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HSBC Advance is a mid-level FDIC insured checking account that offers customers several attractive features. It’s probably not the best fit if you plan to keep less than $5,000 in the account, and you’re not sure if you can qualify to avoid the monthly maintenance fee. But perks like the new customer sign-up bonus, free checks and its ability to pair conveniently with other HSBC products could potentially make this checking account worth adding to your short list.
Below is a detailed guide that can help you decide whether the HSBC Advance checking account is the right choice for your banking needs.
HSBC Advance: Benefits and Features
Everyone loves a sign-up bonus. But if you’re searching for a new primary checking account, you need to dig a little deeper than the initial welcome offer.
Below is an overview of the HSBC Advance checking account’s most attractive perks. But be sure to pay attention to the fees and other potential drawbacks as well.
No HSBC ATM Fees
As a customer with an HSBC Advance relationship, the bank won’t charge you ATM fees, even if you’re using a non-HSBC ATM. This perk only applies to ATM withdrawals made within the United States. It’s also worth noting that a third-party ATM network itself might charge you a fee, but that’s outside of the bank’s control.
ATM Surcharge Rebates
If a third-party ATM network does charge you a fee to make a withdrawal, HSBC may reimburse you. You can receive reimbursement for up to four qualifying ATM third-party surcharges each full calendar month. Essentially, this makes those third-party ATM withdrawals surcharge-free.
Personal Line of Credit
As an HSBC Advance customer, you can apply for a personal line of credit called Select Credit. If you qualify, credit limits range from $1,000 to $10,000 for Advance customers. Existing or new HSBC Premier customers may qualify for a credit limit as high as $25,000.
You can use Select Credit as overdraft protection. (Overdraft protection features a variable APR.) You can also take a cash advance and use the credit line to finance virtually anything.
The introductory APR for Cash Advance transactions could be low for the first 45 days from account opening. After the introductory period, your ongoing variable APR will be based on creditworthiness.
As an HSBC Advance or Premier checking account customer, you are eligible to open an FDIC insured HSBC Advance Savings account. At the time of this writing, your money could earn one of the following annual percentage yield rates, depending on the balance you maintain in your Advance Savings account.
- 0.01% APY on balances up to $14,999.99
- 0.05% APY on balances between $15,000 – $75,000 or more
The rates above are “preferential savings rates” that HSBC makes available to its Advance checking customers. But preferential or not, these APYs are low compared with the returns that many other banks offer on interest-bearing savings accounts.
HSBC mobile app
Monitor your account online, view statements, transfer funds in real-time, deposit checks, pay bills and transfer between your global HSBC accounts using one secure login. Biometric logins are supported.
Another perk of the HSBC Advance account comes in the form of free basic checks. You can choose from select styles to order checks for your account without any additional fees.
Global View Global Transfers
As an HSBC Advance customer, you can connect eligible worldwide HSBC accounts using the bank’s Global View service. From there, transfer up to $200,000 U.S. Dollars per day (or the equivalent of that amount in another currency) without paying any outgoing transfer fees or correspondent bank charges. You can also schedule transfers for an upcoming date or set them up on a recurring basis.
Monthly Maintenance Fee
The HSBC Advance features a $25 monthly maintenance fee. As far as personal checking account fees are concerned, that’s on the high end. But the bank gives you several ways to establish what it calls an “HSBC Advance relationship” and avoid this cost of monthly maintenance fees.
You can qualify to have the monthly maintenance fee on your HSBC Advance account waived in any of the following ways:
- Keep a combined minimum balance of $5,000 or more in your HSBC personal deposit accounts and investment accounts
- Receive at least one recurring direct deposit from a third party into your HSBC Advance account each calendar month
- Have an HSBC residential mortgage loan
- Use qualifying HSBC business bank account balances (U.S. Dollars only) to satisfy the minimum balance requirements for an HSBC Advance relationship
How to Apply for an HSBC Advance Checking Account
If you want to take advantage of the HSBC Advance checking promotional offer, it’s important to apply for your new checking account the right way. Fill out your application for an individual or joint account online via one of the “Apply now” buttons on the HSBC Advance bonus offer landing page. Otherwise, you might not qualify for the new customer bonus.
