HSBC Advance

paulharding150

Does anyone on here use it?

I've been tempted to 'upgrade' for a while, the free travel insurance and breakdown cover are the big sellers to me and obviously the live cover policy is a bonus.

But I'm still not 100% sure. I've also discovered that the breakdown cover doesn't include home starts (which I've never needed, but sods law and all that).

Any one got any first hand experiences of the account?

Miskate

My fianc! and I set up a HSBC Advance account to take advantage of their mortgage deal when we bought our first property. The deal we got was about the only good thing about the Advance account (crazy low rate that tracks for life against the Bank of England rate).

The breakdown insurance wasn't great, and like you say, covered very little. My main issue with the account was that we were paying £14.99 a month, getting the various deals that came with that fee, but were not entitled to an overdraft AT ALL. I've banked with HSBC since I turned 18, and have had an overdraft with them that whole time, so just assumed (my stupid fault) that an overdraft would come with an account you were paying for each month. Apparently not! So, went we went £15 overdrawn just after Christmas last year, we were charged... wait for it... £75.

The customer service we received when I queried the charge was dreadful. My point to HSBC was that as a customer who had been with them for 7 years, and who had never gone 1 penny past my overdraft before, was it not a little unfair to charge me £75 the 1st time it happened when it was obviously a mistake. They didn't agree, so we closed the account. I would say it is only a worthwhile account if you want to take advantage of a mortgage rate, all the other benefits you could get cheaply elsewhere.

/RANT

horngkai

mortgage offer for Advance customer are not that great now. However, I am with them for the mortgage as well. I am on tracker and its 0.1% lower than on a standard account, that pretty much pay for the account itself. And with the other things I get, it make sense to be with them.

Other good thing about advance,
1. Regular saver of 8% (although you can get this free from first direct)
2. Personal loan 10% interest back (currently offering at 6.2%, its the lowest in the market and 10% makes it a whole lot cheaper than others)
3. Still have some mortgages offers... not as good as before though
4. Travel insurance for the whole family worldwide

And its £9.95 for the first 12 months currently (only wish I can get that as a current customer, that will be great)

izools

paulharding150 wrote: »

Does anyone on here use it?

I've been tempted to 'upgrade' for a while, the free travel insurance and breakdown cover are the big sellers to me and obviously the live cover policy is a bonus.

But I'm still not 100% sure. I've also discovered that the breakdown cover doesn't include home starts (which I've never needed, but sods law and all that).

Any one got any first hand experiences of the account?

I've had it for a year now as the breakdown cover was a steal at the reduced £6 a month rate but now that they're raising it to £12 a month (as that's the standard fee) I've decided to move to Halifax.

The Ultimate Reward account with Halifax offers the same features as Advance, however in addition you also receive mobile phone insurance and from what I've read in the account guide that turned up today it's pretty good cover, as is the car cover.

£2 a month cheaper, too (£15 / PCM less £5 credit you get for each month you pay in £1,000 = £10 a month fee vs. HSBCs £12).

You also receive a totally free overdraft up to £300 whereas HSBC offer chages 17.9% APR from the get go.

Hope I'm making the right move, all seems to have gone well so far!

Bloomberg

paulharding150 wrote: »

Does anyone on here use it?

I've been tempted to 'upgrade' for a while, the free travel insurance and breakdown cover are the big sellers to me and obviously the live cover policy is a bonus.

But I'm still not 100% sure. I've also discovered that the breakdown cover doesn't include home starts (which I've never needed, but sods law and all that).

Any one got any first hand experiences of the account?

HSBC offer excellent day to day banking and in my experience are streets ahead of other banks which I have used. That said their packaged account is pants. What I have done is open a Barclays Additions account just for the perks, at about two pounds per month more than the HSBC Advance account it offers so much more.


The Additions account offers RAC comprehensive cover with home start, mobile phone insurance, legal help line, gadget insurance, will writing service, worldwide travel insurance, credit card insurance. HSBC cannot compete with the above, just make sure you remember to fund the Additions account on the first of each month. All the best.

Bloomberg

Bloomberg wrote: »

HSBC offer excellent day to day banking and in my experience are streets ahead of other banks which I have used. That said their packaged account is pants. What I have done is open a Barclays Additions account just for the perks, at about two pounds per month more than theHSBC Advance account it offers so much more.


The Additions account offers RAC comprehensive cover with home start, mobile phone insurance, legal help line, gadget insurance, will writing service, worldwide travel insurance, credit card insurance. HSBC cannot compete with the above, just make sure you remember to fund the Additions account on the first of each month. All the best.

I forgot to mention that the RAC cover includes European breakdown cover and it is also worth noting that you are not tied into the Additions account for year unlike with the HSBC Advance pants account.

rb10

Bloomberg wrote: »

HSBC offer excellent day to day banking and in my experience are streets ahead of other banks which I have used.

Can you specify what you mean by this?

What do HSBC do that other banks don't do? Or what do they do better?

karie

Hi there,

I have a HSBC advance account and find it pretty good. I originally opened it because it gave me a slightly better rate on my mortgage.

However the other benefits I use are the 8% reg saver, the travel insurance (also covers your partner if you like together - possibly kids too, not sure on that bit), and also I use the account to withdraw money when abroad, as they don't charge you withdrawal fees.

Now with the addition of the 6% interest on current account balances up to £2,500 I'm pretty confident it's worthwhile for me.

@ horngkai: I threatened to leave them recently and they reduced my monthly fee to £9.95 a month (also offered half price for 6 months, which works out the same). May be worth a try

hope that helps, karie

horngkai

karie wrote: »

@ horngkai: I threatened to leave them recently and they reduced my monthly fee to £9.95 a month (also offered half price for 6 months, which works out the same). May be worth a try

hope that helps, karie

£9.95 for a year?

I have just been to HSBC branch. Will be doing a switch as an existing customer to take advantage of the 6% interest. Was told that as I hold an old Advance account, it will be switch to the new advance account so that I will be eligible for £9.95 for the first year. Works out okay that way

Bloomberg

rb10 wrote: »

Can you specify what you mean by this?

What do HSBC do that other banks don't do? Or what do they do better?

The HSBC website is fantastic, in branch they have the express banking machines which are excellent. The staff are very friendly and polite and most countries which the average person is likely to visit have HSBC branches.

Bloomberg

horngkai wrote: »

£9.95 for a year?

I have just been to HSBC branch. Will be doing a switch as an existing customer to take advantage of the 6% interest. Was told that as I hold an old Advance account, it will be switch to the new advance account so that I will be eligible for £9.95 for the first year. Works out okay that way

I suspect that it is £9.95 per month, this will make some serious inroads into any interest gained.