Britons can snap up a free £205 by opening one of HSBC’s new multi-currency accounts – and they don’t need to switch banks.
In Martin Lewis’s Money Saving Expert (MSE) newsletter this week, the group wrote: “We often talk about cash bribes for switching banks – but now there’s a trick to grab a free £205 without even doing that.
“The account in itself isn’t a top pick, but the free money is lovely, and as you can get it without switching, and can get the cash in time for Christmas, why not…”
The cash is granted in two instalments: £125 initially and an additional £80 if the account remains open until April 2024. These people will also be in with the chance of winning one of 24 £3,000 cash prizes.
To get the £125, people need to open HSBC’s fee-free Advance Account and complete the following steps within 60 days:
- Deposit at least £1,500
- Make a minimum of five payments on the HSBC debit card
- Register and log on to HSBC’s mobile banking app
- Open an HSBC Global Money Account and order a Global Money multi-currency debit card.
Explaining the rules further, the MSEs said the five payments have no minimum spend so “you could just buy five bananas one at a time”.
They also said depositing the £1,500 can be “no biggie”, as people can immediately withdraw it if they want – but leave enough to make the five payments.
The MSEs said: “None of that should take up much time, so the £125 you get is pretty decent for the work you do. The money will then be paid into the Global Money account within 20 days.”
To receive the extra £80 and have a chance to win £3,000, people need to make a minimum of five payments using the Global Money multi-currency debit card by April 21, 2024.
Who is eligible?
People can apply for the HSBC Advance account if they:
- Are 18 or older and live in the UK or EU
- Are happy for HSBC to do a credit check against their name (if they live in the UK)
- Qualify for an optional arranged overdraft of at least £1,000
- Can provide ID and proof of address if needed.
People will not qualify for the offer if they’ve had an HSBC or a First Direct current account since October 1, 2018.
Existing First Direct customers can only apply if they opened their account before October 2018.
However, those who are about to apply for a mortgage should be cautious, as applying for the account may impact a person’s credit score.
The MSEs said: “Getting the HSBC Advance current account puts a search and new product on your credit report. That has a minor impact, and shouldn’t make a huge difference.
“Though just for belt ‘n’ braces safety, if you’re imminently about to apply for a mortgage or important, needed debt, it’s probably best to prioritise that.”
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.
