HSBC has launched a cashback offer for new customers which could see you pocket £205. 

With the cost of living continuing to rise every penny counts, so a nice little £205 payday could go a long way. 

Whether you are setting up your first account, an extra account or switching banks to get a better deal in an attempt to save some money, setting up a HSBC Advance or Premier account could see you land this cashback offer. 

How to claim £205 from HSBC's new cashback offer

There are a few hoops you must jump through in order to secure the payment, but unlike other current account offers, the HSBC deal doesn’t require you to switch your bank account and close your old account.

Consumer watchdog Which? has outlined the simple steps you must go through to claim the £205 from HSBC and the fine print to consider before making the decision to open your new bank account. 

There are two parts to receiving the full £205.

The first part sees customers receive a £125 within 20 days. 

The unlock the £125 payment you’ll need to open a new HSBC Advance or Premier account either online or in a branch and then, within 60 days, do the following three things:

  1. Deposit £1,500
  2. Make at least five transactions using the current account debit card
  3. Open an HSBC Global Money account (a digital multi-currency account) via the app and order the Global Money debit card

Which? added: "You don't have to keep the £1,500 in the account, and there’s no minimum spend on the five transactions, but the following types of spending are excluded: gambling transactions, credit card or insurance payments, cash withdrawals and card-to-card payments."

If you fulfill all the criteria, the £125 will be paid into your Global Money account within 20 days.

Glasgow Times: There are two parts to receiving the full £205 cashback amount.There are two parts to receiving the full £205 cashback amount. (Image: HSBC)

The second part will see customers get a further £80 in May 2024. 

To get the bnous £80 you’ll need to use your Global Money debit card five times by April 21 next year. 

Which? added: "The £80 will be paid into your Global Money Account between 1 May and 8 May 2024." 

You’ll also be entered into a prize draw with a chance to win one of 24 £3,000 cash prizes - the draw will take place on April 29, 2024.

To qualify for the cashback offer you can’t have held an HSBC current account, or opened a First Direct current account, since October 1, 2018.

You also must be a UK resident to claim the offer.