What’s on offer?
HSBC offers everything from a free and basic account, right through to feature-packed premium options. You can also choose from a variety of add-ons that will give you the opportunity to tailor your account to meet your requirements.
A standard HSBC account will let you do all the usual current account things – like set up standing order, pay bills and have an overdraft facility; contactless payments are also available dependent on your circumstances. You can manage your account online and on the go meaning you can stay on top of your money. If you’re not eligible for a standard account, then HSBC do offer a basic bank account – this offers simple, no frills banking so there’s no overdraft or other credit facility and you won’t get a chequebook.
Also on offer is a Pay Monthly Account, it costs £10 a month to have this account and you’ll need to make sure you deposit at least £500 into it every month – if you don’t, you’ll get downgraded to a standard bank account. You’ll get an overdraft as well as a £50 ‘buffer’ zone and HSBC won’t agree to any payments that take you over your agreed overdraft limit.
For customers who want more bang for their buck, the Premier Account benefits include reduced mortgage arrangement fees, travel insurance and other perks such as having a dedicated relationship manager to help with all your banking queries. You’ll also get preferential rates on savings accounts. There’s a catch though, as you need to have an income of £100,000 or hold £50,000 of investments with the bank.
An Advance Account will give money off a mortgage booking fee as well as preferential rates on savings and loans, but you won’t get the travel insurance. It is however more accessible, as you will only need to deposit £1,570 a month to be eligible.
Students and graduate don’t miss out either as HSBC have accounts for you too. The student account has a free overdraft facility and there’s a guaranteed £500 overdraft limit if you’re over 18. Subject to your own circumstances (and how responsible you are with your money) you could see that overdraft increased up to £3,000.