When it comes to preferred accounts, HSBC is hoping its Advance account can gain popularity by introducing a new way to go feeless. When RFi Group asked consumers from our Canadian Priority and Retail banking council what influences their preferred account recommendation, 15% responded ‘fees’, which made it the second largest influencing factor.
HSBC Advance customers can waive the $25 monthly fee in one of two ways, by personal investment or deposit totals, or through a mortgage. With deposits customers only need a combined personal and investment deposit total of $5,000 or more. Through the mortgage route customers need to hold a personal mortgage with HSBC that originally totalled $150,000 or more.
HSBC Advance account has many benefits including; unlimited day-to-day transactions, a no-annual fee MasterCard, free ATM withdrawals, 5 fee rebates per month, low investment commission fee of $6.88, convenient international transactions, and $0 transfer fees on foreign exchange wires. HSBC’s war on fees seems to be attracting customers as there was a 11% increase in HSBC Advance market share between 17H1 and 18H1.