HSBC has announced that it will be discontinuing a range of fees and charges for its current and savings account holders. These changes, which will benefit customers across various account tiers, are scheduled to take effect from 08 August 2025. The adjustments will see the removal of several administrative and transactional fees, including those for stopping cheques, closing accounts prematurely, and retrieving sales drafts.

Fee Removals for Premier and Advance Accounts

Customers with HSBC Premier and Advance accounts will see several charges removed. For Premier Account holders, the fees for issuing a Stop Payment Instruction on a cheque, which currently stand at RM20 for accounts with sufficient funds and RM100 for those without, will be discontinued. Additionally, the RM20 fee for a Sales Draft Retrieval Request will be removed for both Premier and Premier Junior Savings Account holders.

A significant change is the removal of the RM50 Premature Account Closure Fee for several accounts, including the PLUS Plan, Advance, Premier with EasiGrow, Advance with EasiGrow, and Advance PLUS Plan accounts.

Here is a summary of the fees being discontinued for these accounts.

Account Name	Fee Being Discountinued	Current Charge (Before Discontinuation)
Premier Account	Stop Payment Instruction on Cheque (With sufficient funds)	RM20 per cheque
	Stop Payment Instruction on Cheque (With insufficient funds)	RM100 per cheque
	Sales Draft Retrieval Request Fee	RM20 per copy
Premier Junior Savings Account	Sales Draft Retrieval Request Fee	RM20 per copy
PLUS Plan	Premature Account Closure Fee	RM50
Advance	Premature Account Closure Fee	RM50
Premier with EasiGrow Account	Premature Account Closure Fee	RM50
Advance with EasiGrow Account	Premature Account Closure Fee	RM50
Advance PLUS Plan	Premature Account Closure Fee	RM50

Updates for Savings and Current Accounts

The fee discontinuation also extends to other popular savings and current accounts. For Statement Savings, Passbook Savings, and Basic Savings accounts, the RM20 fee for a Sales Draft Retrieval Request and the RM0.50 processing fee for Standing Instruction payments to non-HSBC accounts will both be removed.

Similarly, holders of the Generic Current Account and Basic Current Account will no longer have to pay fees for stopping cheques, which are currently RM20 or RM100 depending on account funds. These accounts will also see the removal of the RM20 Sales Draft Retrieval Request Fee and the RM0.50 Standing Instruction processing fee.

The table below outlines the changes for these standard accounts.

Account Name	Fees Being Discontinued	Current Charge (Before Discontinuation)
Statement Savings Account	Sales Draft Retrieval Request Fee	RM20 per copy
	Standing Instruction Payment Processing Fee	RM0.50 per Demand Draft
Passbook Savings	Sales Draft Retrieval Request Fee	RM20 per copy
	Standing Instruction Payment Processing Fee	RM0.50 per Demand Draft
Basic Savings Account	Sales Draft Retrieval Request Fee	RM20 per copy
	Standing Instruction Payment Processing Fee	RM0.50 per Demand Draft
Generic Current Account	Stop Payment Instruction on Cheque (With sufficient funds)	RM20 per cheque
	Stop Payment Instruction on Cheque (With insufficient funds)	RM100 per cheque
	Sales Draft Retrieval Request Fee	RM20 per copy
	Standing Instruction Payment Processing Fee	RM0.50 per Demand Draft
Basic Current Account	Stop Payment Instruction on Cheque (With sufficient funds)	RM20 per cheque
	Stop Payment Instruction on Cheque (With insufficient funds)	RM100 per cheque
	Sales Draft Retrieval Request Fee	RM20 per copy
	Standing Instruction Payment Processing Fee	RM0.50 per Demand Draft

Changes for Foreign Currency and Other Accounts

For those who use specialised accounts, HSBC is also discontinuing key fees. The Foreign Currency Account, for instance, will have its RM100 Account Opening Fee and RM100 Annual Fee removed entirely.

Previously, these charges were subject to specific waiver conditions. The Account Opening Fee was fully waived if a customer also opened a Dual Currency or Structured Investment on the same day, while Premier and Advance customers received a 50% waiver. Similarly, the Annual Fee was waived for Premier, Advance, Dual Currency Investment, or Structured Investment customers.

From 8 August 2025, these fees will be discontinued for all, removing the need to meet these conditions. Furthermore, the RM20 Sales Draft Retrieval Fee will be removed for holders of the Everyday Global Account.

Account Name	Fee Being Discontinued	Current Charge (Before Discontinuation)
Foreign Currency Account	Account Opening Fee	RM100
	Annual Fee	RM100
Everyday Global Account	Sales Draft Retrieval Fee	RM20 per copy

Other Discontinued Service Charges

Beyond specific account fees, HSBC is also ceasing several other service charges. This includes the RM20 Sales Draft Retrieval Fee for Emergency Encashment services. For remittance services, the RM5 charge for the purchase of a local draft for same-day collection will be discontinued. 

Finally, the fee for Bills for collection on amounts of RM10,000 and above, which was 0.1% of the cheque amount, will also be removed.

Service	Fee Being Discontinued	Current Charge (Before Discontinuation)
Emergency Encashment	Sales Draft Retrieval Fee	RM20 per copy
Remittance & Payment Services	Purchase of local draft (same day collection)	RM5 per draft
Bills for collection	For amounts of RM10,000 and above	0.1% on cheque amount (min RM10, max RM100)

For a comprehensive overview of all applicable rates, customers can review the updated Tariff and Charges document provided by the bank.

Staying informed about changes in banking fees is a key part of managing your money effectively. For more news, guides, and tips on personal finance, you can explore the latest articles on the RinggitPlus blog.Follow us on our official WhatsApp channel for the latest money tips and updates.

• TAGS:
• Current Account
• Fees
• HSBC
• Savings Account