August 13, 2018

HSBC Advance Checking Review

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Are you tired of not earning interest on your checking account? Maybe you want more than just check writing privileges in exchange for depositing your money. HSBC Advance Checking may make you look at banks in a different light.

As one of the largest banks in the world, HSBC offers a variety of accounts for personal and business use. HSBC offers access to its checking accounts nationwide; however, their branches are located mainly on the East and West Coasts.

How It Works

HSBC's Advance Checking account works like your typical checking account. You get access to checks as well as a debit MasterCard to use against your account. Something you may like, though, is the interest this account can earn.

If you're considering opening a personal checking account, you must check out these promotions.

The HSBC Advance Checking account has a limited amount of fees and there are minimal restrictions on the number of withdrawals you can make.

You'll also enjoy the following benefits:

  • Online bill pay
  • Access to your accounts via the mobile app
  • Up to four rebates per month for third-party surcharges on non-HSBC ATMs
  • Free check styles (select styles)
  • Overdraft protection with Select Credit, a personal line of credit (upon qualification)

Direct Link to Offer >>

HSBC Log in and Security
HSBC takes security very seriously. Because of that, they offer three ways to log into your HSBC account online:

  • The standard way, using your ID and password plus the bank's encryption
  • With the use of a physical security device sent to you by HSBC upon request
  • With the digital security device provided with the HSBC mobile app **

**The security device provides you with an extra layer of protection to ensure that your information is secure.

Reasons We Like HSBC Advance Checking

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  • You can manage your finances 24/7. HSBC gives you access to your account online or through the mobile app around-the-clock. You can check account balances, transfer money, pay bills, or reconcile your accounts day or night.

  • HSBC may not charge a fee for using a non-HSBC ATM. You may be able to use any ATM, but you may be subjected to third-party service fees. HSBC may reimburse up to four of these fees per month, though, giving you a little flexibility.

  • If your wallet is lost or stolen, you may still access cash at an HSBC branch. If you live near or are visiting in an area with a branch, you may be able to access up to $10,000 in cash depending on your account balance. This is upon proper verification of your identity, though.

  • You may be eligible for special financing options on an HSBC mortgage. As an Advance Checking customer, you may get a lower interest rate, closing cost discount, or have fewer down payment requirements. This is based on your individual qualifying factors, though.

  • You can get emergency financial support at HSBC branches around the world. If you are traveling abroad and need financial assistance, you may be able to obtain help at any of the HSBC branches located throughout the world.

  • You'll earn interest on your checking account balances. While the amount you earn may be minimal, it's still interest on money that is just sitting in an account rather than being invested elsewhere.

  • You may not pay for checks. As long as you are okay with the "basic" checks offered free of charge from HSBC, you can avoid paying for checks. If you prefer a specific style or character, though, you will incur charges.

  • You may have access to an exclusive credit card with HSBC. Assuming you qualify for the credit card, you may earn bonus points for certain expenditures, including dining and entertainment fees. You may be able to turn the points into cash, statement credits, or other rewards once you reach a specific threshold.

  • You may be privy to lower interest rates on a home equity line of credit with HSBC. The actual rate you secure depends on your credit, income, and debt ratio and is subject to approval.

Reasons You May Want to Look Elsewhere

  • You'll pay a $25 monthly fee if you don't have a minimum $5,000 balance in your account each month. You do have 2 other ways to avoid the fee, though. If you have a qualifying, recurring direct deposit at least once per month from a third party, you may avoid the fee. Or if you have an HSBC U.S. residential mortgage loan.

  • It will cost you to close the account. HSBC charges clients $25 to close their Advance Checking account in some cases. If you don't plan to hold the account for the long-term, it may not be worth opening.

  • You don't automatically qualify for the other products within the Advance relationship. You have to prove that you qualify for things like the Advance credit card, personal line of credit, or HSBC credit line. If you don't have excellent credit, it could be hard to qualify.

How It Compares

Wells Fargo Preferred Checking: Similar to HSBC, Wells Fargo requires a minimum $10,000 balance for their Preferred Checking program. If you don't meet this requirement, the account will cost you $15 per month. It offers a small APY, debit card, 24/7 customer service, online bill pay, and mobile deposit.

PNC Performance Select Checking: PNC Bank offers an interest-bearing checking account as well. You need a minimum balance of $2,000 to earn interest. They require a minimum $5,000 balance or $5,000 in recurring direct deposits to waive the monthly service charge. PNC doesn't charge fees for use of non-PNC ATMs (the host ATM may charge, though).

Common Questions

  • Is HSBC safe?
    Your deposits at HSBC Bank are covered by FDIC insurance. This protects up to $250,000 in deposits per account should the bank go out of business or experience financial troubles. HSBC also uses a variety of security measures including encryption, physical security devices, and two-factor authentication to protect your financial information.

  • Can you pay bills online with HSBC Advance?
    Yes, HSBC offers online bill pay as well as access to your accounts via the mobile app. You can deposit checks via the mobile app, balance your checking account, or transfer funds all while on the go, as long as you have an internet connection.

  • Does HSBC protect you from unauthorized charges?
    Yes, HSBC offers a $0 liability Online Guarantee. This helps protect you in the event that unauthorized charges show up on your HSBC account. You must act right away by reporting the unauthorized charges to HSBC by calling 1-800-975-4722.

Bottom Line

The HSBC Advance Checking account is a good option for those who keep at least $5,000 in their checking account OR at have a recurring direct deposit each month.

HSBC Bank
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Citibank

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 1/4/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 10/5/21-1/4/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
Chase
Member FDIC

Chase Total Checking® - $225 Bonus

Expires 1/19/2022
  • New Chase checking customers enjoy a $225 bonus when you open a new Chase Total CheckingĀ® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase MobileĀ® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
  • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).
CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021

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How to Open a HSBC Account

HSBC is one of the largest banks in the world, with physical branches all over the globe. It offers a full array of services for different needs, including a high-yield online savings and several checking options.

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