HSBC offers new Advance account with no monthly fee

HSBC announces that from 10 November 2014 it will be offering a new Advance bank account which will have no monthly account fee. In addition, over 1.3 million existing HSBC bank account holders, who pay a minimum of £1,750 into their account each month, will be automatically upgraded to the new Advance account.

With the new account customers will be able to access preferential rates, 24/7 help and support from the Advance team, a daily ATM withdrawal allowance of £500 and worldwide cash withdrawals without any HSBC ATM transaction fees.

Lauren Broadhurst, Head of Advance at HSBC, said: “The new Advance account will give around two million HSBC customers additional support with their finances and access to preferential savings, overdrafts, loans and mortgages rates for no monthly fee.”

Existing Advance customers will continue to benefit from worldwide travel insurance, motor breakdown assistance and cover for mobile phones, for a reduced fee of £9.95, down from the current price of £12.95. Customers can also opt out of the insurance offer and simply take advantage of the standalone account, with no monthly account fee, if they wish.