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.

    HSBC Bank

    HSBC Advance Checking

    • Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities.
    • Open your new HSBC Advance checking account online by November 2, 2018; and
    • Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
    • Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
    • You will automatically receive the $350 Welcome Deposit in your new HSBC Advance 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.
    Expires 11/2/2018

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, as long as you have a $10,000 minimum balance.

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)

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 $10,000 balance in your account each month. You do have one other way to avoid the fee, though. If you have at least $5,000 in your account and have a qualifying, recurring direct deposit from a third party, you may avoid the fee.

  • 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

    HSBC Bank

    HSBC Advance Checking

    • Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities.
    • Open your new HSBC Advance checking account online by November 2, 2018; and
    • Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
    • Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
    • You will automatically receive the $350 Welcome Deposit in your new HSBC Advance 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.
    Expires 11/2/2018

The ">HSBC Advance Checking account is a good option for those who keep at least $10,000 in their checking account. You may also qualify if you have your income direct deposited into your account each month (if it totals more than $5,000 per month).

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on August 13, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

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