Yes, in theory, but that would basically stop people trying out a bank without a major commitment.
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You could try it out, just not get the switching incentive. HSBC still gives you £100 for stuff that isn’t that major
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It wouldn’t stop anybody who genuinely wants to try out a new bank because you can switch banks anytime. It would only stop those who need a bribe to do so.
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Maybe but many won’t switch without some incentive as their own bank already does everything. I don’t have an issue with more hoops but without a carrot being tangled then many won’t bother and we need competition in the banking scene.
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Surely they could just defer the incentive payment for 6 months. So you have to pay in salary and have direct debits set up (and taken) as a minimum, and then you get the bonus after 6 months.
How is that any better/worse than what HSBC is doing?
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What’s wrong with that? If you’re happy with your existing bank there’s no point in switching. Once you’ve spent the bribe, all the main banks are much of a muchness, really.
I do agree that most banks are quite similar now.
Most of the time, I’ve only switched for bonuses or card designs, and I’ve always kept my Santander student account since opening it before I went to uni. I have then closed/switched most of them apart from my First Direct one as I get fee-free travel abroad. I am then hoping to also keep RBS for a long while as well.
The only other reason why I switched was because I was recently determined to get away from Nationwide, but that just happened to coincide with the new RBS offer so did kinda switch for the offer but also because of poor customer service.
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Bit of a kill joy if people must want to make some extra money. The majority of people who switch stay with a bank so they don’t mind in that sense.
You don’t get rewarded with loyalty by banks, at least not in my experience
I’ll sort the wiki later today unless someone else already has.
I’ll sort the switch data wiki too soon. Need to make it easy to figure out which bank was running an incentive during a particular quarter.
I started but got scared 
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Thanks to whoever updated the wiki. Just tidied things up a bit, and added the Ts&Cs into the main thread so they’re accessible even if HSBC removes them from the website.
Thanks! Carry on. The top table is ordered by bonus, biggest to smallest 
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I dont get the point of zing AND Hsbc Global money, to me is basically the same.
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The primary difference is, you need to have an HSBC current account to open the global money account. With Zing, you don’t.
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I think the fee was actually reduced before the email. I made a transfer to US earlier this week and it was fee-free.
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It’s the same platform, just marketed to HSBC and non–HSBC customers, surely?
Some of the fees are different. Main one I can see is the “Card transaction in a non-wallet currency”. On Zing it is 0.20% on top of the Visa exchange rate. With HSBC GMA, it’s just the Visa exchange rate.