HSBC Advance Bank Account any fees?

tracyyi

Does HSBC Advance Bank Account have any fees?

Emmia

Information on fees for the account is published by HSBC...

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/accounts/advance-account-fee-information-document.pdf

tracyyi

Thank you.
So for maintain this account, there is no account fees.

kaMelo

As long as you keep a positive balance there are no fees, no requirements any no perks anymore.

One wonders just what is 'advanced' about it now.

tracyyi

Yes, why the name "advanced", I worried it like Llodys Club Current account which required £2000 per month deposited.

eskbanker

kaMelo said:

As long as you keep a positive balance there are no fees, no requirements any no perks anymore.

One wonders just what is 'advanced' about it now.

tracyyi said:

Yes, why the name "advanced", I worried it like Llodys Club Current account which required £2000 per month deposited.

The account name is Advance, they're not claiming it's advanced!

However, they provide a comparison tool to allow customers to weigh it up against their other offerings, highlighting features such as enhanced overdraft access and some international benefits:

https://www.hsbc.co.uk/current-accounts/compare/advance-account/#?pc-products=bank-account

My recollection is also that they tier their switching incentives to offer a higher figure for Advance, but I could be wrong about that....

Lions_89

I have not paid in the required funds for some time but never been charged a penny.

grumbler

Lions_89 said:

I have not paid in the required funds for some time but never been charged a penny.

What 'required funds'?

Lions_89

grumbler said:

Lions_89 said:

I have not paid in the required funds for some time but never been charged a penny.

What 'required funds'?

You used to have to pay in £1750 a month until a year and a bit ago. But prior to this it was not enforced either.

kaMelo

eskbanker said:

kaMelo said:

As long as you keep a positive balance there are no fees, no requirements any no perks anymore.

One wonders just what is 'advanced' about it now.

tracyyi said:

Yes, why the name "advanced", I worried it like Llodys Club Current account which required £2000 per month deposited.

The account name is Advance, they're not claiming it's advanced!

However, they provide a comparison tool to allow customers to weigh it up against their other offerings, highlighting features such as enhanced overdraft access and some international benefits:

https://www.hsbc.co.uk/current-accounts/compare/advance-account/#?pc-products=bank-account

My recollection is also that they tier their switching incentives to offer a higher figure for Advance, but I could be wrong about that....

I know, and apologise for the play on words. Still my point remains as the difference between a plain old current account and Advance account is now virtually nothing. Back in the day there was preferential interest rates, a higher ATM limit and other perks which, for me at least, was one of the few perks schemes that I actually found useful.

You are correct, they did used to offer a higher switch bonus for the Advance account once upon a time but since they removed the pay in requirement and stopped all the perks that you used to get, the switch bonus for both the Advance and plain old current account have since been the same value.

Descrabled

kaMelo said:

As long as you keep a positive balance there are no fees, no requirements any no perks anymore.

One wonders just what is 'advanced' about it now.

A technicality but —

My understanding is that HSBC allow a fee free overdraft of £25 on their current accounts. So there are no fees if you maintain the account within an overnight overdraft of £25.

Similarly First Direct fee free overdraft is £250.