HSBC

Who is HSBC?

HSBC is one of the world’s largest banking and financial services organisations, serving millions of customers globally.

In the UK, it provides a wide range of personal and business banking products, including current accounts, savings, mortgages, loans, and investment services.

With a strong presence in the financial sector, HSBC offers a variety of banking solutions catering to different customer needs, from everyday banking to exclusive premium services.

What types of current accounts does HSBC offer?

HSBC offers a range of current accounts to suit various financial requirements. These include:

• HSBC Premier Bank Account: A premium account offering exclusive benefits such as worldwide travel insurance, preferential savings rates, access to a dedicated relationship manager, and global account support. To qualify, you must either have an individual annual income of at least £100,000 or have £100,000 in savings and investments with HSBC

• HSBC Advance Bank Account: Designed for customers who want access to preferential savings rates through HSBC’s regular saver, a minimum arranged overdraft facility of up to £1,000, and discounts on shopping, dining, travel and experiences. There is no fee for this account

• HSBC Bank Account: A simple everyday banking account with no monthly fees. It provides access to mobile and online banking, contactless payments, and optional overdraft facilities

• HSBC Basic Bank Account: A no-frills account designed for individuals and bad credit applicants who may not qualify for other current accounts. It has no monthly fees but offers limited features, such as no overdraft facility

• HSBC Kinetic Business Account: Available for sole traders or single-director shareholder businesses. You can make payments of up to £25,000 per day in-app and there are no monthly account fees for the first 12 months. Overdrafts can easily be applied for in-app and there are cashflow and categorised spending tools to support your accounting. You can also make international payments to over 200 countries and territories

• HSBC Student Bank Account: Aimed at university students, includes an interest-free arranged overdraft of up to £3,000 by year three of your studies. Also gives you retail discounts through the HSBC offers programme and the option to open a regular saver that pays a preferential interest rate. There is also an International Student Bank Account tailored for students coming from abroad to the UK

• HSBC Graduate Bank Account: A continuation of the Student Bank Account, offering a reducing interest-free overdraft limit over time, decreasing from £3,000 to £1,000 over two years post-graduation. To apply, you'll need to be aged 18 or over and have graduated in the past two years

• HSBC MyAccount: A youth account designed for 11 to 17-year-olds, providing access to mobile banking, a contactless debit card, and the ability to set up direct debits and standing orders.

What rewards can I get with an HSBC current account?

The rewards and perks you can get with HSBC depend on the type of current account you have.

If you open the Advance or Student account you can get discounts on shopping, dining, travel and experiences with HSBC’s Home&Away offers programme.

You’ll also have access to the HSBC regular saver account that pays a higher rate of interest.

Premier account customers have access to a range of exclusive services including travel, health cover and wealth management

What overdraft do I get with an HSBC current account?

HSBC provides different overdraft options based on the type of account you have.

HSBC Premier account holders have an interest-free overdraft of £500, above which interest charges apply. Other current accounts, with the exception of the basic account, provide a £25 interest-free buffer in case you unwittingly go overdrawn.

The HSBC Student Bank Account offers the largest interest-free overdrafts of £1,000 in the first year, increasing to £2,000 in the second year and up to £3,000 in the third year, subject to status.

The HSBC Graduate Bank Account provides a gradually reducing interest-free overdraft, with limits decreasing over time after graduation.

Overdrafts are subject to approval and dependent on individual credit assessments. Customers should check eligibility before relying on an overdraft for financial flexibility.

Can I switch to an HSBC account?

Yes, HSBC enables new customers to switch their current account from another provider using the Current Account Switch Service (CASS).

The process is simple, free, and completed within seven working days, ensuring all direct debits, standing orders, and payments are transferred seamlessly.

HSBC often provides cash incentives for switching accounts, though these offers may vary throughout the year. Potential applicants should check the latest promotions to see if they qualify for any bonuses when switching.

What fees and charges come with HSBC accounts?

The only HSBC account that has a monthly fee is the HSBC business current account, called HSBC Kinetic, although this is waived for the first 12 months.

Other charges are consistent with banking in the UK, such as interest charged on arranged overdrafts above the interest-free limit. Unarranged overdrafts may incur additional charges.

When using an HSBC debit card abroad, a fee may apply to foreign transactions and while ATM withdrawals in the UK are free, using ATMs to withdraw cash when abroad may incur fees.

Additional fees may apply for services such as CHAPS payments or replacing lost debit cards multiple times within a year.

How can I contact HSBC about my current account?

You can contact HSBC by phone (lines are open from 8am to 8pm every day, except Premier which is 24/7), live chat via online and mobile banking, or by visiting a branch. Social media support is available for general queries.

For lost or stolen cards, call HSBC immediately. More details are on HSBC’s contact page.

Is HSBC regulated?

Yes, HSBC is regulated by the Financial Conduct Authority (FCA), ensuring that it complies with UK financial regulations and operates in the best interest of customers.

Additionally, eligible deposits are protected by the Financial Services Compensation Scheme (FSCS), meaning deposits up to £120,000 per person per bank are covered in the event of HSBC failing.

How do I open an account with HSBC?

Whether you are applying for an account for the first time or looking to switch from another provider, opening an HSBC current account is straightforward:

1. Choose an account: Review HSBC’s account options to determine the best fit for your banking needs.

2. Check eligibility: Ensure you meet the age, income, and residency requirements.

3. Apply online or in-branch: Complete the application through HSBC’s website or visit a branch. You’ll need proof of identity (passport or driving licence) and proof of address (utility bill or bank statement).

4. Fund your account: Some accounts may require a minimum deposit or regular monthly income.

5. Receive your account details: Once approved, you’ll get your account number and debit card.

6. Set up online and mobile banking: Activate HSBC’s digital banking services for easy account management.

Does HSBC offer the current account switching guarantee?

Yes, HSBC offers the Current Account Switch Guarantee, which ensures a seamless transfer when moving your account.

Using the Current Account Switch Service (CASS), HSBC will transfer all direct debits, standing orders, and payments within seven working days, while your old account is automatically closed.

The service is free, and payments are covered by a guarantee, ensuring refunds if anything goes wrong.

Compare current accounts with MoneySuperMarket

Comparing current accounts with MoneySuperMarket helps you find the best deal by assessing overdraft limits, fees, rewards, and interest rates.

You can easily compare top banks, see exclusive offers, and access switching incentives. This ensures you choose an account that suits your needs, whether for budgeting, savings, or everyday banking.