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Benefits of HSBC Current Accounts
HSBC’s Bank Account is their everyday, straightforward current account. Making it simple to check your balance, pay bills and send money to family and friends, this current account includes:
- Manage your money via the app
- Withdraw up to £300 a day
- Apply for an arranged overdraft
- Pay bills and friends with ease
What other current accounts do they offer?
If you want more from your banking, HSBC offers more current accounts that may be better tailored to your personal needs.
HSBC Premier Bank Account
HSBC’s Premier Bank Account comes with a host of features to help you make the most of life and there’s no monthly fee. To be eligible, you must pay your annual income into this account and meet one of the following criteria:
- Have an individual annual income of at least £75,000 and a mortgage, investment, life insurance or protection product with HSBC UK.
- Have savings or investments of at least £50,000 with HSBC UK, within six months of opening your account.
- Hold and qualify for HSBC Premier in another country.
Benefits of this account include:
- No monthly fee
- Free annual travel cover from Aviva for you and your family if they’re eligible
- Preferential terms on mortgages and savings
- Financial expertise for you and your family
- The first £500 of your overdraft is interest-free
HSBC Advance Bank Account
There’s no monthly fee to open this account and you’ll get everything you need for everyday banking, plus money-saving offers and a minimum arranged overdraft of £1,000. To be eligible, you must pay in a minimum of £1,750 each month or £10,500 over six months. Benefits include:
- No monthly fee
- Arranged overdraft of at least £1,000
- Earn 2.75% AER/gross on your savings
HSBC Student Bank Account
If you’re going to university, HSBC’s Student Account is the account for you. It’s packed with perks that will help you make the most of your newfound independence. To be eligible, you must:
- Be 18 or older
- Have been a resident in the UK, Channel Islands or Isle of Man for at least 3 years and currently live in the UK
- Not have another student account with a different bank
- Have proof of acceptance or an unconditional offer to university for a qualifying course or
- Have an apprentice contract or letter from your apprenticeship learning provider
This account comes with:
- An arranged overdraft of up to £3,000
- Smart mobile banking
- 24.7 customer support
- Split payments easily with friends using their mobile number
- Access to HSBC’s Regular and Loyalty ISA
HSBC MyMoney Children’s Bank Account
This current account is designed specifically with young people in mind. It’s available for anyone aged between 11-17 years old. It comes with a contactless Visa Debit Card, so you can shop both instore and online. Plus you can withdraw up to £100 in cash from any ATM, provided you have sufficient funds.
HSBC Bank Account Pay Monthly
HSBC’s pay monthly bank account comes with a variety of features to help you keep an eye on your finances. With this account, you can apply for an arranged overdraft, get a £50 buffer for short-term emergency borrowing and spend with a contactless Visa Debit Card.
HSBC Basic Bank Account
This is banking in the simplest form. To be eligible, you must not already hold a UK bank or payment account, be at least 16 years old, hold an EU residential address and be able to provide certified proof of your identity and address. For no monthly maintenance fee, you have the ability to withdraw up to £300 a day and bank online, by phone or mobile 24 hours a day.
Can I have more than one HSBC current account?
Yes, which is great news if you like the look of more than one of the current accounts that HSBC offers. However, it’s always good to check out the competition too and see if you can get a better current account from a different bank.
How do I open a current account with HSBC?
You can apply online or by visiting an HSBC branch. For your application, you need to provide HSBC with the following information:
- How much you expect to pay in each month
- Salary details, plus any assets you have
- Your employer’s address and phone number
- Business account details if you’re self-employed
- Residence status
- Proof of ID
What overdraft options do they offer?
You have the option to add an arranged overdraft to your HSBC current account. You must be over 18 and a UK or EU resident. If you’d like to add an arranged overdraft to your HSBC current account, you can easily apply via the app, You can also manage an existing overdraft in the HSBC app. All overdrafts are subject to application, financial circumstances and borrowing history.
If you attempt to make a payment but don’t have enough funds in your account or an arranged overdraft, Barclays may allow you to make the payment by using an unarranged overdraft. All of Barclays current accounts also come with a £15 safety net, meaning you won’t be charged any interest if you go overdrawn by £15.
How much does an overdraft cost?
0% variable on the first £25
39.9% EAR (variable) thereafter, giving a representative rate of 38.9% APR (variable)
As an example, if you were to borrow £500, the interest cost would be £3.10 for 7 days, £13.29 for 30 days, £26.59 for 60 days.
Does HSBC have a mobile app?
Yes. You can manage your HSBC accounts easily and securely with their mobile banking app.
- Secure login
- Easy transfers
- Mobile cheque deposits
- Mobile statement
- Block or unblock your card
- Balance After Bills
- Cancel standing orders and Direct Debits
- Manage your overdraft