HSBC has launched HSBC Current Account and HSBC Current Account Advance, two new fee-free current accounts.

According to the company, 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 December 1, 2008.

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 GBP500 per month to their account and qualify for the new HSBC Current Account Advance will also have access to the HSBC 8% Regular Saver product.

Carlos Wanderley, general manager of customer propositions at HSBC, 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.