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HSBC Advance Checking account review

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Though it offers a debit Mastercard and free checks, be on the lookout for maintenance fees.

Use a checking account to make deposits, withdraw funds, pay bills and keep track of your finances. So, how do you choose the checking account that’s best for you?

$25 per month

Monthly fee

0.01%

APY

$0

Minimum deposit to open

Details

APY0.01% on balances of $5+
Monthly fee$25 per month
To waive the feeMaintain a combined deposit and investment balance of at least $10,000 or have a $5,000 recurring monthly direct deposit to your account.
Minimum deposit to open$0
Intro or bonus offerGet $350 by funding and maintaining your new account with at least $5,000 in combined checking and savings for 90 days and setting up recurring third-party direct deposits for 3 consecutive months. Offer expires December 31, 2019.
ATMsSurcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
ATM transaction fee$0
ATM fee rebatesUp to four a month for using non-HSBC ATMs in all US states except New York
Foreign transaction fee3%
Overdraft fee$35
Nonsufficient funds fee$35
HSBC Bank HSBC Bank

$350 Welcome Bonus when you sign up for a new account

Get $350 by funding and maintaining your new account with at least $5,000 in combined checking and savings for 90 days and setting up recurring third-party direct deposits for 3 consecutive months. Offer expires December 31, 2019.

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What are the benefits of HSBC Advance Checking?

HSBC is a traditional financial institution with a variety of banking products available. The Advance Checking account is one of several checking accounts HSBC offers with lots of attractive perks:

  • Free debit Mastercard. Pay bills, make purchases and access your money at ATMs with a Mastercard debit card.
  • Free checks. Your HSBC Advance Checking account comes with a free set of personal checks.
  • Access to ATMs worldwide. Enjoy surcharge-free HSBC ATMs located across the US and around the world.
  • Non-HSBC ATM fee rebates. Get up to four rebates a month for using non-HSBC ATMs in all US states except New York.
  • $0 minimum deposit. Open an Advance Checking account in person or online with a $$0 minimum deposit.
  • Online banking. Monitor your account online after registering for HSBC’s personal Internet banking.
  • Mobile banking. Download the HSBC mobile banking app for Android and iOS to pay bills, transfer funds and deposit checks.
  • 24/7 customer support. Reach HSBC customer service 24/7 through live chat.

HSBC’s ATM network and fees

The HSBC ATM network covers the US and countries on five continents. Use HSBC ATMs to make cash and check deposits, move money between accounts, check your account balance and even change your ATM or debit card PIN.

Using an HSBC ATM within the US is free, but you may be charged a network fee by ATM operators outside the US. Fees vary by country and service provider.

What should I look out for?

  • Monthly balance requirement. To be eligible for the free HSBC Advance Checking account, you must maintain a combined deposit and investment balance of at least $10,000 or have a $5,000 recurring monthly direct deposit to your account.
  • $25 monthly fee. If you fall below the high balance minimum requirement, expect to pay a $25 monthly maintenance fee.
  • Additional fees. This account comes with an insufficient funds fee of $35, a stop payment fee of $30 and a $25 account closure fee should you close your account within 180 days of opening it.

Compare with other checking accounts

Name Product APY ATMs Fee
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $750 welcome bonus when you join Sapphire Banking by September 28, 2019. Within 45 days of joining, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or investment accounts (excludes any J.P. Morgan retirement accounts and CDs), and maintain the balance for at least 90 days.
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
No ATM fees nationwide at more than 64,000 AllPoint, participating 7-Eleven and BBVA USA ATMs
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.01%
38,000 fee-free ATMs nationwide
$0
Linked checking and savings accounts from a mobile-first bank that’s light on fees.
1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration cash management or investment account
Free to use anywhere worldwide
$0
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.

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How much do I need to open an account?

You can open an HSBC Advance Checking account in person or online with a minimum deposit of just $0. But to avoid paying the $25 monthly fee, you need to maintain a $10,000 balance or deposit $5,000 each month.

How do I apply?

  1. Go to HSBC’s website and click Checking.
  2. Click Apply Now.
  3. Click Apply Online.
  4. Tell HSBC a little more about yourself, including your full name, date of birth, Social Security number and email address. Click Continue.
  5. Enter your home address, phone number and driver’s license number. Click Continue.
  6. Tell HSBC a little more about how you intend to use your checking account and how you plan to fund the account. Click Continue.
  7. Review the information you’ve submitted and click Continue.

After your application is complete, you’ll receive an email from HSBC with an application status update. You may need to submit other documents to verify the information included in your application.

Once verified, you’ll receive your debit card in the mail, with your PIN arriving separately one to three business days after. You can then set up your account by phone or live chat with an HSBC agent.

Eligibility

To be eligible for the HSBC Advance Checking account, you must meet the following criteria:

  • Be a US citizen.
  • Be at least 18 years old.
  • Have a US residential address.
  • Have a Social Security number.
  • Have a valid bank account.
  • Keep a deposit and investment balance of at least $10,000 or have a $5,000 recurring monthly direct deposit to your HSBC Advance Checking account.

Required information

Have the following information ready before you apply for your account:

  • Social Security number.
  • Primary home address.
  • US driver’s license or valid state ID.

What other checking options does HSBC offer?

In addition to its Advance Checking account, HSBC also offers the following checking options:

  • Basic Banking. No balance requirement, a $3 monthly maintenance fee and optional overdraft protection.
  • Choice Checking. Comes with a debit Mastercard and a $15 monthly fee that’s waived if you set up direct deposit or keep a monthly balance of at least $1,500.
  • HSBC Premier Checking. Includes access to an HSBC Premier Savings account, the support of a personally-assigned financial adviser and a minimum monthly balance requirement of $100,000 to avoid the $50 monthly account fee.
  • HSBC Business First. Built for small businesses, it offers 200 free transactions per billing cycle and a $5,000 minimum monthly balance to avoid the $30 monthly maintenance fee.
  • HSBC Business Smart. Offers up to 400 free transactions per billing cycle and requires a $25,000 combined balance between commercial and personal accounts to waive the $30 maintenance fee.
  • HSBC Executive Analyzed. An account for businesses with sophisticated banking needs, it offers the option to accumulate earnings credits to offset activity fees and the $30 monthly maintenance fee.

Bottom line

The HSBC Advance Checking account offers free personal checks and a debit card from Mastercard that gives you access to ATMs in the US and around the world. However, if you don’t meet the high balance requirement, you could face a $25 monthly fee.

If you know you’ll maintain a high checking account balance, this could be a good choice. Check out your options with other providers before making a decision.

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