This comparison simply includes all savings accounts.
HSBC Current Account
Why we like it: 5.00% interest for 12 months on balances up to £2,500 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. Must be aged 18 or older.
Why we like it: 3.0% AER fixed interest on balances up to £2,500. No fees on arranged overdrafts up to £250. UK & Europe Breakdown Cover, Worldwide family travel insurance. Free mobile banking app, text alerts and secure online banking. £13 monthly account fee
Why we like it: Earn 1.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.
Why we like it: Free gift worth up to £150 for switching into account. £250 interest free overdraft. Free banking if paying over £1,000 per month. Satisfaction guarantee - £100 if you leave within 6 months
Why we like it: Everyday current account. 3 months interest-free overdraft and no monthly account fee
Why we like it: Earn rewards of up to £180 a year when you bank with Barclays - Get an annual loyalty reward of £84 plus £60 on your Barclays residential mortgage and £36 on your Barclays home and contents insurance. Start earning rewards with a monthly £3 fee based on £800 paid into your account and 2 direct debits paid out every month
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.