HSBC Advance Checking account review
Though it offers a debit Mastercard and free checks, be on the lookout for maintenance fees.
finder.com’s rating: 2.8 / 5.0
$25 per month
Minimum deposit to open
|APY||0.01% on balances of $5+|
|Monthly fee||$25 per month|
|To waive the fee||Maintain a combined deposit and investment balance of at least $5,000, or have a recurring monthly direct deposit to your account or an HSBC US residential mortgage loan|
|Minimum deposit to open||$0|
|Intro or bonus offer||Get up to $270 (max. $50 per month) for eligible new customers who open an HSBC Advance checking account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.|
|ATMs||Surcharge-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 rebates||Up to four a month for using non-HSBC ATMs in all US states except New York|
|Foreign transaction fee||3%|
|Nonsufficient funds fee||$35|
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
The HSBC Advance Checking account is best for those who know they’ll maintain a high checking account balance. Although it’s interest-bearing, it doesn’t have the highest APY rate for checking accounts.
It offers free checks, four ATM rebates a month and no minimum opening deposit. But to avoid the $25 fee, you’ll need to keep a combined balance of at least $5,000, or have a recurring monthly direct deposit or a residential mortgage loan with HSBC.
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.
If you want a higher yield checking account or one with a lower balance requirement, you might want to keep looking. As always, explore your options when choosing a checking account.
Compare with other checking accounts
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 combined $5,000 balance in deposits and investments, or have a recurring monthly deposit or a residential mortgage loan with HSBC.
How do I apply?
- Go to HSBC’s website and click Checking.
- Click Apply Now.
- Click Apply Online.
- Tell HSBC a little more about yourself, including your full name, date of birth, Social Security number and email address. Click Continue.
- Enter your home address, phone number and driver’s license number. Click Continue.
- Tell HSBC a little more about how you intend to use your checking account and how you plan to fund the account. Click Continue.
- 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.
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.
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.
Frequently asked questions
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.