MARTIN Lewis’ MoneySavingExpert has revealed how you can get £205 free cash without switching banks.
In the latest MSE newsletter Martin‘s team explained how you can get the payment just by signing up to a new account.
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HSBC has launched a new offer which sees account holder’s get £125 when they open one of their new multi-currency accounts.
Customers can then grab a further £80 as part of the deal.
MSE wrote in this week’s email: “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 team went on to explain how customers can get the cash without having to switch from their current bank.
All you need to do to get the initial £125 before Christmas is open the fee-free HSBC Advance account and complete the following within 60 days.
Make sure to make five or more payments on the debit card – there’s no minimum spend so you could pay as little as you like.
And you need to ensure you pay in £1,500 or more in once, but don’t worry because you can then immediately withdraw it if you want.
Just ensure you leave a little in there to keep it open.
Then you need to log in once to the HSBC app.
The final step is to open up the app-only HSBC Global Money multi-currency account and order the multi-currency debit card.
MSE 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.”
It’s important to note though that to qualify, you can’t have held an HSBC current account, or opened a First Direct current account, since 1 October 2018.
Existing First Direct customers can apply, as long as you opened the account before October 2018.
In order to then get the additional £80 cash payment on top you need to use your new Global Money debit card.
The account allows customers to hold money in 18 different currencies and make payments in those currencies, plus you can make transfers to over 200 countries in more than 50 currencies.
Once you’ve got the Global Money debit card, you now use it five times before April 2024.
The good news is these spends can be in pounds, or in overseas currency if you wish.
MSE continued: “You’ll then get £80 paid in to the Global Money account in early May 2024, so you need to keep it open until then.
“And you can only get the £80 if you’ve already received the £125.”
From there you’ll also be entered into a prize draw to win one of 24 £3,000 cash prizes, but you can opt out if you’re not fussed.
MSE did point out that the accounts aren’t one of their top rated at the moment.
The HSBC Advance is a “bog-standard” current account, according to the experts.
They said: “[It] lets you make payments and spend from it, but has few perks.
“The main one is its linked 5% saver, but this can be beaten with sister bank First Direct, which offers 7%.”
Instead, they explained that if you want rewards on spending, there are better accounts out there, such as Chase, which offers 1% cashback for at least a year with a maximum of £15 a month.
MSE added that the HSBC Global Money Account is useful for those who like to hold cash in different currencies.
That’s because it means you can choose to move money when you think there’s a good exchange rate, rather than getting the rate on the day you use the card.
The team also said that HSBC’s exchange rates are decent, but can be beaten.
So make sure you compare the exchange rates of different accounts, MSE recommends Revolut this week.
Do also bear in mind that getting the HSBC Advance current account puts a search and new product on your credit report.
Although this has a minor impact, and shouldn’t make a huge difference to your credit score.
Meanwhile, MSE has also warned everyone with a bank account that they face missing out on a free £200 boost.
Plus, the team has revealed a genius way to stay warm in the winter and it’ll only cost you £4 to buy and 17p a week to run.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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