HSBC Bank Review 2024 (2024)

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• HSBC Bank Account Basics
• Other HSBC Bank Products and Services
• HSBC Bank Fees
• Access on the Go
• How HSBC Bank Stacks Up
• Frequently Asked Questions (FAQs)

Checking

HSBC currently only offers one checking account—HSBC Premier.

HSBC Premier Checking Account

Premier checking is an interest-bearing checking account from HSBC Bank. As a premium account, it’s geared toward customers with substantial account balances, and it includes specialized features, such as:

• Access to an HSBC Relationship Manager
• No-fee access to Allpoint and HSBC ATMs worldwide
• Up to five out-of-network ATM fee rebates monthly
• Shared Premier status with up to four family members
• Access to an HSBC Premier Savings account
• Home financing services
• International banking services
• Global View and Global Transfers
• No foreign transaction fees on debit card purchases

With premium services also come more stringent requirements to open an account and avoid the monthly maintenance fee, which is $50 per month. To qualify for Premier Checking and dodge the fee, customers must maintain a combined balance of $75,000 across HSBC personal and investment accounts, receive at least $5,000 in third-party direct deposits per month, or have an HSBC U.S. residential mortgage loan with an initial balance of at least $500,000.

While it is an interest-bearing account, Premier Checking currently only earns 0.01% APY on balances of $5 or more.

Savings

HSBC Bank offers two savings accounts—Premier Savings and Premier Relationship Savings.

HSBC Premier Savings Account

Premier Savings accounts allow customers to earn tiered interest, up to 0.15% APY based on your account balance. Rates breakdown as follows: Balances between $0 and $24,999.99 earn 0.01% APY; balances from $25,000 to $99,999.99 earn 0.10% APY; balances from $100,000 to $250,000 earn 0.15% APY, and balances of $250,000 or more earn 0.15% APY.

The account comes with access to personal internet banking with complimentary bill pay services.

You’ll need to open a new Premier Checking account or already have one to be eligible to open a Premier Savings account. Customers must also meet the eligibility requirements associated with their Premier Checking account to qualify for an account.

HSBC Premier Relationship Savings Account

Premier Relationship Savings is identical to Premier Savings, except it offers a much higher relationship APY for customers who meet its eligibility criteria. Currently, you can earn 4.40% APY by meeting at least one of the four following criteria:

• $500 in qualifying purchases or payments on your debit card
• $5,000 in qualifying direct deposits
• An HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
• Hold HSBC Premier Elite customer status

CDs

HSBC Bank currently offers three online CD terms for existing HSBC Premier customers—six, 12 or 24 months. A $1,000 minimum deposit is required to open a CD online with HSBC. Here are the current rates offered for the HSBC Certificates of Deposit.

CD interest compounds daily and is credited monthly, quarterly, semi-annually, annually or at maturity, depending on the term length. HSBC charges the following early withdrawal fees, based on your CD term, if you pull funds from the account before maturity.

• Terms of 369 days or less: 30 days’ simple interest
• Terms between 370 and 733 days: 90 days’ simple interest
• Terms of 734 days or greater: 180 days’ simple interest

HSBC offers other financial products and services beyond the standard bank accounts. Other offerings include:

• Credit cards
• Investment and retirement accounts
• Mortgage loans
• Home refinancing
• Home equity lines of credit (HELOCs)
• Personal loans
• Life insurance and long-term care coverage

• Card replacement fee: $0
• Monthly fee: All monthly fees can be waived depending on the account requirements.
• Overdraft fee: $0
• Out-of-network ATM fee: $0
• Foreign transaction fee: None

The bank significantly pared down its account offerings after selling part of its business to Citizens Financial Group. With only premium deposit accounts available, HSBC has cut out some common fees other banks charge.

HSBC operates approximately 22 U.S. Wealth Centers, primarily on the East and West coasts. Customers can also access account funds quickly and without fees through HSBC ATMs and more than 55,000 Allpoint ATMs.

Like most banks, HSBC lets customers manage their bank accounts online. With personal internet banking, customers can monitor their accounts, transfer funds, view statements, pay bills and wire money. HSBC’s mobile banking app, available on both iOS and Android, allows customers to perform similar tasks and transactions, plus deposit checks remotely and send secure messages to the bank’s customer support.

Customers who need help can reach HSBC’s customer service by phone, online chat, mail, social media or via secure messages sent through the bank’s website and mobile app. In-person support is also available at HSBC’s Wealth Centers.

For U.S. customers, HSBC Bank is geared toward customers who plan to keep $75,000 or more in combined balances across HSBC’s banking and investment accounts. HSBC is also a good choice for customers who bank internationally because of the bank’s global presence.

The bank offers low rates on most accounts unless you meet monthly requirements to earn its relationship savings rate. Considering the requirements to open an account, many customers may not qualify for the higher rate and waived monthly fees.

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