HSBC app review

HSBC's mobile banking app provides a variety of eye-catching features, including mobile cheque deposits, a digital secure key and the option to pay for online transactions using the app.

Updated

Fact checked
HSBC

Dating back to the 19th century, the Hong Kong and Shanghai Banking Corporation (or HSBC for short) is something of a household name – in 2018, it was the 7th largest bank in the world. But how does it fare in the emerging digital banking market? We’ve taken a look at HSBC’s mobile banking app to see how it compares to its peers.

If you’re not an HSBC customer, have a read of our other app reviews to find a banking app better suited to your needs.

Starling Bank

Starling Bank: award-winning banking on your mobile

  • No monthly fees or fees overseas
  • Apply in minutes, direct from the app
  • Winner 2020 - Best Current Account, British Bank Awards
Promoted

How does the HSBC app work?

If you’re an HSBC customer in the market for a mobile banking app, you could do worse than HSBC’s own mobile banking app. To get going with the app, all you need is your online banking login details, though if you haven’t already set up online banking you can do so in the app itself by tapping “Register for mobile and online banking” from the app’s main menu. Once you’re in your account, you can use the app to:

  • Pay in cheques.
  • Download and view your bank statements.
  • Set up, manage and cancel standing orders.
  • Temporarily block your card if you misplace it or it’s stolen.
  • Make easy transfers.
  • Stop cheques from being cashed if they haven’t been already.
  • Make payments using the Pay by Bank app.
  • Secure your account using the digital secure key feature.
  • If you forget your PIN, you can view it in the app.

How do I apply for a current or savings account with HSBC?

The easiest way to apply to open a new account with HSBC is online. Go to the HSBC website to open a sole or joint account, open a second account or switch your existing account to HSBC.

Saving with the HSBC app

HSBC’s mobile banking app doesn’t have a budgeting feature, however HSBC’s other app, the “Connected Money” app does. With this app, you can view all of your bank accounts, regardless of what bank they’re with, in one place. Though still in its beta phase, the app boasts a fair few features. These include the “spending insights” feature, which offers the user a breakdown of their spending in categories, echoing other apps with a similar capacity. There’s also a “balance after bills” feature, showing you how much money you have left after paying bills, and also a savings feature which will round up transactions and put the difference into a savings account. You can read our full review of HSBC’s “Connected Money” app here.

HSBC fees and limits

  • As with most other banks, with HSBC you’ll incur fees for arranged and unarranged overdrafts, international transfers and use abroad.

Is HSBC safe?

The Financial Services Compensation Scheme (FSCS) is an independent statutory fund set up to safeguard consumer finances in the event of a bank being unable to meet its payment demands. HSBC has full FSCS protection, which provides compensation for the loss of up to £85,000 – as is the standard for UK bank accounts.

Pros and cons of the HSBC mobile banking app

Pros

  • Get full access to a current and savings account – you can receive your salary, make direct debit payments and bank transfers.
  • Freeze your account if your credit or debit card is lost – then unfreeze it if it’s found.
  • Sign up for mobile banking on your smartphone.
  • See your balance without having to sign in to the app.
  • Access a broad network of bank branches if something goes wrong.

Cons

  • No budgeting feature within the mobile banking app.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

More guides on Finder

  • How to open a bank account without ID in the UK

    While it’s impossible to open a bank account without proving your identity, banks accept a range of documents as ID; so even if you don’t have a passport or a driving licence, you should be able to get one. Here’s how to go about it.

  • Opening a bank account after bankruptcy

    A bankruptcy will impact all aspects of your financial life, including your bank account. But you should be able to open a new one to at least meet your basic banking needs.

  • How to set up a business bank account

    Need a bank account for your business but unsure of where to start? This guide covers all the basics, from why it’s a good idea to open one to the documents you will need.

  • Novus bank account review

    New UK banking startup Novus says it will offer a digital bank account with a conscience. Here’s what we know about it so far.

  • Monzo Premium account review

    Digital challenger bank Monzo has launched a new Premium tier for its current account. We take a look at the cost and what’s on offer.

  • How many people are still using bank branches in the UK in 2020?

    Are people still using bank branches? Is your area being affected by bank branch closures? Find out the latest data here.

  • Banking statistics 2020

    What are the biggest and most famous banks? Which banks are winning and losing customers? How are opinions about banks changing? We have collected all the latest banking statistics here.

  • Compare current accounts

    If you don’t feel like you’re getting much from your bank account, switching has never been easier! Banks and building societies offer up cash and vouchers when you switch, and will handle the boring bits for you.

  • Compare debit and prepaid cards for kids

    Support your child’s financial knowledge and teach them important real-life money skills in a safe and controlled way with a kids’ debit card.

  • Online shopping fraud statistics

    Online shopping fraud and scams increased by 37% in the first half of 2020. Find out the latest figures and how to avoid online shopping scams.

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.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site