Spotlight: HSBC Advance current account

The deal

HSBC has replaced its paid-for Plus account with Advance, offering customers access to better mortgages and savings deals.

The good points

Take out an Advance account and you'll be offered a regular savings account paying 8 per cent for 12 months and a lifetime tracker mortgage at 1.99 per cent over base, currently 2.39 per cent. Benefits include breakdown cover and travel insurance.

The bad points

It costs £12.95 a month, although it's £6 for the first three. To get the mortgage deal you'll need a 25 per cent deposit. You can only salt away £250 a month in the regular savings account.

Conclusion

Packaged accounts are generally expensive and this one will cost you more than £150 a year. If you use all the benefits it can be worth while. But you may be better off switching to a fee-free account – such as A&L's Premier Direct – and sorting out mortgage, savings and travel cover separately.