HSBC Advance Account

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NoodleDoodleMan
NoodleDoodleMan Posts: 3,370 Forumite
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in Budgeting & bank accounts
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 ?
«1345

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  • Missus_Hyde
    Missus_Hyde Posts: 531 Forumite
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    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
    A cunning plan, Baldrick? Whatever it was, it's got to be better than pretending to be mad; after all, who'd notice another mad person around here?.......Edmund Blackadder.
  • 18cc
    18cc Posts: 2,120 Forumite
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    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
    Katiehound Posts: 7,557 Forumite
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    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!
    Being polite and pleasant doesn't cost anything! --
    Many thanks
    -Stash bust:in 2022:337
    Stash bust :2023. 120duvets, 24 bags, 43 dog coats, 2 scrunchies, 10 mittens, 6 bootees, 8 glass cases, 2 A6 notebooks, 59 cards, 6 lav bags,36 angels,9 bones, 1 knee blanket, 1 lined bag,3 owls, 88 pyramids = total 420 total spend £5. Total for 'Dogs for Good' £546.82

    2024:23 Doggy duvets,30 pyramids, 6 hottie covers, 4 knit hats,13 crochet angels,1 shopper, 87cards=164 £86 spent!!!
  • girllikeme1
    girllikeme1 Posts: 207 Forumite
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    Agree about the 5% Regular Saver being a benefit. The app is shocking, I often cannot get on it.
  • karlie88
    karlie88 Posts: 9,114 Forumite
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    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
    :grouphug: :D Official MSE canny forumite and HUKD VIP badge member :D :grouphug:
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,723 Forumite
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    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
    sal_III Posts: 1,953 Forumite
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    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
    NoodleDoodleMan Posts: 3,370 Forumite
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    edited 26 June 2019 at 11:01AM
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    Aren't there other bank accounts with a 5% linked regular saver ?

    I don't think HSBC is unique in that respect ?
  • colsten
    colsten Posts: 17,597 Forumite
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    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
    Spanishsunawaits Posts: 86 Forumite
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    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?
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