HSBC gives big £750 money to entice new Premier checking account prospects

HSBC is offering the biggest ever bank account switching offer on record – but only for those that are rich enough to meet its criteria. 

The high street bank is offering up to £750 cashback to entice people into becoming a new Premier banking customer.

You’ll need to be wealthy to benefit, both in terms of what you’re earning and how much you have in the bank.

First, new customers will need to be earning at least £100,000 a year to bag £250.

This will mean paying in their main monthly salary of £100,000 or more per year into their Premier Account directly from their employer. 

Then, they can get another £500 if they transfer £100,000 or more into a savings account or investments with HSBC.

Exclusive: HSBC is offering £750 to those that are earning £100,000 or more and have £100,000 spare to move into a savings or investment account

They will need to keep this balance for three months, with the cashback finally paid into their new Premier account within 70 days once the criteria are met. 

In total it could take just over five months to receive the reward. 

To do so, they need to make the move to a Premier account between 5 January and 23 February 2026. 

HSBC Premier banking account holders pay no monthly fee.

 Is it worth signing up for?

Anyone rich enough to apply may be tempted by the £750 offer, but they should also consider the interest rate they’ll get on the £100,000 they keep with HSBC. 

If they put their £100,000 in savings with HSBC rather than investments, even the £500 cashback may not be worth it, given the low rates on its savings accounts. 

HSBC’s instant-access Premier Savings account pays a tiered balance of 1.2 per cent up to £50,000, 1.3 per cent between £50,000 and £100,000 and 1.8 per cent for anything above that.

Meanwhile, HSBC’s Premier loyalty cash isa pays 3 per cent.

‘On the face of it £750 sounds a really tempting sweetener,’ says Andrew Hagger, founder of independent savings website MoneyComms. 

‘However when you look at the HSBC Premier Savings interest rate of 1.8 per cent for balances of £100,000 plus, then you’d be better off putting your cash in a best buy easy-access savings account with no strings.

‘Saving £100,000 with HSBC Premier at 1.8 per cent delivers £1,800 interest in one year, assuming the rate stays the same

‘But put £100,000 with [the top easy-access account] Spring Savings at 4.11 per cent and this will earn £4,110 interest in one year – an extra £2,300.’

However, HSBC does offer some better rates, which Premier customers do have access to.

The Online bonus saver offers a bonus rate of 3.50 per cent on up to £50,000 of cash.

It also offers a 13-month fixed rate cash Isa offering 3.8 per cent, a one-year fix at 3.7 per cent or a two-year fix at 3.65 per cent.

‘There’s an HSBC bonus savings account which pays 3.5 per cent in months where you make no withdrawals, but only up to £50,000,’ adds Hagger.

‘HSBC’s one-year fixed rate bond pays 3.7 per cent whereas the best buy from Chetwood Bank pays 4.26 per cent – 0.56 per cent higher. 

‘That is a £560 difference in a year on £100,000 – so just outstrips the HSBC cash bonus.’

There is also the option of investing. However, once again there may be more cost-effective ways of investing so it is worth interrogating the fees and charges.

Premier customers can access a range of options including investment funds across different risk profiles, ready-made multi asset portfolios, plus access to specialist support for more complex needs.