HSBC current accounts for October 2020

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You get the peace of mind of a big bank

HSBC account's are very standard - unless there's an incentive look elsewhere

Like other big banks, HSBC are also able also offer deals and incentives to grab attention. Currently, HSBC is offering £125 to new customers with the Advance Bank Account.

Switch and receive a £125 reward

• £125 reward when you switch your main current account (offer not available if held a HSBC current account, or opened a first direct or M&S Bank account, since 1 January 2017)
• Earn 2.75% AER / gross interest with the linked HSBC Regular Saver
• To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and qualify for a minimum £1,000 arranged overdraft

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Compare HSBC’s current accounts

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Name	Product	Interest (AER)	Arranged overdraft	Key benefits	Link	Representative example
HSBC Advance Bank Account		0%	39.9% EAR variable	£125 when you switch	Go to site View details	Plus earn 2.75% AER / gross interest with the linked HSBC Regular Saver To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and must qualify for a minimum £1,000 arranged overdraft. To be eligible for the £125 switching offer, customers must switch from a non-HSBC Group current account product. Other T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 38.9% (0% EAR variable on first £25, 39.9% thereafter).		loading Fetching your data...
Bank Account		0%	N/A	Eligible for Regular Saver product.	View details			loading Fetching your data...
Graduate Bank Account		0%	39.9% EAR variable	Eligible for preferential mortgage terms	View details	Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.9% EAR variable.		loading Fetching your data...
Basic Bank Account		0%	N/A	N/A	View details			loading Fetching your data...
Student Bank Account		0%	N/A	Access to Student Visa Credit Card with up to £500 credit limit	View details			loading Fetching your data...
Premier Bank Account		0%	N/A	£125 for new accounts when a minimum of two Direct Debits or Standing Orders are switched using the Current Account Switching Service within 30 days of account opening.	View details			loading Fetching your data...

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Types of current from HSBC

HSBC has a range of current accounts to suit different needs. Whether you want premium benefits, a no-frills basic account, or a student overdraft, HSBC have you covered.

• Reward and incentive accounts

  HSBC offers £125 for switching to its Advance Bank Account. A lot of high-street banks are doing this, so make sure you compare the lot to get the best deal.
  Learn more about reward and incentive accounts

• Premium accounts

  HSBC’s Premier Bank Account gives customers access to a range of benefits. Premium accounts like this often involve paying in higher amounts, with some even charging a monthly fee. See how HSBC stack up against the rest of the market by comparing them.
  Learn more about premium current accounts

• Student accounts

  Most students need an overdraft to dip into. HSBC offers this, with an interest-free arranged overdraft of £1,000. Check out the competition to see if there are any better deals for student bank accounts, such as railcards, tastecards, and other discounts.
  Learn more about student accounts

• Graduate accounts

  HSBC offer a graduate account with an interest-free arranged overdraft. Graduates often need an overdraft to manage their transition into work, so check out the full market to find the best product for you.
  Learn more about graduate accounts

• Children’s accounts

  HSBC’s MyMoney Children’s Bank Account is designed to help children aged 7-17 to manage their money.
  Learn more about children’s accounts

The benefits of banking with HSBC

• Rewards systems. HSBC has a large reward scheme which provides access to benefits across the globe. You build up points from everyday spending on your card and once you have enough points these can be redeemed for everything from travel and holidays, dining out at restaurants, fun experiences and shopping, to health and fitness. You can also get frequent flyer points on select cards which can be converted to flights or upgrades.
• Online management. With HSBC’s online management service you can get constant, secure access to your account so you can see your balance and latest tra§nsactions, make payments and easily oversee your finances from any internet-connected device.
• Additional cards. If you need more than one card, HSBC can provide this so that you can easily add a partner or family members aged over 18 on your account.
• Mobile Banking App. The mobile banking app is one more way you can stay on top of your finances. The app is a simple and secure way to see your latest transactions, make payments check you balance.
• Global acceptance. HSBC’s cards are all provided with Visa or Mastercard so you can pay for items and take cash out in a huge number of countries throughout the world.
• Round the clock assistance. With HSBC, you get 24/7 service from the customer service team, should you need it. You can call them at any time, day or night, from anywhere in the world and they will be able to help.

Opening an account with HSBC

To open an account with HSBC, you’ll have to provide the following information:

• How much you expect to pay in each month
• Your salary details and any assets you have
• Your employer’s address and phone number
• Your business account details if you’re self-employed
• Your nationality/citizenship
• Your residence status/tax residence status
• Proof of identity (passport, driving license, EEA or Swiss national identity card)

You can open an HSBC account online or by visiting a branch.

Why should I compare current accounts anyway?

Your current account is probably your most commonly used account. You might as well find one that works well for you! Even if that just means making the most of switch incentives, then so be it.

Shopping around can be a good way to see the different accounts and offers out there. It’s also helpful to see the features which matter most to you. From interest rates (though they’re usually 0%) and overdrafts, to exclusive benefits or perks.

What about digital banking?

You’ll probably have heard of Monzo, Starling and Revolut. These newcomers are attempting to displace big banks like HSBC with slick apps, cool features, and transparent fees. To find out more head to our digital banking section. Here are a few of the best deals out there at the moment.

Sort by:

Name	Product	Ratings	Interest (AER)	Arranged overdraft	Key benefits	Link	Representative example
HSBC Advance Bank Account		We say ★★★★★ You say ★★★★★	0%	39.9% EAR variable	£125 when you switch	Go to site	Plus earn 2.75% AER / gross interest with the linked HSBC Regular Saver To be eligible for HSBC Advance, customers will need to pay in a minimum of £1,750 per month or £10,500 over 6 months and must qualify for a minimum £1,000 arranged overdraft. To be eligible for the £125 switching offer, customers must switch from a non-HSBC Group current account product. Other T&Cs apply. Representative example: If you use an arranged overdraft of £1,200, you’ll be charged interest at 38.9% (0% EAR variable on first £25, 39.9% thereafter).		loading Fetching your data...
Current Account - Age 18 and over		We say ★★★★★ You say ★★★★★	0%	15% EAR variable	Award-winning current account, apply in minutes	Go to site	No fees for spending or withdrawing cash overseas - currencies are converted at Mastercard’s standard exchange rate Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 15% EAR variable.		loading Fetching your data...
Everyday Current Account		We say ★★★★★ You say ★★★★★	0%	39.94% EAR variable	Interest and fee free overdraft for first four months when you switch	Go to site	Up to 15% cashback at a range of major retailers Representative example: If you use an arranged overdraft of £1,200 you'll be charged interest at 39.94% EAR variable.		loading Fetching your data...
Activeplus		We say ★★★★★	0%	N/A	Guaranteed acceptance plus a credit building feature	Go to site	Account fee of £5.95 per month.		loading Fetching your data...
thinkmoney Managed Current Account - Managed Current Account		We say ★★★★★	0%	N/A	Guaranteed acceptance	Go to site	Earn cashback on your purchases when you shop through the ThinkMoney rewards portal Account fee of £10 per month or £15 per month.		loading Fetching your data...

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FAQs

• Can I have two HSBC current accounts?

  Yes! There isn’t a limit to the number of accounts you can open. Remember though to check out competition, and be wary of opening multiple accounts just to use features like overdrafts.

• Does HSBC pay interest on current accounts?

  Currently, none of HSBC’s current accounts offer interest.

• What are the HSBC current account terms and conditions?

  Head to the current account section of HSBC’s website, select the account you’re interested in and you’ll find them under the “things you should know” section.