HSBC is one of the UK's biggest high street banks, with around 14.5 million customers across three trading brands: HSBC UK, first direct (its online-only sister brand), and M&S Bank. All three operate under the same banking licence, HSBC UK Bank plc.
Customers
14.5m
UK accounts
Founded
1992
34 years old
App Store
4.8 ★
1.6m reviews
Google Play
4.7 ★
420k reviews
Live offers
2
Worth £720
HSBC UK Bank plc. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 765112. Registered in England and Wales (company number 09928412). Registered office: 1 Centenary Square, Birmingham B1 1HQ. Eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme. HSBC and first direct share a single banking licence, so FSCS cover is shared between the two brands.
Looking for the biggest switch bonus on the UK market? HSBC currently has £500 free cash up for grabs on Quidsy, the largest bank switch we track. The hoops are higher than most, so check the pay-in and eligibility rules carefully before you start the CASS switch.
Updated:
Value
£220
Value
£500
HSBC is one of the UK's biggest high street banks, with around 14.5 million customers across three trading brands: HSBC UK, first direct (its online-only sister brand), and M&S Bank. All three operate under the same banking licence, HSBC UK Bank plc.
HSBC's roots in British banking go back to 1992, when the global HSBC group acquired Midland Bank, and HSBC UK Bank plc has been running as a ring-fenced legal entity since 2018. It covers the full range of personal banking: current accounts (Bank Account, Advance, Premier), savings, mortgages, credit cards, and investments.
Most people bank with HSBC for one of three reasons. First, the switch offers, where the Premier switch bonus is regularly one of the biggest on the market, though it's gated behind a £100k income or savings test. Second, the global footprint, which is useful if you travel a lot or hold accounts in more than one country. Third, the highly rated mobile app and a still-substantial branch network for anyone who wants in-person banking.
If you're after a simple, free current account with no eligibility hurdles, the standard HSBC Bank Account does the job, but the headline cash bonuses are usually reserved for Premier.
Yes, HSBC is safe. HSBC UK Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, with Financial Services Register number 765112. Eligible deposits are protected by the Financial Services Compensation Scheme up to £120,000 per person (the limit rose from £85,000 on 1 December 2025).
Worth knowing: HSBC and first direct are both trading names of HSBC UK Bank plc, so they share that £120,000 FSCS limit between them. If you hold balances with both brands, the protection covers your combined total, not £120,000 each. Anything above the limit is unprotected if the bank ever fails.
HSBC has had real regulatory bumps. In January 2024 the PRA fined HSBC £57.4 million for failings in how it identified deposits eligible for FSCS protection and how it reported that to the regulator. The fine was about systems and reporting, not customer money being lost. Beyond that, HSBC is part of HSBC Holdings plc, one of the largest banking groups in the world by total assets, so the parent company has the financial weight to absorb shocks.
Next step
£500 Free Cash is the strongest live HSBC route we have listed right now.
HSBC Premier suits high earners (£100k+ salary) or people with £100k+ in savings or investments. The travel insurance perk alone is worth £100-£200/year for a family, making it useful for frequent travellers. If you don't meet Premier eligibility, HSBC's standard accounts don't currently have a switch offer, so you're better off looking elsewhere.
From the no-frills HSBC Bank Account through Advance to Premier, with eligibility gates rising at each tier. All come with a contactless Visa debit card and the same app.
HSBC's banking app sits in the top tier for UK banks on user ratings, with biometric login, instant card freeze, and most account admin handled in-app rather than at a branch.
Still 327 UK branches (one of the larger high street networks), guaranteed open until at least 2027, alongside a 24/7 phone service.
Accounts and cards work across the 30+ countries where HSBC operates. Premier customers get worldwide family travel insurance and access to HSBC accounts abroad.
A full personal banking lineup including fixed-rate and tracker mortgages, regular saver accounts at higher rates for current account holders, and stocks-and-shares ISAs via HSBC's investing arm.
A heads-up before anything else: you can't take any HSBC switch, standard or Premier, if you already hold or have recently held an HSBC or first direct account. On the standard £220 switch in particular, I'd hold off while the first direct switch is running, because at the time of writing first direct pays a little more for noticeably less effort. Treat the standard HSBC switch as the option for when first direct isn't available.
Where HSBC really earns its place is Premier. If you can clear the Premier bar, the switch bonus is regularly one of the biggest on the UK market, and the perks (worldwide family travel insurance, digital GP) are genuinely useful and would cost real money to buy separately. If you and a partner travel a few times a year as a family, the travel insurance alone basically pays for the £100k eligibility hurdle.
Beyond the switch bonuses, HSBC offers big-bank reliability and a strong app. It has one of the longest histories of any current high street bank brand in the UK, a substantial branch network, and an app that's well-rated by users. It's not as fee-light as a Monzo or Starling for day-to-day spending abroad outside Premier, but it's a credible main account.
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