HSBC Advance Checking account review September 2018 | finder.com

HSBC Advance Checking account review September 2018

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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?

With so many options available, it can be difficult to know where to start. We take a look at one of your checking account options with HSBC to narrow down the decision-making process.

APY0.01%
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$0
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
Overdraft fee$35
Nonsufficient funds fee$35
Deposit methodsCash by teller
Cash by ATM
Check by teller
Check by ATM
Mobile/remote check deposit
Bank transfer
Wire transfer
Direct deposit

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.

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. Review the terms and conditions of the HSBC Advance Checking account. Click I accept.
5. Tell HSBC a little more about yourself, including your full name, date of birth, Social Security number and email address. Click Continue.
6. Enter your home address, phone number and driver’s license number. Click Continue.
7. Tell HSBC a little more about how you intend to use your checking account and how you plan to fund the account. Click Continue.
8. 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.

Compare with other checking accounts

Name Product APY ATMs Fee
NBKC Personal Account
NBKC Personal Account
0.9%
Use any of the 32,000+ MoneyPass ATMs in the US for free
$0
Ain’t nobody got time for gotchas. Open accounts in less than 5 minutes.
0.01%
Nationwide
$0
An online checking account means no driving around town, no waiting in line and no bankers' hours.
Surcharge-free Umpqua ATMs in all of the network's 5 states, plus up to $10 per month in ATM fee rebates
$0
Simple and straightforward, a checking account for anyone looking for no-frills banking.
Surcharge-free Umpqua ATMs in all of the network's 5 states, plus 4 non-Umpqua ATM fee rebates per month
$5/month
(can be waived)
A checking account that's tied to your savings and comes with lots of fee rebates.
Chase College Checking
Chase College Checking
Nationwide. Access to 16,000 ATMs and 5,100 branches.
$6/month
(can be waived)
College Checking comes with no monthly service fee as long as you’re between 17-24 years and a student for up to 5 years.
Nationwide. Access to 16,000 ATMs and 5,100 branches.
$12/month
(can be waived)
Our most simple checking account is easy to use and gives you access to 16,000 ATMs and 5,100 branches.
Surcharge-free Umpqua ATMs in all of the network's 5 states, plus up to $25 per month in ATM-owner fee rebates
$20/month
(can be waived)
Easy banking for complicated lives.
0.01%
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
$25/month
(can be waived)
Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance Checking account with qualifying activities
0.01%
Nationwide.
Access to 16,000 ATMs and 5,100 branches.
$25/month
(can be waived)
Earn interest with Chase Premier Plus CheckingSM.
0.01%
Nationwide.
5,100 branches in 28 states.
$25/month
(can be waived)
Premium banking and more, designed for your life.
0.01%
Surcharge-free HSBC ATM access nationally and internationally
$50/month
(can be waived)
Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier Checking account with qualifying activities.

Compare up to 4 providers

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.

Frequently asked questions

Shannon Terrell

Shannon Terrell is a writer for finder.com 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.

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