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
Overdrafts and charges explained
Your HSBC Advance Account comes with an optional arranged overdraft. Please read this information before applying for your account.
ARRANGED AND UNARRANGED OVERDRAFTS
An overdraft lets you borrow money through 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 repayable on demand. They 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 use our overdraft cost calculator.
How does our overdraft compare? A good way to find out how we compare against other overdrafts or ways of borrowing is to look at the APR (annual percentage rate). An APR shows the cost of borrowing over a year. They're designed to help you compare one credit product (like a loan or an overdraft) against another more easily.
When you open your account you can get an arranged overdraft limit of at least £1,000.
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.
OVERDRAFT TEXT ALERTS
If you’re going to go overdrawn, we provide a couple of tools to help make sure you know about it.
If you try to make a withdrawal at any HSBC cash machine that would take you over your arranged overdraft limit, you'll get an on-screen alert to let you know how much money you have available to withdraw.
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.
CHARGES FOR USING YOUR DEBIT CARD ABROAD
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 us and get £110 plus a £30 Uber Eats voucher or The Dining Out Gift Card
To claim your reward, open an HSBC Advance Account as a new customer, then switch within 30 days using the Current Account Switch Service (including at least 2 Direct Debits or standing orders).
Offer may be withdrawn at any time. Eligibility criteria, further offer and account T&Cs apply.1
Important account documents
1) Receive £110 plus a £30 Uber Eats voucher or The Dining Out Gift Card when you switch using the Current Account Switch Service within 30 days of account opening and move at least 2 Direct Debits or standing orders. 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 £110 into your account within 20 days of your switch completion date. Offer may be withdrawn at any time. Check with Uber Eats or The Dining Out Gift Card for local availability. Eligibility criteria, further offer and account terms and conditions 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.