Compare HSBC current accounts - Ordered by switch incentive
Account opening criteria
High Interest, Package, Reward & Standard current accounts
- You must be 18 years of age or older
- You must not have been declared Bankrupt or have registered for an Individual Voluntary Agreement within the last six years or be in the process of doing so (Does not apply to M&S Bank)
- You are a UK resident
- You’re aged 18 years or over
- You’ve been accepted onto a full-time UCAS course at a UK institution for at least 2 years
- You don’t already have a student account with another Banking institution
- You must be aged between 11 and 18 years old
- You must be living permanently in the UK
- You must be aged 18 or over to apply
- You must have a residential address in the UK
Before applying, please always check each banks specific opening criteria on their website.
This is based on a scoring system we developed using data from MoneySavingExpert’s twice-yearly Current Account customer service polls.
An easy switching process
We guarantee a smooth switch.
All you need to do is:
A smooth switch for you
The Current Account Switch Service makes switching your current account simple, reliable and stress-free. Over 4 million current accounts have been switched so far.
The Current Account Switch Guarantee means that your new bank takes care of closing your old account, moving your balance and switching your payments.
So you don't need to worry.
Start using your new account
On your agreed switch date your new account will be ready to use and your old account will be closed. Your new bank will have transferred all of your regular incoming payments (such as your salary or benefits) and outgoing payments (such as Direct Debits, standing orders, future dated payments and bill payments) to your new account, along with any remaining credit balance. Your saved Payee details will also be transferred over.
Note: future dated payments set up within 7 working days of your switch date cannot be transferred across to your new account.
Need to knows
- 1. Check you're able to switch
The Current Account Switch Service covers 99% of UK current accounts. The process is the same everywhere so you can feel confident when you switch, no matter which participating bank or building society you choose.
- HOWEVER YOU CAN'T SWITCH WITH:
- A joint account without the permission of both parties
- Saving accounts
- Non-sterling payment accounts.
- 2. Check you're eligible
Common eligibility examples include having a minimum number of Direct Debits, and a set amount entering the account each month. You'll also need to agree any overdraft facilities you require with them before initiating the switch (subject to eligibility status).
Just in case if anything has gone wrong
In the unlikely event that anything goes wrong, your new bank or building society guarantees to refund any interest and charges you incur as a result of a delayed or incorrect switch. It's all part of the Current Account Switch Guarantee.
£170 to switch + optional £1k+ arranged overdraft + 1% AER/Gross with Regular Saver
HSBC Advance Current Account
AER interest on in-credit balances between and up to
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
Compare HSBC current accounts - Ordered by switch incentive
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.