Get £200 When You Switch and Stay with HSBC Advance

If you want to be paid to switch, this account is the strongest on the market. Open and switch to HSBC's Advance Account* and you'll get £150 plus a further £50 after a year. But the account has a high minimum monthly pay-in – £1,750/mth – so consider whether you'll be able to meet this before opting for it. You'll also be eligible to get HSBC's 5% regular savingsaccount.

Need-to-knows

To get the bonus, you must open the account and start a full switch using HSBC's Current Account Switch Service, including at least two direct debits or standing orders, within 30 days.

The bonus is paid into your account within 50 days of the switch completing.

You can't get the bonus if switching from another HSBC account, or if you've had a current account with it since 1 Jan 2015. You can get it if you have a mortgage or savings account with HSBC – just apply online as normal.

If you qualify for the £150 bonus payment, you'll also get a 0% overdraft for six months when you open the account, though the limit you get is credit score dependent.

If you want to get the £50 extra bonus, you need to register for mobile or online banking within 60 days of account opening, plus you'll need to pay in £1,750/mth for at least nine of the first 12 months. It'll be sent within 30 days of your first anniversary of account opening.

HSBC shares its £85,000 UK savings safety guarantee with First Direct, so ensure you don't hold more than £85,000 across the two banks.

APPLY*

Stats box

Key questions

Minimum monthly pay-in: £1,750 (equates to £26,100 annual salary)

In-credit interest: None

App: You can download it for iOS (rated 2/5) and Android (rated 3.4/5).

Arranged overdraft cost: 0% for the first six months if you switch, then 17.9% EAR

Unarranged overdraft cost: £10 buffer, then 17.9% EAR interest, plus £5/day charge each day you're overdrawn (max £80/month)