Whether you’re unsatisfied with your current bank or you’re just curious about the rewards you could get for switching, here are some of the benefits to consider.
Some banks give you a cash or voucher rewards for switching or opening an account, while others may give you access to discounts and offers, such as:
While switching rewards can be attractive if they fit your lifestyle, they might not last forever. So, it’s important to compare other aspects of your current account to make sure it’s worth the switch.
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It’s common for savings accounts to only be available if you hold a current account with the same bank. So if there’s a savings account you like the look of elsewhere, you might need to switch your current account to get access.
A savings account with a better interest rate could mean your savings go further – just be aware that there are usually rules about how much or often you can withdraw.
Explore: Savings accounts
Not all overdrafts are equal. Some have lower charges or interest rates, larger limits, or more flexible repayment options. So, if you’re using yours often, switching to a current account with a better overdraft facility could be beneficial.
An overdraft with lower interest could be easier to pay back, for example, and getting control over your debts is an important step towards financial wellbeing.
Explore: How overdrafts work
While interest rates and rewards are important, the service you get from your bank might be what you depend on the most day-to-day.
From the response time of the customer service team, to the apps and tools your bank provides, it’s important to consider the quality of service you’ll be getting.
Check reviews on a bank’s mobile app, for example, or visit a local branch to get an idea of how they value their customers.
At HSBC, we support our customers globally. Wherever you are in the world, you can expect seamless support and professional services that go beyond banking.
Your credit score is important for getting a mortgage and other types of borrowing.
Some people are put off switching current accounts in case it damages their credit score, but this shouldn’t be the case.
As long as you repay your overdraft before you switch, your credit score shouldn’t be affected by changing your bank account.
Many bank accounts charge a fee for going under the minimum balance, or they might require you to have your salary transferred into your account to eligible.
Our HSBC Flexi Account, however, has no minimum balance requirement and doesn’t require you to transfer your salary.
Here are some other current account fees to watch out for and compare:
If you travel for business a lot, for example, you may want to consider switching to a current account with lower charges for banking outside the UAE, or one that can hold multiple currencies.
You can view, spend, manage, send and receive money like a local, from anywhere in the world, all from your mobile with our Global Money Account and Global Money Transfers.