HSBC launches two new current accounts

HSBC is launching two new fee-free current accounts that pay no credit interest but offer customers a range of enhanced features.

From 1 September 2008, any new customers seeking a fee-free current account from HSBC will be offered one of the new accounts. Existing standard HSBC Bank Account customers will be transferred to the new accounts on 1 December 2008.

Carlos Wanderley, HSBC General Manager, Customer Propositions, said: "The new accounts are designed to better meet the needs of our customers who have been asking for such things as free mobile banking and free ID theft assistance."

Research has very clearly shown that HSBC Bank Account customers simply do not value the 0.1% credit interest on their current account. This interest is worth around 8p a month to someone who keeps an average daily balance of £1000 in their current account.

The two new accounts are called HSBC Current Account and HSBC Current Account Advance. Both accounts provide everyday features such as a debit card, free standing orders, free direct debits, internet and telephone banking as well as the option of paperless statements and HSBC's Fair Fees Policy on overdraft fees.

In addition, those customers who credit more than £500 per month to their account and qualify for the new HSBC Current Account Advance will benefit from the following product features:

free mobile banking allowing customers to obtain their balance and mini statement to their mobile in less than 30 seconds

free ID theft assistance including free credit report, online risk assessment tool and 24/7 helpline

access to the HSBC 8% Regular Saver product

Mr Wanderley continued: "The new Current Account Advance will suit customers whose primary banking relationship is with HSBC and who will be using the account on a regular basis. The new HSBC Current Account will be more suited to customers as a secondary account, perhaps for managing a budget."