel insurance
Verdict: First Direct vs HSBC Premier
HSBC Premier offers the higher switch bonus at £500 vs £175.
First Direct comes with more perks (4 vs 3), including things like 7% aer regular saver (up to £300/month).
First Direct has no income requirement, while HSBC Premier requires £100,000/yr.
Frequently Asked Questions
Which has the higher switch bonus, First Direct or HSBC Premier?
HSBC Premier currently offers the higher bonus at £500, compared to £175 from the other bank.
Can I switch to both First Direct and HSBC Premier?
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 Premier?
The cooling-off periods are: First Direct: 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 Premier?
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.