How to apply
To be eligible for an HSBC Advance Account you must:
be 18+ and live in the UK or EU
be able to pay in at least £1,750 each month (or £10,500+ every 6 months)
qualify for a minimum £1,000 arranged overdraft (you won't have to have an overdraft if you don't want one)
be happy for us to do a credit check against your name (if you live in the UK)
have read the important account documents and overdraft information below
are able to provide proof of your address for the last 3 years, your employment details and your income details. Here’s a list of documents that we accept.
Overdraft and charges explained
Your HSBC Advance Account comes with an optional arranged overdraft. Please read this information before applying for your account.
Overdrafts and unarranged overdrafts
An overdraft lets you borrow money on your current account. An arranged overdraft is where we agree an overdraft limit with you. This can help in months when you have extra expenses.
An unarranged overdraft is when you make a payment that takes your account over your arranged limit or overdrawn when you don’t have an arranged overdraft in place.
We’ll always consider an unarranged request and make the payment if we can. Unarranged overdrafts may result in declined transactions. We report account activity, including overdraft usage, to credit reference agencies. An unarranged overdraft lasting more than 30 days could have a negative impact on your credit rating. Overdrafts are not suitable for long-term borrowing and usually result in interest.
If you take an arranged overdraft, you can later ask us to increase, reduce or remove your limit at any time online, by phone or in a branch.
If you end your overdraft you’ll have to repay any overdrawn amount and any interest owed. If you want to reduce your limit, you’ll first need to make sure you bring your borrowing down within the new limit. To find out more, visit our overdrafts page where you can find out if you’re eligible and overdraft cost calculator.
When you open your account, you’ll have the option of having an arranged overdraft. You can set your arranged overdraft limit to any amount up to the maximum offered.
The first £25 is interest free. Anything you borrow above that but within your arranged or unarranged overdraft limit will be charged interest at 39.9% EAR.
The monthly cap on unarranged overdraft interest is £20.
We have some tools to help you avoid going over your arranged overdraft. As long as you've given us your mobile number, we'll send you a text alert if a payment is going to take you into an unarranged overdraft. We'll also send you a text alert if there isn’t enough money available in your account to make a payment.
Representative example: 0% EAR variable on the first £25, 39.9% EAR variable on anything above that, giving a representative rate of 38.9% APR4 variable (assumed arranged overdraft £1,200).
Overdraft text alerts
We’ll send you overdraft text alerts if you’ve used or are due to use an arranged or unarranged overdraft on your account. This is to help you monitor your usage and let you know what action you can take to avoid interest. If you don't provide your mobile number or let us know when you've changed it, we won't be able to send you these text alerts.
You can opt out of the arranged or unarranged texts at any time by phone, or by going into a branch.
Opting out of alerts may mean you incur avoidable costs. If you choose to opt out of text alerts, this will apply to all personal current accounts you hold with HSBC UK.
Charges for using your debit card abroad
If you pay for something or withdraw money using your HSBC Visa debit card while you're outside the UK, you'll need to pay a 'non-sterling transaction fee' of 2.75%. So, for example, if you spent or took out £100, you'd be charged a fee of £2.75.
Any transactions you make will be converted into pound sterling (unless you choose to pay in local currency). To make sure your exchange rate is as competitive as possible, you’ll have to pay the exchange rate set by Visa.
Switch to HSBC Advance and get your £140 reward.
Important account documents
1) Get £140 when you:
Open an HSBC Advance Account as a new customer by applying through moneysupermarket.com or moneysavingexpert.com and switch using the Current Account Switch Service within 30 days of account opening, moving at least 2 standing orders or Direct Debits to your HSBC Advance Account.
This offer isn’t available to customers who hold an HSBC current account at the time of application or who’ve held one at any time since 1 January 2018, nor those who’ve opened a first direct account since 1 January 2018. If you opened your first direct account before 1 January 2018, you can still take advantage of the offer. If you meet our eligibility criteria, we’ll pay £140 into your account within 20 days of your switch completion date. Offer ends 19 August 2021. Eligibility criteria, further account T&Cs and Switching Offer T&Cs apply. Find out how to apply.
2) The fixed rate of 1.00% AER/gross over 12 months is available to HSBC Advance customers who open a new Regular Saver account. Save between £25 and £250 per month by standing order from your HSBC Advance Bank Account for a fixed term of 12 months. If you don't save £250 in any given month you can carry over any unused subscription to following months. Interest is calculated on the daily cleared balance of your 'Regular Saver, and we'll pay this into your Regular Saver on the anniversary of when you opened your account was opened. For example, if you saved £250 every month for 12 months a total of £3000 will be paid in to your account during the 12 month term. At 1.00%, you'd earn approximately £16 in interest (gross). Partial withdrawals are not allowed during the 12 month term. If you close your Regular Saver before the anniversary, we'll pay interest at the same rate as we would apply to an equivalent amount held in our Flexible Saver account. You can only hold one Regular Saver at any given time. AER stands for Annual Equivalent Rate. This shows you what the gross rate would be if interest were paid and compounded each year. All credit interest will be paid gross. Gross is the rate of interest if interest were paid and not compounded each year.
3) EAR (Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. It doesn’t include any other fees or charges.
4) APR (Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. It takes into account not just the interest, but also any other charges that may have to be paid and any interest-free amount.
5) Subject to status and account conduct.