Get up to £205 by opening two HSBC accounts - and you don’t need to switch

HSBC's £205 bonus mentioned in this article is now off the market. See our guide best offers for switching banks for the latest cash bonus offers.

HSBC has unveiled a bonus worth up to £205 for new customers who open a current account and take out its global travel money product at the same time. 

While you normally have to use the bank’s switching service, with this offer, you can open a current account without switching current accounts and get the £125. You can grab another £80 if you make a minimum of 5 payments using your Global Money multi-currency debit card by 21 April 2024, which can also be used in the UK.

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As well as the two bonuses, the banking giant is offering a prize draw to new customers who open both an Advance current account and a Global Money Account. 

The deal follows recent HSBC’s 5.7% one-year savings bond, which was a time-limited offer. It was withdrawn on 18 October.

We explain how the new bonus works, who is eligible – and when it finishes.

How can I get the £205 bonus?

• New customers need to open an HSBC Advance Account and deposit £1,500 within the first 60 days. 
• You also need to make at least five debit card payments and open an HSBC Global Money Account via the app – again within the first 60 days.
• To be eligible for the Advance Account – which is a fee-free current account – you'll need to be 18 or over and qualify for an optional arranged overdraft of at least £1,000.
• To qualify for either bonus, you can’t have held or opened an HSBC or a First Direct current account since 1 October 2018.

If you meet the above criteria, you’ll receive the £125 bonus.

When will I receive the bonus?

The £125 bonus will be paid into your HSBC Global Money Account 20 days after you qualify for it. The £80 incentive will be paid into the same account next year, between 1 May and 8 May 2024. 

The prize draw will take place on 29 May 2024. 

What is the HSBC Global Money Account?

This is a new international multi-currency mobile account that makes it easy to manage, convert and transfer your money for spending and payments in different countries. 

Customers can send money fee-free in more than 50 currencies to 200 countries using the app. Youcan also apply for a free Global Money debit card to access competitive exchange rates across more than 200 countries and regions.

The contactless debit card can be added to your digital wallet. You can also use the Global Money Account to withdraw cash both inside or outside the UK with no HSBC fees.

To apply for the account, you must have an HSBC current account.

When will I receive the bonus?

• The £125 bonus will be paid into your HSBC Global Money Account 20 days after you qualify for it
• The £80 incentive will be paid into the same account next year, between 1 May and 8 May 2024