A simples guide

Compare HSBC Current Accounts

With 45 million customers and covering 71 countries, HSBC really is the ‘world’s local bank’ In the UK, HSBC boasts a massive high street presence, so it should be on your radar if you’re looking for a new current account and with a large number of incentives, basic banking for those that need it and a whole range of complementary services, HSBC has something on offer for everyone.

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Why HSBC?

Choosing a current account isn’t just about having a convenient high street branch; with online banking and mobile apps to keep you on track with your money, there’s never been more choice with who you bank with. So before committing yourself to a current account with any bank think about what is it you actually want and need in an account.

Looking at what else is out there will give you a benchmark for comparison and it’s always worth keeping an open mind before signing on the dotted line. Big banks have their advantages – with a wide range of offers and products it means all your financial needs can be covered in one place. Plus, if you have a job that takes you around the world, having a bank with a worldwide presence might simply be the most practical option.

paying on credit card

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.

Anything else I should know?

If you’re over 18 and can commit to paying in a minimum £500 a month and will submit to a credit search to prove your identity, then you should be able to secure a HSBC current account in some form. The level of the account and the facilities provided, will of course depend on your circumstances. Anyone over the age of 16 can apply for a basic account.

HSBC have made banking as easy as possible with online and mobile banking, you also have access to telephone banking if you prefer talking to a human being.

HSBC ensures its current account customers (subject to status) have access to savings accounts with higher rates of interest; you’ll also have access to personal loans and a credit card so if you want all your finances in one place, an HSBC account is worth considering.

Is an HSBC current account for me?

Before you sign up for financial products anywhere, you should always see what’s on offer elsewhere. There’s a mass of current accounts on the market and you can choose from high interest accounts through to others that offer rewards on your monthly bills. So just click and compare – it’s easy when you comparethemarket.com

All HSBC current account details are based on information provided on hsbc.co.uk on 2nd November 2016.

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