Reviewed: HSBC bank and its range of bank accounts | moneyfacts.co.uk

Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 19/10/2020

HSBC has more than 40 million personal, wealth and corporate customers in 64 countries across the world. It is one of the big four banks in the UK and offers a range of financial services including mortgages, savings accounts, bank accounts, loans and credit cards.
Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). We review its range of bank accounts and the HSBC mobile banking app.

What bank accounts does HSBC offer?

The HSBC Advance Account review

The Advance Account offers a £125 cash reward to consumers that use the Current Account Switch Service within 30 days to complete a full switch and have at least two direct debits or standing orders set-up (terms and conditions apply). To be eligible for an Advance Account, customers will need to pay in at least £1,750 per month or more than £10,500 over six months into the account.
The Advance Bank Account offers everyday banking services and has no monthly fee. There is a minimum arranged overdraft of £1,000 available (subject to status) and the opportunity for account holders to open a HSBC Regular Saver at an exclusive rate. Account holders can also withdraw up to £500 each day using a contactless VISA debit card and if they lose their bank card, then HSBC can send money up to £10,000 (subject to the funds being in your account) to any HSBC branch in the UK or overseas.
This account also has fee-free international money transfers available when transferring money between HSBC accounts across the world using Global View. (Global view is available through HSBC online banking and through the HSBC mobile banking app.)
As a global bank, HSBC also offers Advance account holders a 50% price cut off opening an account outside of the UK. It will also transfer the account holder’s HSBC credit history to more than 35 countries.

The HSBC Premier account review

The HSBC Premier account offers everyday banking services plus a range of enhanced features and additional extra services – all with no monthly fee.
Those wanting to open a premier account need to either have:

  • Annual earnings of £75,000 and hold a HSBC UK mortgage, investment, life insurance or a protection product
  • Savings of more than £50,000 in a HSBC UK bank account within six months of opening the account
  • Hold and qualify for HSBC Premier in another country.

Some of the enhanced features and additional services available on this bank account include:

  • Free worldwide annual travel cover from Aviva, including winter sports cover for the account holders, their children and grandchildren (terms and conditions apply)
  • Preferential mortgage rates for the account holder, their children and grandchildren
  • £500 arranged overdraft interest-free (subject to status).

The HSBC Premier account also includes access for account holders to financial advice services and HSBC’s online fund platforms and investment advice (subject to fees and eligibility criteria). They can also manage multiple HSBC accounts held in different countries in one place using HSBC online banking.
Those opening a HSBC Premier account can earn a £125 cash reward for switching their account using the Current Account Switch Service and completing this within 30 days. The account holder will need to have at least two direct debits or standing orders set-up (terms and conditions apply).

The HSBC Bank Account review

This HSBC bank account is the most accessible in the range and does not have any requirements for minimum payments or income. Those applying for this account will need to be a UK resident and 18 years old or over. HSBC will conduct a credit check and may need you to provide ID and proof of address.
This account can be managed online, by phone or using the HSBC mobile app. Account holders can withdraw up to £300 per day and it allows you to make payments, set up direct debits and standing orders using HSBC online banking or the mobile app.
There is also the option to apply for an arranged overdraft (subject to status). Account holders can exclusively open the HSBC Regular Saver account and access offers through HSBC home&Away.

Features of the HSBC mobile app

The HSBC mobile banking app has a range of security, payment and control features to help users manage their money safely. Security features include biometrics such as facial recognition and fingerprint technology and Digital Secure Key that generates unique codes to keep your banking secure. Easy payments are available, including mobile cheque deposits using a photo as well as the usual ways to send payments and set up and cancel direct debits and standing orders. HSBC bank account holders with iPhones or iPads can also use the Balance After Bills feature to help manage their money better. This shows how much money account holders might have after their scheduled and regular bills are paid. Account holders can also temporarily block and unblock the account’s debit card.

HSBC rewards and offers

HSBC offers account holders a service called HSBC home&Away. These offers include discounts across travel, dining, shopping, well-being and education.

What does HSBC stand for?

HSBC stands for the Hongkong and Shanghai Banking Corporation Limited. The bank started in 1865 in Hong Kong, assisting international trade between Europe and Asia.

 

Who owns HSBC?

HSBC is part of the Hongkong and Shanghai Banking Corporation Limited.

Other HSBC bank accounts

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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