HSBC Ceasing Advance Current Account Benefits

scoot65

I've just had an email informing me that the HSBC Advance Current Account benefits are changing..... it goes on to say that "from 1st September we are withdrawing our HSBC Advance Members offers programme and the website will no longer be available."

Just a heads up in case others are not aware....

Barny1979

Email was sent round last week too regarding the Visa Offers that they run.

spenderdave

So now the only benefit of Advance is a pretty looking card..... as the increased interest rates for Advance seem to have also effectively gone.

LittleVoice

When I received the email I wondered what the advantages were that would be lost.  What you don't use or know about, you don't miss.

I do however have a regular saver and had an instant access account too but hadn't thought of them as being an advantage directly linked to my current account.  The instant access account is certainly no longer worth bothering about.

SuperHans1

spenderdave said:

So now the only benefit of Advance is a pretty looking card..... as the increased interest rates for Advance seem to have also effectively gone.

The regular saver is the only advantage (from my perspective). In the current climate there isn't much on offer from many banks at the moment but I guess that depends on what you are looking for from a bank.

First Direct are also stopping the same Visa offers that HSBC provide. I've used the offers occasionally and I've had a few freebies from Advance offers but nothing of significance to worry about losing these features. Nationwide also stopped providing the same Visa offers a couple of years ago.

colsten

You don't need the Advance account to get access to the RS, and the Advance no longer gives you a higher interest rate on the RS.

SuperHans1

colsten said:

You don't need the Advance account to get access to the RS, and the Advance no longer gives you a higher interest rate on the RS.

Ahh yes you are right - I currently have a 5% regular saver with HSBC but won't benefit from a higher interest rate once that has matured.

London7766551

I can't say I noticed this was a feature of the account. I suspect the advanced account will be withdrawn soon and something else will replace it. Even with the same name.

colsten

London7766551 said:

I can't say I noticed this was a feature of the account. 

It was, for a couple of years. I specifically upgraded my HSBC current account to get the better RS rate.

WillPS

I'll probably line the account up for a future switching offer now. I rarely made use of these offers but there really isn't much left to justify me keeping it alive any longer.

colsten

WillPS said:

I'll probably line the account up for a future switching offer now. I rarely made use of these offers but there really isn't much left to justify me keeping it alive any longer.

If you are into Regular Savers, there is obviously, at present, an excellent reason for keeping an HSBC current account, as their RS - alongside the other HSBC group RSs - has the market-leading AER, by a rather wide margin.