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HSBC Advance Checking Account Review: Okay Interest but Awesome Perks

Review Updated
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

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.

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Ratings Methodology
Rates as of Mar 02, 2024

HSBC Advance Checking

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
APY
0.01%
Min. To Earn APY
$5
  • Monthly out-of-network ATM fee reimbursements
  • Free basic checks
  • No minimum balance requirements
  • Monthly maintenance fee
  • Low APY

Checking account comparison

We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
0.50%
Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!

Full 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.

Fees

Fees Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
HSBC Advance Checking Account $25 $0 $0 for overdrafts resulting from ATM withdrawals or everyday debit card transactions. Fee varies for those with linked HSBC credit cards or other lines of credit $30 per item $35 per item

How to access your 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.

This checking account is right for you if:

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.

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
N/A
5.25%
Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
N/A
4.35%
Rate info Circle with letter I in it. 4.35% annual percentage yield as of March 2, 2024
Min. to earn: $1
N/A

Our Banking Expert