HSBC is offering up to £205 to new customers – and you don’t have to switch your current account

People who open a new HSBC Advance or Premier Account can get a payment of £125, provided they deposit £1,500 or more within 60 days, make at least five payments with their HSBC credit card, and open an HSBC Global Money Account via the HSBC app.

The £125 payment will then be paid into the Global Money Account within 20 days.

Customers can earn an additional £80 as well as be in with a chance of winning £3,000 when they use the Global Money debit card at least five times by April 21, 2024.

The £80 will be paid to qualifying customers’ Global Money Account between May 1 and May 8 next year.

The prize draw will then take place on April 29, 2024, and winners will be notified within seven days of the draw.

There will be 24 separate £3,000 cash prizes up for grabs.

To be eligible, a person must be a UK resident and can’t have held an HSBC current account or opened a first direct current account since October 1, 2018.

HSBC said the offer can be withdrawn at any time.

The HSBC Advance account is fee-free. The Premier bank account is a premium bank account and financial eligibility criteria apply.

There are a number of other current account cash incentives available right now.

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Nationwide Building Society is currently offering people a free £200 payment if they switch to their current account.

Current account holders can also open a regular savings account with the building society which currently pays eight per cent AER.

HSBC’s sister bank first direct is offering new customers £175 if they switch to the bank.

Lloyds Bank is also offering a free £175 switching offer, and there are other perks available – namely free Disney+ for one year.