HSBC vs M&S Bank: Switch Bonus Comparison
HSBC offers the better net value at £220 vs £0 after fees.
- Offer applies to the standard HSBC Bank Account (via HSBC UK app)
- Full CASS switch incl. 2+ direct debits within 60 days
- Deposit £2,000+ within 60 days
- Spend £500 on the debit card within 60 days
- Not held an HSBC or first direct account since 1 Jan 2023
- Full CASS switch required
- £220 paid within 60 days of qualifying
- No monthly fee
Verdict: HSBC vs M&S Bank
HSBC comes with more perks (2 vs 0), including things like £220 paid within 60 days of qualifying.
Frequently Asked Questions
Which has the higher switch bonus, HSBC or M&S Bank?
Currently only HSBC has an active switch bonus. M&S Bank does not have an active offer at this time.
Can I switch to both HSBC and M&S Bank?
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 M&S Bank?
The cooling-off periods are: HSBC: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, HSBC or M&S Bank?
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.