HSBC vs NatWest Premier: Switch Bonus Comparison
NatWest Premier offers the better net value at £500 vs £220 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
- Open a Premier Select or Premier Reward account and complete a full CASS switch
- Pay in £15,000+ within 90 days
- Log in to the NatWest mobile app
- Eligibility: £100k+ sole income (£120k joint), or £100k+ savings/investments with NatWest, or a £500k+ NatWest mortgage
- No previous NatWest Group switch bonus
- £220 paid within 60 days of qualifying
- No monthly fee
- £500 paid within 30 days of the 90-day check
- Premier Select: no monthly fee
Verdict: HSBC vs NatWest Premier
NatWest Premier offers the higher switch bonus at £500 vs £220.
HSBC has no income requirement, while NatWest Premier requires £100,000/yr.
Frequently Asked Questions
Which has the higher switch bonus, HSBC or NatWest Premier?
NatWest Premier currently offers the higher bonus at £500, compared to £220 from the other bank.
Can I switch to both HSBC and NatWest 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 HSBC and NatWest Premier?
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 NatWest 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.