How to apply
To apply for an HSBC Advance Account you must:
be 18+ and live in the UK or EU
qualify for a minimum arranged overdraft of £1,000 (you don'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 and overdraft information below
About your optional arranged overdraft
When you open this account, you'll have the option to take out an arranged overdraft.
An arranged overdraft allows you to borrow money (up to an agreed limit) if there’s no money left in your account. This can be useful if you're hit with an unexpected bill, for example.
If a payment would take you past your arranged limit (or if you don’t have one), we may let you borrow using an unarranged overdraft. There's a chance that payments you try to make using an unarranged overdraft may be declined. However, we'll always try to allow essential payments if we can. Using an unarranged overdraft for more than 30 days can harm your credit score.
You can apply for an arranged overdraft when you open your account, or at any time later. You can ask to increase, remove or reduce your limit at any time in online or mobile banking, by phone or in-branch. Your new limit can't be less than what you owe.
Overdrafts are designed for short-term borrowing only, and are subject to status.
Overdraft text alerts
If we’ve got your mobile number, we’ll send you an SMS text alert if you’ve gone overdrawn or we know you’re about to. These alerts are designed to help you manage your overdraft usage and avoid being charged interest.
You can opt out of overdraft text alerts by calling us or asking us in-branch – but remember you’ll be opting out for all your current accounts with us. If you opt out or we don’t have an up-to-date number for you, you could end up paying interest you might otherwise have avoided.
What are the overdraft charges for this account?
This account comes with a £25 interest-free buffer. If you go overdrawn by more than that, you'll need to pay interest on the amount you borrow at the rate shown below.
Representative example: 0% EAR3 (variable) on the first £25, 39.9% EAR (variable) on anything above that, giving a representative rate of 38.9% APR4 (variable). Based on an arranged overdraft of £1,200.
The monthly cap on unarranged overdraft interest is £20.
To claim your £150 bonus, you'll need to start your switch within 30 days of account opening, pay in £1,500+ within 60 days and switch 2+ Direct Debits or standing orders.
New customers only. T&Cs and other eligibility criteria apply.1
Important account documents
1) Receive £150 when you switch to an HSBC Advance Account using the Current Account Switch Service (including 2+ Direct Debits or standing orders). You'll need to start your switch within 30 days of account opening and pay in at least £1,500 within the first 60 days. To be eligible, you can't have had an HSBC current account or opened a First Direct current account since 1 January 2019. Once you meet all our eligibility criteria we’ll pay £150 into your account within 30 days. Offer may be withdrawn at any time. Terms and conditions and other eligibility criteria apply. Full offer terms and conditions (PDF, 61 KB).
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.