This comparison simply includes all savings accounts.
HSBC Current Account
Why we like it: 2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older
Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.
Why we like it: Get set up in minutes. No paperwork, monthly fees or branch visits. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Real Mastercard exchange rates and real-time notifications in both currencies. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. Current account is completely free.: No charge for making electronic payments, domestic transfers or ATM withdrawals. Three-month interest holiday on the first £500 of an arranged overdraft. Earn Interest: current account pays 0.05% AER on balances up to £85,000.Card gone missing? Lock it in-app temporarily while you look for it or cancel it with a tap if you think it’s gone for good. Personal loan available that’s straightforward to use, competitively priced and tailored to you. Best British Bank and Best Current Account in 2018, 2019 and 2020 at the British Bank Awards. Awarded 5 stars by Defaqto too. Fully registered bank and a member of the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: UK & Europe Breakdown Cover, Worldwide family travel and mobile phone insurance, and commission-free cash withdrawals and card payments abroad. Free mobile banking app, text alerts and secure online banking. Access to Flexclusives - Select Credit Card and low personal loan rate. £13 monthly account fee
Why we like it: Everyday current accout. No monthly account fee. Access to Flexclusives - Select Credit Card and low personal loan rate.
HSBC Current Account review
HSBC offer a range of current accounts. The Basic Bank Account is a very simple account which covers your basic banking needs.
To keep things simple, this account does not offer a cheque book, overdraft or other credit facilities. It also doesn’t pay any interest on your balance.
HSBC current account features
With a HSBC current account you can benefit from:
- A Visa debit card
- Cash withdrawals of up to £300 per day
- Creating Standing Orders and Direct Debits plus making payments to friends and family
- 24/7 telephone and internet banking
- Up to £100 cashback at outlets nationwide when you pay with your debit card
- Use your debit card to withdraw local currency at cash machines worldwide and pay for goods and services wherever you see the VISA logo
If you are looking for your account to work a bit harder then HSBC’s Advance or Premier accounts could be for you.
HSBC are currently offering the following rewards:
- Open and switch to one of these accounts and you will get £150
- Stay for a year and get a further £50 bonus
- Get a 0%, fee-free overdraft for six months when you open the account
To qualify for this account you must make a minimum monthly pay-in of £1,750 a month. This is higher than many current accounts, so consider whether you will be able to meet this before deciding to switch.
Additional incentives with HSBC current accounts
- A minimum overdraft offer of £1000 at account opening
- Reduced booking fees on HSBC's Standard Mortgage range
- You will be eligible for HSBC's 5% regular savings account
The switch bonus is also available if you are switching to HSBC's Premier Account. But you will need to either pay your income into it and have £50,000 of savings/investments with HSBC or have an income of £100,000+ a year, plus another qualifying product with HSBC.
Other Useful Information
- You must open the account, then use HSBC's Current Account Switch Service to switch, including at least two Direct Debits or standing orders, within 30 days
- The bonus is paid within 70 days of opening the Advance Account – provided you have met the switching criteria in the bullet above
- You cannot get the bonus if switching from another HSBC account, or if you have had a current account with it in the past twelve months
- To get the £50 extra bonus, you need to register for mobile or online banking within 60 days of account opening and pay in £1,750 per month for at least nine of the first 12 months. The bonus will be sent within 30 days of your first anniversary of account opening.
- HSBC shares its £75,000 UK savings safety guarantee with First Direct, so if you hold more than £75,000 across the two banks the excess will not be protected
Overall HSBC offers a great basic bank account if you just want a functioning account with no complications. Meanwhile, their Advanced and Premier accounts provide some great rewards and incentives for those who are able to meet the monthly requirements.