Screenshot of HSBC Current Accounts Home Page

There is no reason why a current account needs to be boring. Modern current accounts are about far more than just merely providing a vessel for incoming funds and outgoing payments. It also features a host of other benefits that simplify the daily money journey. Current accounts continuously adapt to the needs of customers to ensure they remain relevant. HSBC Current Accounts aren’t any different, and there seems to be quite the variety to choose from. This review takes a closer look at the current accounts on this book to determine whether they compare well on a global scale.

About HSBC

Screenshot of HSBC History

While the Americans were fighting a Civil War in an effort to abolish slavery, relations between Europe and Asia strengthened. This provided the British with the opportunity to establish HSBC, which was to foster this relationship. During the decades that followed, trade and industry became a keen focus for Eastern and Western civilization.

During the World Wars, HSBC played a key role in restoring infrastructure on the Asian frontier in order to boost those economies. HSBC now enjoys a good representation across the world, and services millions of customers. For a full review on HSBC read here. 

We recently did a full review on HSBC. Read more on that here

How To Decide Between the Various Current Accounts on the Market

There are a number of options available to clients where current accounts are concerned. In order to decide on the option that closely matches their needs, customers need to take a closer look.

The first point to consider is whether the account has a fixed fee that includes all the transactions, or whether customers will need to pay for each transaction individually. Those who perform a number of transactions will prefer the bundled option. However, those who prefer fewer transactions may find a bundled option too costly.

Another aspect to take into consideration is whether the account provides access to electronic channels, such as online, mobile, or telephonic banking. Customers who prefer to do the majority of their banking in a branch, need to ensure that their bank still supports the traditional branch network structures.

Customers who wish to have access to a little more may want to sign up for an account that links to a rewards program or special feature on the account.

Finally, accessibility in terms of cash is another item that should be investigated. Ideally, customers should have access to a debit card with their current account. At the very least there should be an ATM card.

Deutsche Bank offers some great current accounts. Read here to learn more.

HSBC Current Account Product Offerings

Screenshots of Some Product Offerings for Current Accounts HSBC

HSBC Advance Bank Account

This account offers all the trimmings and will delight customers who require something extra from their accounts. Furthermore, the account packs a whole lot of punch without the monthly account fee.

  • Customers have access to 24/7 customer service.
  • The account allows up to £500 ATM cash withdrawals per day.
  • Furthermore, customers enjoy a contactless debit card, which is subject to status.
  • The accounts also give customers access to earn up to 5% AER/Gross with the Regular Saver Account.
  • They also receive £250 off booking fees on the standard mortgage range.
  • Customers may also benefit from 10% interest cashback on their loans, subject to conditions.
  • The account also gives customers access to preferential overdraft interest rates.
  • Finally, the account provides a minimum overdraft offer of £1000 at account opening.

HSBC Premier

This is the account for customers who qualify for the Premier segment in HSBC. Furthermore, the account opens the door to many other special features, benefits, and discounts across the HSBC product range.

  • Customers enjoy a special overdraft rate, however, the overdraft service is subject to status.
  • The account includes a £500 interest-free overdraft facility available on request, with no overdraft fees.
  • Furthermore, customers have access to a dedicated relationship manager who will assist them with all their banking needs.
  • The account includes Worldwide Travel Insurance for the account holder and their family. This is available to UK residents under the age of 70 and is provided by Aviva.
  • Finally, customers have access to online, mobile, and text banking.

Bank Account

This is a straightforward account that offers a simple solution to banking needs. Furthermore, customers will enjoy an overdraft rate of 19.9% EAR.

  • The account allows customers to set up standing orders, direct debits, and payments to friends and family.
  • Furthermore, customers can access the Regular Saver and HSBC Loyalty Cash ISA
  • Finally, customers have the ability to apply for an HSBC Credit Card and Loan, subject to status.

Basic Bank Account

This account provides customers with basic access to current accounts. This is suitable for those who don’t use their account too often, however, need something that allows them to perform their transactions with ease.

  • Customers have access to a Visa Debit Card.
  • The account allows customers to draw up to £300 per day.
  • Furthermore, customers can set up standing orders, direct debits, and payments to friends and family.
  • Finally, they have access to 24/7 telephone and internet banking. However, this is subject to planned maintenance.

Student Bank Account

Students who may require additional funds from time to time will want to get their hands on this account. They will have access to an overdraft that carries no overdraft fees or rates.

  • Furthermore, those aged 18 and over get a guaranteed £500 overdraft interest-free when they open their student account. This then increases to £3,000 over time, subject to account conduct and status.
  • Finally, students will earn interest on positive balances on the first £1,000 in their account during the first year at university.

Graduate Bank Account

This account is suitable for those who have finished their studies and are ready to pursue the next chapter in their lives.

  • Customers enjoy a competitive interest rate on their overdraft facilities.
  • In the first year, customers pay 0% EAR on the first £1,500 and 0% EAR on the first £1,000 in the second year after graduation. This is subject to status and account conduct.
  • The account provides customers with access to apply for a graduate loan of up to £25,000. Loans are available for five years after graduation between £5,000 and £25,000. This is subject to status and account conduct.
  • Finally, the account also provides customers with access to the Regular Saver Account.

Bank Account Pay Monthly

This account is suitable for those who don’t use the account often enough for it to warrant a bundled fee. Furthermore, with this account there is no overdraft fee.

  • Customers enjoy a £50 buffer for short-term emergency borrowing.
  • The fee on the account is £10 per month.


This is an account package that combines the MyAccount and MySavings accounts.

  • Customers can get their MySavings account from the age of 7. There is a minimum opening deposit of £10.
  • Customers gain access to their MyAccount when they turn 11. This also comes with an HSBC VISA debit card, however, is subject to parents’ permission.
  • Finally, the interest is paid monthly on the MySavings Account.

Customers who prefer a product that earns them some interest should take a look at HSBC's savings products here, and investments here.

What We Like About the HSBC Current Accounts

There are a number of options available to customers that will give them access to all the services they need. The accounts provide them with access to standing orders, debit cards and more.

Furthermore, customers are able to perform many of their transactions online and through mobile banking. There is no reason to go into the branch all the time.

Also, the range of current accounts suit a variety of needs and pockets, and also open up the door to other special deals. There is also unique access to additional products.

Finally, the accounts are tailored to suit the needs of customers throughout their various life stages and teaches youth how to work with their funds from a young age.

What We Don’t Like About the HSBC Current Accounts

The accounts offer variety and flexibility, however, it does still feel like there is something missing. For instance, there is no mention of special rewards or loyalty points on these cards.

Furthermore, the bank provides solutions for all walks of life, apart from seniors. There is no special pricing or suitable package for those entering the golden years of their lives.

Finally, some of the accounts simply don’t make sense and merely just seem like a repetition without any real reason. A little more thought and attention to detail goes a long way.

Critical Reviews Rating HSBC Current Accounts – 8 of 10

Screenshot Other Account Options HSBC

The accounts offered by the bank are pretty neat, however, feels lacking. There are a number of repetitive accounts that don’t really make sense. Furthermore, account packages at other institutions seem a little more substantial and offer customers access to some great bells and whistles.

HSBC may have some nice accounts on their book, but everything listed underneath the HSBC Advanced Bank Account just feels boring and mundane. Perhaps better marketing on the website will make a difference.