HSBC

HSBC current accounts

The Hong Kong and Shanghai Banking Corporation, more commonly known as HSBC, is one of the world’s largest banking and financial services organisations. Established in 1865, the bank prides itself on being a local bank that serves international needs. HSBC serves around 38 million customers worldwide, in 67 countries and territories, and offers a range of different financial services and banking options. Their offering includes a range of current accounts to suit different needs.

Overdraft rate (EAR)

Interest rate (AER)

on balances between and

on balances up to

Customer service rating

Great (42%) Ok (43%) Poor (15%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Online Fraud
  • Overdraft Facility
Great for:
  • Minimum overdraft offer of £1,000 at account opening.
But be aware that:
  • HSBC Advance Bank Account requires minimum monthly funding of £1,750
  • £1,000 overdraft offer subject to status and meeting HSBCs proof of UK address requirements.

 

See more current accounts

What types of current account does HSBC offer?

HSBC offer a number of different current accounts, including:

  • Bank account. HSBC’s standard everyday account that comes with useful extras.
  • Advance bank account. This account offers more than the standard bank account, including preferential savings interest rates and access to a number of discounts.
  • Premier bank account. With even more added benefits, the premier bank account has much higher financial requirements to meet for you to be eligible.
  • Basic bank account. A no frills account for people with poor credit or experiencing financial troubles.
  • Student bank account. These accounts are designed to help apprentices and students in full-time education, often coming with freebies, discounts, and a guaranteed interest free overdraft.
  • Graduate bank account. An account to help recent graduates ease into the world of banking and finance, also with an interest-free overdraft.
  • MyMoney children’s bank account. A package deal that includes a current account and savings account, designed for children aged 7-17.
  • Pay monthly bank account. A bank account that comes with a number of add-ons and services, such as an overdraft buffer and preferential interest rates – for a monthly cost.

What features do HSBC current accounts have?

HSBC current accounts have different features depending on the type of account you take out. Among these are:

Overdraft facilities. Some of HSBC’s current accounts offer overdraft facilities, though the limit for both authorised and unauthorised overdrafts as well as the interest rates applied differ between accounts. Some accounts, like the basic and children’s accounts, don’t have an overdraft at all.

Budgeting and financial planning tools. You may also have access to HSBC’s money managing tools to help you control your finances.

Emergency cash transfers. You’ll have access to emergency funds that can be transferred to any HSBC brand across the world if you have funds in your account, even if you’ve lost your card.

Global view. You can use this to view and access all of your HSBC accounts worldwide, whether you’re at home or abroad.

Connected money. You can also see all your bank accounts from other banks in one place with the connected money app.

Perks and benefits. HSBC’s current account rewards vary with each account type, but they can include:

  • Preferential rates on savings and loans
  • Discounts when opening international HSBC accounts
  • Access to certain loans, for example graduate loans for a graduate account
  • No fees when making a cash withdrawal in a non-sterling currency
  • Vouchers, tickets, and other discounts, particularly for students

 

Overdraft rate (EAR)

Interest rate (AER)

on balances between and

on balances up to

Customer service rating

Great (42%) Ok (43%) Poor (15%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Online Fraud
  • Overdraft Facility
Great for:
  • Minimum overdraft offer of £1,000 at account opening.
But be aware that:
  • HSBC Advance Bank Account requires minimum monthly funding of £1,750
  • £1,000 overdraft offer subject to status and meeting HSBCs proof of UK address requirements.

 

See more current accounts

HSBC credentials

HSBC is regulated by the Financial Conduct Authority, and is both regulated and authorised by the Prudential Regulation Authority.

Why you should compare current accounts

Current accounts are a big part of day-to-day banking for most of us, so it’s important to find an account that gives you everything you need. Shopping around can be a good way to see the different accounts on offer, and on MoneySuperMarket you can compare current accounts based on a number of important factors. This includes the interest rates on offer, their overdraft facilities, and any benefits or perks that might come with the account.

Once you’ve decided which account you want, you can make the switch within seven working days thanks to the Current Account Switch Service – introduced by the government, this ensures that the process is fully taken care of by your new provider. All your incoming and outgoing payments are automatically transferred to your new account, and your provider will take care of any problems that might arise, such as penalty charges or leftover accidental transactions from your old account. 

Current accounts. Trust us to explain them simply