HSBC Advance Account

NoodleDoodleMan

MSE repeatedly flags up the HSBC Advance Account with the £175 switching incentive.


OK, that's a nice little earner, but does anybody who hold this account think it has any useful practical benefits above and beyond a current account with other banks ?

Missus_Hyde

As well as the £175 switching bonus, it does have a useful 5% regular saver.

I've opened an Advance account for my husband; we got the switching bonus within a week of the switch and I pay in the obligatory £1750 per month (and remove it again.)

We've had no problems with them.:p

18cc

One advantage is that it teaches you life skills such as patience and meditation - their old IT systems are a bit last-century compared with some other banks.

Katiehound

I've had mine for 3? years.
5% regular saver is a bonus, don't know of any other perks except with the Advance element you can phone them for more hours!

girllikeme1

Agree about the 5% Regular Saver being a benefit. The app is shocking, I often cannot get on it.

karlie88

An extra perk for Advantage account holders, that most people are probably unaware of, are offers/discounts/freebies.

I've found their freebies quite good, with recent ones including free coffee, free cinema tickets and their current (expired) freebie was a pizza from Pizza Express.

Link: https://advancemembers.hsbc.co.uk/freebie/pizzaexpress

PRAISETHESUN

Personally the sole reason I keep my Advance account open beyond the switch incentive payment is the preferential 5% regular saver. If they didn't pay that rate, I'd have switched it away long ago. I can get most cashback/rewards elsewhere, usually for a bigger discount than what HSBC can offer (eg. TopCashBack, my work benefits program, etc).

sal_III

I have had it for 5+ years, got it after they automatically upgraded my normal current account. The only benefit that I have used is the extended (weekend) hours for support. Mind you the quality of said support was rather poor.

Some of the most touted benefits are 12m home insurance from Aviva for the price of 10, which you get anyway as Aviva customer even if it's for £5/m life insurance etc.

Since last August changed (not switched) my main account to Starling and only pay about £1k/m into the HSBC Advance account and maintain less than 1k balance, but still haven't heard from HSBC wanting to downgrade it. So the £1750/m rule isn't rigorously enforced as far as I can tell.

NoodleDoodleMan

Aren't there other bank accounts with a 5% linked regular saver ?

I don't think HSBC is unique in that respect ?

colsten

NoodleDoodleMan wrote: »

Aren't there are other bank accounts with a 5% linked regular saver ?

I don't think HSBC is unique in that respect ?

Yes. First Direct (owned by HSBC) and M&S (operated by HSBC).

Spanishsunawaits

I am looking at switching to this. Does the obligatory £1750 per month have to come from one payment,i.e salary, or can I pay in from my First Direct account as a transfer each month?