HSBC UK

HSBC UK is one of the UK's largest banks, offering current accounts, savings accounts and cash ISAs, mortgages, credit cards, loans and investing. It is the UK retail banking arm of the HSBC group, and it is one of the nine institutions designated under the rules to offer basic bank accounts, so it must make a no-frills account available to people who would struggle to open a standard one¹. first direct and M&S Bank are trading names of the same UK bank, though each keeps its own products and app².

Most day-to-day banking with HSBC UK is done through its mobile app or online banking, with branches and phone banking as backups. Its app handles payments, statements, card activation, overdrafts and cheque deposits, and it is also the only place where you can add and manage Open Banking connections³. This page explains what HSBC UK sells, what it does not, how its main products work, how to reach it, and how your money is protected.

What HSBC UK offers: accounts, mortgages, credit cards and investing

HSBC UK's core product is its range of current accounts, which its app, branches and phone banking are built around. As one of the nine designated institutions under the basic bank account rules, it also offers a basic account for people who do not qualify for a standard one¹. For customers who need extra help using their account, HSBC lists options including Voice ID and chip and signature cards⁹.

Alongside current accounts it sells savings accounts and cash ISAs, though several of these are tied to holding an HSBC current account, as the next section explains¹⁰. Its mortgage range includes deals for home buying and further borrowing for existing customers, and it is a participant in the government's Mortgage Charter, which it says allows it to offer more options to help mortgage customers through the cost of living crisis¹². Its credit cards include balance transfer options, and it offers loans, including car finance arranged through a dealer¹³.

For investing, HSBC UK runs the Global Investment Centre, its home for ready-made portfolios, funds, UK shares and Exchange Traded Funds (ETFs), and customers with an HSBC current account or eligible savings account can start investing from £50¹⁵. It also offers accessibility support across its products, budgeting tools such as a budget planner and savings calculators, and financial health checks with its specialists⁹. Where a product carries charges, such as investing or borrowing, HSBC sets out how the charges are worked out on its own product pages, which carry today's figures.

What HSBC UK does not offer

HSBC UK's range has some clear gaps worth knowing about before you start comparing. On car finance, HSBC states plainly that it does not offer hire purchase (HP) or personal contract purchase (PCP), the two most common dealer-arranged car finance products; its car finance pages explain those products so customers understand what they are signing elsewhere¹³. On credit cards, balance transfers cannot come from other cards in the HSBC group: HSBC UK, first direct and M&S Bank cards are excluded as transfer sources¹⁴.

On savings, HSBC UK does not allow you to link your debit card directly to your savings account, so you cannot spend straight from savings the way some digital banks allow¹⁰. On borrowing more against a mortgage, HSBC states it cannot provide lending where the funds are to be used for investments or speculative purposes; permitted uses include home improvements, provided the property remains habitable at all times, debt consolidation and other lifestyle reasons¹⁷. And on credit cards, HSBC refuses credit card payments to purchase cryptocurrency altogether, a limit explained in the scams section below⁷.

Savings and ISAs: most need an HSBC current account

HSBC UK's savings range includes easy access accounts, fixed rate savers and cash ISAs, but the small print on who can open them matters. The Loyalty Cash ISA is available to HSBC current account customers only, other than a Basic Bank Account for online applications¹¹. More broadly, some HSBC accounts require you to hold an HSBC current account first, and HSBC says that if you have accounts that require a current account, you will need to close those before closing the current account itself¹⁸. The Global Investment Centre, its investing platform, accepts either an HSBC current account or an eligible savings account, but excludes the Online Bonus Saver, Fixed-rate Saver and any HSBC Cash ISA¹⁵.

On ISAs, there are two rules worth knowing. HSBC states that it does not currently allow partial transfers of current tax year subscriptions for stocks and shares ISAs, nor restarting subscriptions without a fresh application¹¹. And on the older Help to Buy: ISA, the account is closed to new applicants, but if you already hold one you can continue adding money until 30 November 2029¹⁹. For the wider rules on allowances and how ISAs work, see the ISA guide.

HSBC UK mortgages: switching rates and rate changes

For existing HSBC mortgage customers, one of the most useful features is the ability to switch to a new mortgage rate without a full remortgage. HSBC says you can select your mortgage rate up to 90 days before your current rate comes to an end, without paying an early repayment charge, and that it does not need to check your eligibility or credit score for you to switch rates with it¹². HSBC describes some people being able to switch mortgage rates overnight, and sets out three key steps: find a new mortgage rate, switch mortgage rates, and confirm your choice of mortgage rate²¹. Most banks and building societies allow you to switch rates online or over the phone²¹. You can change your mind during the switching process up until your new rate takes effect¹².

When the Bank of England base rate changes, HSBC says it will confirm your new interest rate and monthly mortgage payments in writing if your mortgage is affected²⁰. If you need to change your payment due date, HSBC needs at least 7 working days' notice before your payment is due to update its records²⁰. Existing customers can also apply to borrow more, for reasons such as home improvements, debt consolidation and other lifestyle reasons, though not for investments or speculative purposes¹⁷. For how mortgages work generally, see the mortgage guide.

