HSBC vs Lloyds: Switch Bonus Comparison
HSBC offers the better net value at £220 vs £0 after fees.
- Full CASS switch required
- Full CASS switch required
Verdict: HSBC vs Lloyds
HSBC has the better regular saver rate at 7% vs 6.25%.
Frequently Asked Questions
Which has the higher switch bonus, HSBC or Lloyds?
Currently only HSBC has an active switch bonus. Lloyds does not have an active offer at this time.
Can I switch to both HSBC and Lloyds?
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 HSBC and Lloyds?
The cooling-off periods are: HSBC: 12 months, Lloyds: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, HSBC or Lloyds?
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.