Should I Switch Bank Accounts? | Switching Benefits – HSBC UK (2024)

FAQs

Does HSBC offer money to switch accounts? ›

Open and use selected HSBC current accounts and Online Bonus Saver to get up to £220. The Offer payment is made up of two parts: £100 Cash Payment paid within 30 days of completing all Switch criteria, • Followed by up to £120 paid over 12 months by completing all Save criteria.

Your new bank will have transferred all of your regular incoming and outgoing payments to your new account, along with any remaining balance. Your saved Payee details, directly linked to your old account, for internet and telephone banking will also be transferred over.

As a hard credit check will impact your score for some time, if you plan on taking out a loan in the next year, you might want to avoid switching bank accounts. This is especially true if you've had hard checks on your account for other things, such as applying for a credit card.

There's no limit to the number of current accounts you can have. For example, you may have your main current account for bills, and a separate current account for day-to-day spending.

HSBC Flexible Saver

Whether you're saving for a wedding, a new car, a once-in-a-lifetime holiday or maybe all 3, you can open as many Flexible Saver accounts as you have reasons to save. Use to reach your savings goals. Set up and track your savings goal in the HSBC Mobile Banking app.

Yes, it is a good idea to tell your bank that you're moving. If you don't, you could find that access to services like online banking is restricted once you've moved abroad. The bank could also freeze or close your account. You don't want to risk cutting off access to your money.

Maintain funding. Although having more than one bank account can usually help manage your finances, having too many could actually make it more difficult. If you have too many to manage, it can become difficult to maintain the funds in each one and to remember what each pot of money has been set up for.

2 Drawbacks of switching banks

For instance, switching banks can be a hassle, as you have to close your old accounts, transfer your funds, update your direct deposits, automatic payments, and contact information, and deal with any possible errors or delays.

Is there a downside to switching savings accounts? ›

Con: Potentially Incur New or Higher Fees

Bank fees—overdraft charges, using out-of-network ATMs, inactivity fees, money transfers and more—can add up to significant amounts of money each year for bank customers.

It can be beneficial to have multiple bank accounts. At minimum, it's a good idea to have a checking account (for your spending money and for paying bills) and a savings account. If you want to save for the short term and the long term, or have different savings goals, consider setting up multiple savings accounts.

Nationwide, the world's largest building society, takes first overall place with 76% of customers willing to endorse it. HSBC UK, a bank that has been dogged by below-average customer satisfaction scores for a good number of years, ties with Barclays at 68%.

Your Expat account provides a place for your money to grow in a convenient, central location. It connects to your home account, for financial commitments in your home country, and to your local accounts, for everyday expenses in the country you've moved to.

If you meet all of the eligibility criteria, we will make a payment of £175 to you within 30 days of the switch completion date for the eligible current account (the “Offer Payment”). The Offer Payment will be made by a direct credit into the eligible current account that you open.