We often talk about cash bribes for switching banks - but now there's a trick to grab a FREE £205 without even doing that... 

Usually banks lob free cash at you to switch to them - which means closing your existing account to move over. But this week...

HSBC wants you to get one of its new multi-currency accounts, and it's willing to pay you at least £125 to do so (and then £80 later with a bit of a play). 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...

• Step 1: To get the free £125. This is for new customers who open the fee-free HSBC Advance* account, which also gives access to a linked 5% regular saver you can put up to £250/mth in. 
  
  To get the free cash you DON'T need to switch from another bank, so just open the Advance account and do this pretty simple list within 60 days of opening the account...
  
  - Spend 5+ times on its debit card. There's no minimum so you could just buy five bananas one at a time.
  - Pay £1,500+ in once. No biggie, as you can then immediately withdraw it if you want (just leave enough to buy those bananas).
  - Log in once to its mobile app.
  - And crucially, open the app-only HSBC Global Money multi-currency account and order the associated multi-currency debit card.
  
  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 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, so long as you opened your account before October 2018.
  
  
• Step 2: To get an extra £80 on top. The Global Money account allows you 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 (which is separate from the one for HSBC Advance), you now use it five times before April 2024. These spends can be in pounds, so more bananas (if you like), or in overseas currency.
  
  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). You'll also be entered into a prize draw to win one of 24 £3,000 cash prizes, but you can opt out.
  
  
• Are these accounts any good? So, we've told you how to milk it for cash, but are these HSBC accounts worth having? 
  
  - HSBC Advance. This is a bog-standard current account, which 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%.
  
  If you want rewards on spending, there are better accounts out there, such as Chase*, which offers 1% cashback for at least a year (max £15/mth) on almost all debit card spending. For a full list of the top options, see Best bank accounts.
  
  - HSBC Global Money Account. This is useful for those who like to hold cash in different currencies, as 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.
  
  A few quick checks showed that HSBC's exchange rates are decent, but can be beaten. For example, a spot check yesterday morning showed HSBC's pound to dollar exchange rate at £1 to $1.212. But at the same moment, prepaid card Revolut, which offers the interbank rate, had £1 to $1.219. So, change £100 into dollars and the difference is less than $1. But if you're regularly transferring large amounts between currencies, it can add up.
  
  
• Will getting this affect my credit score? 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.

If you're looking for free cash and cheap overseas spending, then HSBC's sister bank First Direct has the top deal, though here you do need to switch to get it.

First Direct's 1st Account* pays newbies who switch a FREE £175. A little less than you can get with HSBC above, but here you also get access to a linked regular saver which pays 7% interest on up to £300/mth, plus many get an ongoing £250 0% overdraft.

The debit card is also fee-free for overseas spending and ATM withdrawals, as it uses the near-perfect Mastercard exchange rates (so likely to be better to use abroad than the Global Money account, though with First Direct you can't lock in rates in advance).

Once you've switched, just pay in £1,000+ within three months and the £175 will then be paid within 28 days.

Though if you've ever had ANY account with First Direct (such as a current account, credit card or mortgage), or you've opened a current account with HSBC since January 2020, you won't be eligible.

If you've held an HSBC account (or opened a First Direct account) in the last five years, you won't be able to take advantage of the HSBC £205 or the First Direct £175 deal - but there are still ways to get FREE cash...

• Nationwide FlexDirect - £200. Here, as well as the switch cash, you get a year's 0% overdraft (limit is credit-check dependent) and a regular saver paying 8%. See full info in our Nationwide review.
  
  
• Club Lloyds - £175. The Club Lloyds account gives a choice of rewards, which includes a year's Disney+. Plus there's a decent linked 6.25% saver. Yet you need to pay in £2,000+/mth or there's a £3/mth fee. See full info in our Club Lloyds review.
  
  
• Club Lloyds Silver - £175. Here you get the perks offered by the Club Lloyds account, plus mobile phone, family travel and car breakdown insurance. The account costs £10/mth, but the free switch cash covers this for almost 18 months. See our full Club Lloyds Silver review.