HSBC UK credit cards: how balance transfers work

A balance transfer moves a debt from another card to an HSBC credit card. You can request one on HSBC's latest mobile app, through online banking or through its contact centre on 03457 404 404, with lines open every day from 08:00 to 20:00¹⁴. Transfers cannot come from other HSBC group cards: HSBC UK, first direct and M&S Bank cards are excluded¹⁴. If HSBC approves your request, payment will reach your other card provider by the end of the next working day, though your balance transfer will not show in the mobile banking app until the next working day¹⁴.

Two practical points are worth knowing. Bank transfers typically go through straight away, but they can take longer if the sending bank needs to run extra checks to reduce the risk of fraud, especially for a large sum of money²². And if you send money to an account that is closed, deactivated or invalid, the funds are automatically rejected and returned to the sender's account²². HSBC also publishes help on persistent debt, which it describes as being in persistent debt on your credit card over an 18-month period, and points customers to its money worries page for support²³. For the wider rules, see the credit card guide.

Investing with HSBC UK: funds, ready-made portfolios and shares

HSBC UK gives investors three routes in: invest in funds, choose a ready-made portfolio, or invest directly in stocks¹⁶. Its online fund platform offers a range of funds including index funds and unit trusts, and ETFs are available on its online share dealing account¹⁶. Customers with an HSBC current account or eligible savings account can start investing with £50¹⁶.

The ready-made portfolios are aimed at people getting to grips with investing: you choose the level of risk, and HSBC's investment specialists take care of the rest, with five risk levels to choose from¹⁵. Funds and portfolios are held through the Global Investment Centre, and to invest you need a stocks and shares ISA or a general investment account (GIA)¹⁵. You can manage your funds on the HSBC UK Mobile Banking app²⁵. As with any investing, the value can go down as well as up and you may get back less than you put in; the investing guide explains the risks and how charges work.

Banking with HSBC UK: app, online, phone and branches

The HSBC UK Mobile Banking app is the main way most customers manage their accounts. If you are an HSBC customer, you can use the app to manage your accounts, with device restrictions applying³. Tasks the app covers include viewing statements or recent transactions, transferring money between your own accounts, sending money to other accounts in the UK or outside the UK, viewing or cancelling Direct Debits, viewing, cancelling and setting up standing orders, getting notifications when money goes in or out of current or savings accounts and when payments are made from HSBC credit cards, activating a debit or credit card, and applying for or managing an arranged overdraft³. One thing to note: once you have downloaded the app, you are switched automatically to paperless online statements³.

For Open Banking, where you connect your HSBC account to other apps and websites, you need to be registered for online banking, and you can only add and manage Open Banking accounts using the HSBC UK Mobile Banking app; online banking can review and manage permissions for third parties⁴. To change your phone and email contact details, you can use the app (tap the 'Profile' icon, then 'Update personal details', select 'Contact details' and follow the on-screen instructions), online banking with a Secure Key, a branch, or the phone²⁶. HSBC also offers budgeting tools including a budget planner, an emergency fund calculator, a monthly savings calculator and financial fitness checks³, and you can reduce your arranged overdraft via the app²⁴. For accounts that can be managed in several ways, HSBC's Help to Buy: ISA, for example, can be run through online banking, telephone banking, the app or in branch¹⁹.

Paying in cheques: how cheque imaging works

Cheques in the UK are processed by image rather than by paper. The Image Clearing System allows banks and building societies to exchange images of cheques instead of moving paper around the country²⁷. You can pay in cheques by taking a picture using the HSBC UK Mobile Banking app, and if you prefer, you can still pay a cheque in at a branch or cheque deposit machine²⁷. The image-based system applies to all UK sterling bank cheques²⁷.

To deposit a cheque in the app: log on, tap 'Pay' at the top of the screen, scroll down to 'More actions' and select 'Deposit a cheque'; select the account, enter the cheque value and tap 'Done'; capture the front and back of the cheque under 'Cheque images'; then tap 'Continue', review the details and select 'Deposit now'⁶. You can pay in one or more cheques up to a limit of £2,000 per day into an eligible HSBC account⁶. If a cheque is returned as unpaid, you will receive a copy of the image, not the paper cheque as before²⁷. first direct customers can also pay in cheques at an HSBC UK branch with a counter, at a Multi-Bank ATM deposit machine and at the Post Office, with the same £2,000 a day app limit²⁸.

Scams and fraud: what HSBC UK will never ask

HSBC says it may call you as part of its fraud detection work to verify whether a transaction is genuine, but it will never ask you to divulge full security information, and it will never advise you that it is sending a courier to collect that information⁸. It also publishes a lost and stolen card number, +44 1442 422929, and advises customers to keep a note of it for emergencies⁸. The same caution applies to messages claiming to come from official bodies: HM Courts and Tribunals Service says it will never telephone you to ask for your bank details or to make a bank transfer using your sort code and account number²⁹, and the FSCS, the deposit protection scheme, says it would never ask you for money³⁰.

