HSBC Advance: what are the account benefits?

If you’re thinking of switching banks, you’ll want to be checking out all the accounts on offer at the UK’s biggest and most popular banks.

One of these is HSBC, which offers a range of current accounts. In this guide, we’ll be putting the HSBC Advance current account under the microscope. We’ll be taking a look at what benefits it offers, so you can decide if it’s the right choice for you.

And while you’re shopping around for a new account, make sure to check out the Wise account. It’s a perfect alternative for international transactions, including spending overseas, and also helps your money grow with interest on your balance.

What is the HSBC Advance account?

HSBC Advance is a current account, offering all the features and services you’d need for everyday banking. This includes a debit card and access to the HSBC mobile banking app. You can also manage your account through online, phone or in-branch banking.

The HSBC Advance account has no monthly fee and comes with a few extras, such as an optional arranged overdraft and access to a linked savings account. We’ll look at these in a little more detail next.

HSBC Advance benefits at-a-glance

Here’s an overview of what you’ll get with the HSBC Advance account:¹

• A contactless Visa debit card, which works with mobile wallets such as Google Pay, Apple Pay and Samsung Pay
• A choice of ways to manage your account - online, in app, phone or in branch
• Access to a Regular Saver account offering an interest rate of 5% AER/gross - save between £25 and £250 a month for a fixed 12-month term.
• An optional arranged overdraft with a minimum of £1,000
• Mobile banking app features - including instant notifications, card freeze, pay in cheques and smart budgeting tools.
• Discounts on shopping, travel, dining and experiences with the home&Away offers programme
• Free international account opening
• Emergency cash transfers up to $10,000 USD to any HSBC branch worldwide
• Option to open HSBC Advance as a joint account.

How to open an HSBC Advance account

If you like the sound of the HSBC Advance account so far, you’ll need to know how to apply.

Firstly, you’ll need to meet the eligibility requirements. You must:¹

• Be at least 18 years old
• Qualify for an optional arranged overdraft of at least £1,000
• Be happy for a credit check to be carried out against your name
• Be able to provide ID and proof of address if requested.

If you tick all the boxes, you can apply online or in an HSBC branch. You can find your nearest HSBC branch here.

Looking for an international account? Check out Wise

While you’re shopping around for a new account, make sure to check out Wise. Banks aren’t always brilliant for letting you send money abroad and spend outside the UK, but Wise is different. Wise is an e-money provider that lets you open a powerful account for managing your money in 40+ currencies, including making international payments for low fees and mid-market exchange rates.

When you sign up for a Wise account online, there’s no initial or monthly fee to pay. You’ll get a powerful multi-currency account for managing your money in 40+ currencies.

You can make international payments for low fees and mid-market exchange rates, and even receive money for free in 9 major currencies.

You can get a Wise debit card for a one-time cost of just £7. It has no foreign transaction fees for spending abroad and lets you withdraw up to £100 a month from overseas ATMs with no Wise fees (although ATM operators may charge their own fee).

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

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And there you go - your at-a-glance guide to HSBC Advance benefits and features. It’s a pretty decent offer, with lots of extras for no monthly fee.

Just make sure you compare all your options, checking out fees and eligibility criteria, before settling on a new account.

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Sources used:

1. HSBC - HSBC Advance Bank Account

Sources last checked on date: 31-July-2023