We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

HSBC Advance Checking account review

Last updated:  

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

finder.com’s rating: 2.8 / 5.0

★★★★★

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 offerEarn 2% cash back on qualifying direct deposits (up to $30 per month and $350 total during the first 12 months) with a new HSBC Advance Checking account. Offer ends March 1, 2020. Cash back will be credited approximately eight weeks after completing that month's qualifying activities.
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

Expert review

Shannon Terrell

Review by


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.

Expert review

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 $10,000 or have a $5,000 recurring monthly direct deposit.

HSBC Bank HSBC Bank

2% cash back (up to $350) on direct deposits when you open a new account

Earn 2% cash back on qualifying direct deposits (up to $30 per month and $350 total during the first 12 months) with a new HSBC Advance Checking account. Offer ends March 1, 2020. Cash back will be credited approximately eight weeks after completing that month's qualifying activities.

Last verified

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

Name Product APY ATMs Fee
M&T Bank EZChoice Checking
Over 1,500 M&T Bank ATMs
$0
Get $150 if you open an EZChoice M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
M&T Bank MyChoice Premium Checking
M&T Bank MyChoice Premium Checking
0.05% on balances of $100,000+
0.03% on balances of $50,000 to $99,999.99
0.01% on balances of $1 to $49,999.99
Over 1,500 free M&T Bank ATMs and up to $2 rebates when using all other ATMs
$24.95/month
(can be waived)
Get up to $250 if you open a MyChoice Premium M&T checking account by March 2, 2020, and make qualifying direct deposits totaling at least $500 within 90 days of account opening.
Chase Sapphire Checking
0.01%
Free to use anywhere worldwide
$25/month
(can be waived)
Get a $1000 welcome bonus when you join Sapphire Banking by March 06, 2020. 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.
BBVA Online Checking
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.
Axos Bank Rewards Checking
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.
Axos Bank Essential Checking
ATM fees reimbursed at any ATM nationwide
$0
No fees. Unlimited domestic ATM fee reimbursements.

Compare up to 4 providers

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.

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.

Read the full methodology of how we rate checking accounts.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site