HSBC

Our Online Bank Buys *

	Rate (AER)	Minimum Balance
A & L	8.50%	£1
Lloyds TSB	4.00%	£1
A & L	1.50%	£1
Barclays	0.10%	£1
Citibank	0.10%	£1
* Based on £500 Credit and is a limited guide to the market

 

HSBC has a large range of current accounts designed to suit a variety of customers. It offers a basic current account, which is accessible on the telephone and internet, as well as in branch. The account pays only a nominal interest rate on credit balances.

Is your current account the best one for you? 'Cheque out' the competition with Moneyextra's comparison services to find out.

For a fee of £12.95 a month, HSBC offers Bank Account Plus, which comes with extra features and benefits such as worldwide family travel insurance and preferential rates on a variety of products. It pays a higher interest rate on balances up to £2,500 and charges a slightly lower overdraft rate. You also have access to identity assistance and personal security protection, with a 24/7 helpline.

For those who need round-the-clock assistance in all areas of the globe, the HSBC Premier account is available to anyone with savings or investments of at least £50,000 with HSBC, or a mortgage of at least £250,000 and income of £75,000 which is paid into an HSBC account.

Some of the features include your own personal relationship manager to advise you wherever you are, and access to a team of independent financial advisers (IFAs). They can offer advice on investments, retirement planning, protecting your family or estate planning.

In addition, the account includes worldwide family travel insurance and a £500 interest-free overdraft, as well as identity theft assistance and personal security advice.

HSBC also has current accounts for students and graduates. Its student account, for example, offers an interest-free overdraft of £1,000 and discounts on music, DVDs, games, PCs and travel guides.

New arrivals in the UK can apply for the HSBC Passport Bank Account for a £60 one-off or £6 a month fee. This allows those without any credit history to get a fully functional debit card. There is a fixed 12-month contract on this account, after which you can switch to another current account.

You can also go 'green' with HSBC current accounts by choosing to receive statements electronically on the internet, rather than on paper. Also, you will not receive paper-based marketing or have a cheque or paying in book for your account.

For every green account opened, HSBC will donate £5 to be shared equally between WWF (formerly known as the World Wildlife Fund) Earthwatch and The Climate Group.

Is your current account the best one for you? 'Cheque out' the competition with Moneyextra's comparison services to find out.

Last updated February 2008

Nothing in this article constitutes investment advice or a recommendation by Moneyextra to invest in any product, or employ any service, mentioned or advertised.