On cryptocurrency, HSBC limits payments to cryptocurrency exchanges made through its digital banking services, branches and contact centres to £2,500 for a single transaction and a total of £10,000 in any rolling 30-day period, with the same limits applying to debit card payments to exchanges⁷. It continues to refuse credit card payments to purchase cryptocurrency, though you can still receive payments from cryptocurrency exchanges into your account⁷. If you think you have been scammed, contact the bank immediately using a number you trust; the scams and fraud guide explains the warning signs and the refund rules.

Support after a bereavement and with money worries

HSBC UK has a dedicated bereavement team, available from 08.30 to 18.00 Monday to Friday and from 09.00 to 14.00 on Saturdays, excluding public holidays³¹. Its bereavement guide provides support through the steps and decisions you need to take, and is available online or in printed format in branches⁹. After a death, government guidance explains how to report it, including the Tell Us Once service, and HMRC has a Bereavement Helpline for tax matters³².

There may also be benefits to claim. Bereavement Support Payment is for people under State Pension age and living in the UK at the time of their partner's death; the higher rate, for those getting Child Benefit or pregnant when their partner died, carries an initial payment of £3,500³³. You can apply online at GOV.UK, call the Bereavement Service helpline on 0800 151 2012, or complete and return a paper form, and you will need your bank or building society account details³⁴. Free help with debts after a death is available from National Debtline³⁵.

For money worries short of a bereavement, HSBC's trained specialists work with current account customers to develop a plan for sorting out their finances, using an online income and expenditure form, and customers are pointed to HSBC's money worries page⁹. HSBC also runs free webinars giving insight, knowledge and tools to help manage debt, and offers financial health checks with its specialists²³. Free, independent debt advice is available from charities listed in the debt guide.

HSBC UK complaints record

HSBC publishes complaints data for its banking brands, covering HSBC UK Bank, first direct and Marks & Spencer Financial Services³⁶. In the first half of 2026, the firm opened 73,367 Banking and Credit Cards complaints and closed 71,044, a rate of 2.26 per 1,000 accounts for Banking and Credit Cards across the firm³⁶. Within that, the HSBC UK Bank brand alone recorded 2.38 per 1,000 accounts for Banking and Credit Cards, 4.21 per 1,000 accounts or loans for Credit Related products, and 4.37 per 1,000 balances outstanding for Home Finance³⁶. Investments complaints were lower: 1,124 opened for the HSBC UK Bank brand, or 1.01 per 1,000 client accounts across the firm³⁶.

HSBC's complaints data also covers how quickly complaints are closed and how many are upheld, and its own publication reports more than one set of figures for the HSBC UK Bank brand: both 60.1% and 29.3% on one closure measure, both 39.3% and 68.9% on another, and both 58.8% and 62.4% upheld³⁶. Because the figures conflict, treat them as indicative rather than exact. If you complain to HSBC and are not satisfied with the outcome, you can take the complaint to the Financial Ombudsman Service, as the consumer protection guide explains.

Inactive and dormant accounts: getting your money back

HSBC UK defines a dormant or inactive account as one that has not been used for an extended period of time, typically 2 years³⁷. To prevent unauthorised transactions, HSBC freezes inactive accounts with a credit balance³⁷. Importantly, the money is still yours: money in an inactive account is still yours and you are entitled to claim it at any time³⁸, and HSBC says that if it closes an account and transfers the balance to charity, you can reclaim your money at any time³⁷.

If you have lost track of an old account, My Lost Account is a free service that can help find bank accounts that have not been used for three years or more³⁵. If money is sent to an account that has been closed or deactivated, the funds are automatically rejected and returned to the sender's account²². When closing an HSBC current account, note that any other HSBC accounts requiring a current account, which can include investment products, a Global Money Account, a Fixed Rate Saver or a Currency account, must be closed first; if you switch using the Current Account Switch Service, your standing orders and Direct Debits are transferred automatically¹⁸.

How money with HSBC UK is protected

Money held with HSBC UK sits with a bank that is authorised by the FCA and appears on the Bank of England's list of banks incorporated in the UK authorised to accept deposits². Its permissions include accepting deposits, entering into regulated mortgage contracts as lender, and entering into regulated credit agreements as lender, excluding high-cost short-term credit, bill of sale agreements and home collected credit agreements². The company behind the brand, incorporated on 23 December 2015, is active³⁹.

Deposits are protected by the Financial Services Compensation Scheme. HSBC's own pages describe eligible deposits as protected up to £120,000 per person, and one HSBC page describes up to £240,000 for joint accounts, while another gives £120,000 without the joint-account figure, so check the FSCS's own current rules before relying on the higher figure¹⁰. Because HSBC UK, first direct, M&S Bank and M&S Savings and Investments are trading names of the same bank, money held across those brands counts together towards one limit². The FSCS stresses that it would never ask you for money, so anyone claiming to be from the scheme and demanding payment is a fraudster³⁰. For the wider framework, including the Financial Ombudsman Service and Section 75, see the consumer protection guide.