HSBC vs Tesco 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 Tesco 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 Tesco Bank?
Currently only HSBC has an active switch bonus. Tesco Bank does not have an active offer at this time.
Can I switch to both HSBC and Tesco 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 Tesco 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 Tesco 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.