HSBC Advance Checking Account Review: Okay Interest but Awesome Perks

The HSBC Advance Checking Account won't impress those looking for high interest rates, but its unique perks are akin to what's offered with the best checking accounts. You'll get free basic checks, monthly ATM fee reimbursements, and the option to add a personal line of credit that you can use for anything you want.

However, those with low average balances would probably do better elsewhere, because the monthly maintenance fee could easily cost them more than they'd earn in interest. Is this the account for you, or would another account fit your situation better? Find out below in our in-depth HSBC Advance Checking Account review.

Top perks

No minimum requirements to open the account: You don't need to put any money in your HSBC Advance Checking Account right away if you open the account with a HSBC representative's assistance at one of its branch locations. Those who prefer to open an account online only need $1 to do so. But you'll need a minimum balance of at least $5 if you'd like to earn interest, and you may need a much higher balance to avoid a monthly maintenance fee.

Four ATM fee reimbursements per month: You can withdraw money for free at any HSBC Bank ATM, but if there isn't one near you, that's OK. HSBC will also reimburse you for up to four out-of-network ATM fees per month. This isn't as many as some other banks offer, but it should be plenty for all but the most frequent ATM users.

Option to add a personal line of credit: HSBC Advance Checking Account holders have the option to apply for Select Credit. This is a personal line of credit that you can use as needed, so you don't have to worry about taking out a personal loan for a large purchase. You can also link it to your HSBC Advance Checking Account to use it as a form of overdraft protection if you're concerned about accidentally withdrawing more than you have.

Free basic checks: All HSBC Advance Checking Account holders can get basic checks for free. There are a few styles for you to choose from, but if you want something other than the basic checks, you will have to pay for them

FDIC insured: Your funds are protected by the FDIC, which covers up to $250,000 per depositor, per institution in the unlikely event of a bank failure.

What could be improved

APY: The HSBC Advance Checking Account offers a 0.01% APY. While this is better than not earning any interest at all, there are other checking accounts that offer higher APYs. One of these may be a better fit for you if you're set on a checking account that can help you grow your wealth.

Fee waiver requirements: The HSBC Advance Checking Account has a monthly maintenance fee, which you can waive if you have an HSBC U.S. residential mortgage loan, a $10,000 minimum combined balance in all your HSBC bank and investment accounts, or a $5,000 minimum combined balance plus a monthly recurring direct deposit. Those who cannot meet one of these requirements are better off choosing a different checking account that doesn't charge any monthly maintenance fees because the HSBC Advance Checking Account will just cost them money.

Here's a closer look at how you can deposit and withdraw money from your HSBC Advance Checking Account:

Deposit options

You can add money to your HSBC Advance Checking Account using any of the following methods:

• ACH transfer
• Wire transfer
• Mailed check
• Mobile-deposited check
• Visit an HSBC branch

You can find the HSBC branch nearest you by entering your location into the Locator tool on HSBC's website.

Unlike most banks, HSBC charges for incoming wire transfers, so you should pay another way if you don't want to get hit with extra fees.

Withdrawal options

You can withdraw money from your HSBC Advance Checking Account in any of these ways:

• ACH transfer
• Wire transfer
• Request a mailed check
• ATM withdrawal
• Point-of-sale withdrawal
• Visit an HSBC branch

Use the ATM Locator tool on HSBC's website or in its mobile banking app to find the surcharge-free ATM nearest you.

The HSBC Advance Checking Account is a good fit for those with large average bank account balances who prefer other perks to a high APY. Few other checking accounts offer free checks and monthly ATM reimbursements in addition to a modest APY. Plus, the option to add a personal line of credit will appeal to those who need to borrow money from time to time but hate jumping through the hoops of applying for loans.

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

• Brand and reputation: 40%
• APY and rewards: 30%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.