HSBC vs Santander: Switch Bonus Comparison
HSBC offers the better net value at £220 vs £180 after fees.
- Full CASS switch required
- Full CASS switch
- Pay in £1,500 within 60 days
- 2 active household direct debits within 60 days
- Cannot have held a Santander current account on 1 Jan 2025
Verdict: HSBC vs Santander
HSBC offers the higher switch bonus at £220 vs £180.
HSBC has fewer requirements (1 vs 4), making it simpler to qualify.
HSBC has the better regular saver rate at 7% vs 5%.
Frequently Asked Questions
Which has the higher switch bonus, HSBC or Santander?
HSBC currently offers the higher bonus at £220, compared to £180 from the other bank.
Can I switch to both HSBC and Santander?
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 Santander?
The cooling-off periods are: HSBC: 12 months, Santander: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, HSBC or Santander?
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.