HSBC Advance Account - Any Good?

Rosylee

I have found out (via my internet banking and confirmed with customer services) I am eligible for an Advance account. What I would like to know is this any good- should I go for it.

I am so nervous about rocking the financial boat what with my debt and all. I only have 1 current account with HSBC which I have had for 12 years.

I do not want a fee paying account (they say this is free) or one that has hidden dangers.

So I come to you really wise people to help me know the pros and cons of this, advise whether this is something to go for or if I should just leave well alone

Thanks

grumbler

Rosylee wrote: »

What I would like to know is this any good- should I go for it.

Only you know if it's any good to you.You could have easily checked that the main advantages are for those who have savings, not debts.

I am so nervous about rocking the financial boat what with my debt and all. I only have 1 current account with HSBC which I have had for 12 years.

I do not want a fee paying account (they say this is free) or one that has hidden dangers.

So I come to you really wise people to help me know the pros and cons of this, advise whether this is something to go for or if I should just leave well alone

As it's free you have nothing to lose, but seem to have very little to gain either.

What's this £2940.40 in your "YNAB Buffer"?

a_man

My Advanced is 4 years old now. I can honestly say that so far I'm a happy customer:


- it was once paid (£12.95 I think) but as missold I got everything back + interest,


- I got Loyalty ISA offer - they pay me £10 every month (for 12 months) when I transfer at least £25 to ISA


Other than that -- everything is just as expected. Easy access to (expensive) overdraft and personal loan. If for nothing else -- I'd grab that £120 from ISA.

Katiehound

Well you've got to have £1750 going in each month for starters!

well pleased with mine as I got the switching bonus, the ISA bonus, the Credit card bonus and the 6% regular saver. More of the same please!!

colsten

It's ok as an enabler for their 6% Regular Saver and their "Save Together" offer. Otherwise I have no use for it, and I always immediately remove any incoming money to an interest-paying current account.

Rosylee

grumbler wrote: »

What's this £2940.40 in your "YNAB Buffer"?

YNAB encourages you to build a buffer equivalent to one month's income so that eventually you get to live on last months income and break the pay cheque to pay cheque cycle

Thanks for the responses. I don't think this is something I would want to pursue right now, though I more than qualify for the min income coming in ( I take home £2900), I am not likely to use the other features for a while as I am trying to get out of debt and any extra money will be going to debt busting. I am not looking for another loan so don't care about preferential rates and not planning to re-mortgage or move house any time soon.

colsten

Rosylee wrote: »

Thanks for the responses. I don't think this is something I would want to pursue right now, though I more than qualify for the min income coming in ( I take home £2900), I am not likely to use the other features for a while as I am trying to get out of debt and any extra money will be going to debt busting. I am not looking for another loan so don't care about preferential rates and not planning to re-mortgage or move house any time soon.

In this case, the HSBC Advance seems a complete waste of money in your case. You'd do a lot better with a bank that pays you interest. For example, Tesco let you have 2 accounts which each pay you 3% interest on up to £3,000. Or you could do one Tesco and one TSB Plus. The TSB Plus pays 5% on up to £2,000 and you get up to a fiver cashback a month when using their contactless card.

As to your YNAB buffer: it doesn't seem to make much sense to have a buffer if you have tens of thousands of debt. Pay your debt off first.

Caladan

Hm.

Why not take it? If you're eligible (without a credit search, you need to clarify this) then there's no down side.

Also - The Advance £10 a month ISA offer will earn you £120 over 12 months for nothing - If you have debt problems, fulfil the criteria (lump sum of £300) for a day, take the money out the day after, and you'll still get the free £120.