When you visit the HSBC Advance bonus offer landing page, you’ll find two different sign-up bonus opportunities available for new customers. You’ll need to choose whether you want to try to earn the 3% Cash Bonus (worth up to $240 U.S. Dollars) or the Welcome Deposit (worth $200 U.S. Dollars).
With either bonus offer, HSBC has a list of criteria you’ll need to satisfy before the bank will approve your application to open a new HSBC Advance checking account. For starters, you must:
- Be at least 18 years old
- Have a valid Social Security number
- Live in the United States and supply your U.S. residential address for the last two years
- Have a valid U.S. ID (e.g., driver’s license, state I.D. card, learner’s permit), a U.S. Passport or a Green Card
You should also be prepared to provide personal information on the application, such as your name, address, date of birth, Social Security number and email address. If you’re applying for a joint account, both of you will need to complete the steps above.
HSBC Advance Checking FAQ
HSBC Advance Checking has a minimum balance of $5,000 to avoid its $25 monthly maintenance fee. This monthly-fee waiver is optional, and it takes into consideration combined totals across all of your HSBC deposit accounts and investment accounts. However, HSBC Advance Checking has no minimum balance required just to keep an account open with the bank.
HSBC Advance technically has no minimum balance. Yet, if you want to waive its $25 monthly maintenance fee, then you’ll need a minimum balance of $5,000 in combined totals across your deposit and investment accounts. If you have less than $5,000 in your accounts, then you will be charged the $25 monthly fee for holding an HSBC Advance account.
Yes, global transfers are available to HSBC Premier and existing HSBC Advance clients. For the most part, you will not pay transaction fees and can transfer up to $200,000 USD per day. However, be aware that global transfers are not available in all countries and that foreign currency exchange rates may apply. Furthermore, U.S. customers who initiate transfers while outside of the United States could be subject to transfer fees.
Yes, you can use your HSBC Advance Checking debit card abroad. HSBC does not charge any transaction fees to customers who use debit cards to make purchases or withdraw cash from ATMs. Still, you may be charged a fee by the retailer at the point-of-purchase. Keep in mind, U.S. customers may incur a currency conversion fee when using an ATM to withdraw foreign currency while abroad (currency exchange rates will also apply). Additionally, you may also be charged a foreign transaction fee of 3% when using a non-HSBC ATM outside of the United States.
HSBC Credit Cards
Aside from the deposit account options that HSBC Bank USA has to offer, the bank also issues a number of different Mastercard credit cards. Whether you’re searching for credit cards with no annual fee, 0% introductory APR offers, cash back credit cards or rewards cards, HSBC U.S. has some options in each card category you can consider.
|HSBC Cash Rewards Credit Card||3% introductory cash back on up to $10,000 in purchases during the first year, then 1.5% cash back on all purchases with no limits. 0% APR on purchases and balance transfers for the first 12 months.|
|HSBC Advance Credit Card||Start with up to 5x points on qualifying dining and entertainment purchases and 2x everywhere else up to $25,000 total in the first year, then with 1x on standard purchases and 2x points on dining and entertainment ongoing. 0% APR on purchases and balance transfers in the first 12 months.|
|HSBC Premier World Credit Card||Earn 2x on travel and 1x everywhere else. Start with 35,000 bonus points after $3,000 in purchases in the first three months. There is no annual fee for Premier clients.|
|HSBC Elite Credit Card||Earn a 50,000 point signup bonus after spending $4,000 in the first three months. Get 3x points on travel, 2x on dining and 1x everywhere else. This card has a big annual fee but includes airport lounge access, $400 in annual travel credits, a statement credit for Global Entry or TSA Pre✓® and other goodies.|
Slick Tip: Always shop around and compare credit card offers from several issuers to make sure you’re getting the best deal available. Skip the research stage and you might open a new account only to find out later that you regret the decision.
Below is a deeper look at the HSBC Advance Credit Card. This Mastercard in particular may pair nicely with the HSBC Advance checking account only or with multiple HSBC products.
