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HSBC Advance Proposition Launches
March 31, 2010
1:09 am
Doug
British Columbia, Canada
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HSBC Group is in the process of rolling out globally its HSBC Advance proposition and, in Canada, it launched on March 29th, 2010. Essentially, HSBC Advance is a bundle of products and expert advice targeted to what's termed the "emerging affluent" market. It's for people who are crunched for time and, as such, like to do most of their banking through ATMs, Internet and telephone banking and rarely visit branches (but aren't charged extra fees in the event they need to do an in-branch transaction). What it includes is:

HSBC Advance Chequing Account (with free personalized cheques, unlimited transactions, no HSBC ATM transaction fees [you may still pay a convenience fee charged by an ATM owner if they're not part of The Exchange Network), no charge for in-branch bill payments and free bank drafts)
HSBC Advance Savings Account and/or HSBC Advance TFSA
HSBC Advance MasterCard
HSBC Advance Personal Line of Credit

As well, you'll get a personalized HSBC Advance debit card once chip & PIN debit cards are rolled out (hopefully) by the end of the year. You get access to HSBC's unique "Global View" to link your HSBC accounts around the world within one website and conduct self-to-self "global transfers" (essentially wire transfers from one HSBC entity to another HSBC entity in the same name) for a small fee (probably $10, whereas Premier customers get global transfers for free).

Currently, it's possible for people to open an HSBC Advance Savings account through Personal Internet Banking but I would imagine this will be discontinued as the Statement of Disclosure has been updated to state that it's only available for HSBC Advance package customers.

HSBC Advance is available for free when you have combined deposit or investment balances of $25,000 CAD. However, that does not have to be in a chequing or savings account. You can hold that in an HSBC mutual fund account, HSBC InvestDirect or an HSBC RRSP. It'll all be calculated automatically so that you won't be charged a monthly package fee so long as you maintain that requirement. As well, I believe you are given three months (six months initially during the product launch) to attain the required qualifying balances. After that period, if you don't meet the requirement, you can continue to be an HSBC Advance customer if you pay a $25.00/month package fee.

Finally, concurrent with this, HSBC is eliminating HSBC Passport. Instead, new immigrants to Canada can enroll in HSBC Advance's Newcomers Program and enjoy all the benefits of HSBC Advance but are given a full year to attain the required qualifying balances before the package fee would kick in.

If you want more information, you can visit:
http://www.hsbc.ca/1/2/advance

Or, alternatively, you can visit the global HSBC Advance site:
http://www.hsbcadvance.com/ (similar to http://www.hsbcpremier.com/)

I think it's a good product offering and will really compete with other banks' all-in-one package accounts but with the added global accessibility element. As well, international HSBC account openings (normally $200.00) are available at 50% of the normal cost (so $100.00) which is a pretty good deal especially if you wanted to open an account with HSBC in Australia, New Zealand, the UK, Hong Kong or any other country in which HSBC operates.

Cheers,
Doug

March 31, 2010
1:48 pm
mike
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Good to see HSBC actually launched it. A little disapointed to see "Everyday high interest rate of 0.80%", wish it was more competitive. 🙁

Have a great day

April 1, 2010
2:12 pm
Prag
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Cool! Too bad about the $25,000 minimum, but other than that, I love the package overall. Of course, as mike already mentioned, the interest rate is way too low, especially considering the $25,000 requirement. I think I'll be sticking with my original plan to keep a $4,000 balance in a Performance Chequing account with HSBC, if my current Mastercard cheques and avoidance of a chequing account don't meet my needs in the long run. I feel lucky I got a standalone HSBC Direct (Advance) savings account before they changed their package offering in 2010!

April 2, 2010
12:29 am
Doug
British Columbia, Canada
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Yeah, if you're not really using a lot of the "extra" features like free bank drafts, discounted global self-to-self transfers via Personal Internet Banking and don't care about the personalized HSBC Advance debit card and cheques, then really the Performance Unlimited account with minimum balance of $4000 is probably your best bet to enjoy a free chequing account with unlimited transactions and basic personalized cheques for free.

Cheers,
Doug

April 3, 2010
3:35 am
H
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Many thanks for the info - sounds like a great package. If only the rate was higher...

April 4, 2010
10:17 pm
Doug
British Columbia, Canada
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True, it'd be nice if the rate was a little bit higher. It'll never be as high as ResMor Trust or Peoples Trust as those institutions have a harder time maintaining liquidity and attaining new capital to lend to their automobile finance and high-ratio mortgage holders, respectively. They also charge much higher rates on their lending products and, as such, can pay higher rates on deposits. However, I do agree it'd be nice if the Advance Savings and High Rate Savings from HSBC were 1% - as that would make them competitive with Coast Capital Savings and VanCity. Nonetheless, you aren't going to get rich on interest income from savings accounts. You'll be lucky if you can maintain purchasing power with the level of inflation.

Cheers,
Doug

April 11, 2010
2:57 am
H
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That's exactly it. It'd be definitely be nice to get at least 1% - that would be a 33% increase in rates. We're not going to get rich off of it... but it would be nice to have that extra bit... every little bit helps.

August 29, 2010
11:04 am
H
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Doug, I had opened an HSBC Advance Chequing account and thought I would be getting free bank drafts (as written above), but they said that it is only for HSBC Premier. Would you mind clarifying that? Thanks.

August 29, 2010
2:57 pm
Doug
British Columbia, Canada
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Originally, when it was the old Peak Performance account (now HSBC Advance accounts opened prior to Dec. 2009), free bank drafts were included. It makes for a confusing explanation because some HSBC Advance customers continue to enjoy free bank drafts while others do not. That being said, depending on the branch you go to, you may or may not be able to negotiate a certain amount of free bank drafts - especially when you're transferring in things like investments. I would think that'd be something you'd want to discuss with your particular relationship manager.

Hope that helps,
Doug

September 4, 2010
12:16 pm
H
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Many thanks for the clarification. I wasn't aware of the changes and opened it under that premise of your post... hopefully the HSBC staff will be able to help me out.

September 4, 2010
3:00 pm
Doug
British Columbia, Canada
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My apologies, H, with regard to the bank drafts. See it makes it very confusing because the HSBC Advance Chequing used to be the grandfathered Peak Performance Account which cost $25.00 per month and included free cheque orders and bank drafts. Since they essentially renamed the Peak Performance Account, some of its features (like free bank drafts) came along with it into the new HSBC Advance Chequing but for some reason, they made the free bank drafts only available to those with an HSBC Advance Chequing opened prior to Dec. 9th, 2009. The one possible way around that is if you had *any* chequing account opened prior to that date, you could simply make that your HSBC Advance Chequing, thereby showing your account as having been opened prior to that date and get free bank drafts that way.

Why they didn't just include free bank drafts with all HSBC Advance packages, I have no idea.

Cheers,
Doug

September 6, 2010
7:13 pm
H
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No need to apologize Doug. I know there are a lot of changes - thanks for all your help, you're doing a fantastic job clarifying everything on this forum.

September 6, 2010
10:22 pm
Doug
British Columbia, Canada
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Besides, what you can always do anyway is say, "Okay, I'll take the $27,000 in cash instead." The CSR should offer you a bank draft in lieu of cash, at no charge. 🙂

Beyond that, I do think it's a great package, specifically the unlimited personalized cheque books branded HSBC Advance, personalized HSBC Advance debit card, self-to-self global wire transfers for $10 each (would liked to have seen them be free like HSBC Premier) and discount on international HSBC account opening.

Cheers,
Doug

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