HSBC Advance Credit Card
The HSBC Advance Credit Card has a few noteworthy features that make it worth considering. While the Mastercard doesn’t feature the most attractive rewards rate on the market, the year one rewards boost is nice. Add in the 0% introductory APR on both new purchases and balance transfers, plus the lack of an annual fee, and the card becomes a decent potential choice for HSBC Advance customers.
- No Annual Fee: HSBC Advance and Premier customers pay no annual fee on this Mastercard account.
- 0% Introductory APR: Enjoy 0% introductory APR during the first 12 months from account opening. The 0% APR may also apply to balance transfers you make within the first 60 days after you open your new credit card.
- Regular APR: Once the introductory APR period ends on your new Mastercard, your regular account APR begins. Depending on your creditworthiness, the card issuer may approve you for a variable annual percentage rate of either 14.99% or 18.99%.
- Introductory Rewards Earning Boost: Earn 3X Points on dining and eligible entertainment purchases during the first 12 months after you open your account. As long as your account remains in good standing, you can earn 2X Points on the other purchases you make during the introductory period, up to a total of $25,000 in purchases.
- Regular Rewards Rate: Once the introductory period ends, you’ll earn 2X Rewards Points on your dining purchases. Eligible entertainment purchases will net you a 2X rewards rate as well. You can earn 1X Points on all other purchases provided your account is in good standing.
- Cell Phone Protection: When you use your HSBC Advance Credit Card to pay for your eligible mobile phone bill, you’re covered for up to $600 per claim if you damage your cell phone or someone steals it. A $50 deductible applies for each loss, and the maximum amount you can claim is $1,000 per 12 month period.
How HSBC Advance Compares
Where HSBC U.S. Performs Well
There are several benefits of the HSBC Advance checking and its associated accounts that stand up well among the competition. The absence of HSBC fees when you use a non-HSBC ATM is one example. And the fact that HSBC U.S. will give you a rebate for up to four third-party ATM surcharges per month only sweetens this perk.
The monthly maintenance fee on the HSBC Advance checking is a bit steep. However, the bank gives you several easy options that could help you avoid the fee each month. For example, if you currently hold an HSBC residential mortgage loan, then you’re in the clear. The bank will also waive the monthly maintenance fee if an eligible third party makes at least one recurring direct deposit into your account each month. (The recurring direct deposit can be for any amount.)
Where the Competition Shines
While the HSBC Advance Savings account may offer a preferential savings rate versus some of the bank’s other offerings, it’s not a high-yield option. If earning a high APY on your savings is important to you, you can find a better deal on a high-yield savings account elsewhere.
HSBC’s Direct Savings (an online-only bank account) does offer an annual percentage yield of 0.15% at present. That rate currently beats the offers you can find at a number of banks, such as BBVA Compass and Chase.
Yet several other banks outshine HSBC Bank USA where its annual percentage yield is concerned. At the time of this writing, Amex has a high-yield savings account that offers 0.50% APY. Axos Bank, CIT, Citi, Synchrony and SoFi Money all have bank accounts that offer higher returns than HSBC U.S. as well.
Is the HSBC Advance Checking Account Right for You?
Everyone has different banking needs. So, it’s smart to shop around and compare available offers before you open a new account with HSBC U.S. or any other financial institution. Your goal should be to pick a deposit account with benefits that suit your lifestyle.
Some signs that an HSBC Advance checking account could work well for you include:
- You value a banking set-up where you can open multiple types of accounts with the same financial institution.
- Meeting the minimum balance requirements of $5,000 to qualify for a monthly maintenance fee waiver will be easy for you to do.
- HSBC Bank USA’s international presence and affordable money transfer options appeal to you.
- You make frequent ATM withdrawals and want to avoid extra fees for accessing your own money.
- You already have other accounts with HSBC Bank USA (e.g., residential mortgage loan, deposit account, credit card, etc.), or you’re looking to open some soon.
- You want the option to add on a personal line of credit at a potentially competitive rate.
- You’ve reviewed several checking account offers and you like the Advance account’s features and benefits.
If any of the signs above resonate with you, you may be ready to move forward with an application for a new HSBC Advance checking account. With the current sign-up bonus offers, now could be a great time to open a new account and enjoy some extra cash in the process.