HSBC Bank Review

HSBC Premier Savings

0.01% APY

Though HSBC is a global bank, with branches in more than 60 countries, it also has a small presence in the United States. It has a small group of U.S. locations, though it used to have more. In fact, HSBC has largely removed itself from the U.S. retail banking space, as it sold 80 branches to Citizens Financial Group in Feb. 2022. As of now, the bank only operates a few locations on the West Coast.

HSBC offers U.S. customers some opportunities to take advantage of its global footprint. Depositors in the bank’s Premier level checking and savings accounts have access to some special international services, such as emergency cash when traveling abroad and surcharge-free withdrawals at most of HSBC’s international ATMs.

On the other hand, those accounts have fairly high minimum balance requirements. In general, HSBC savings accounts do not offer especially high-interest rates. The best returns can be found through its certificates of deposit, with certain term lengths offering rates well above competitors.

Products Offered

HSBC Interest Rate Comparison

HSBC Overview

One of the largest banks in the world, HSBC has offices on five continents and in over 60 countries. Its world headquarters are in London, and it has North American headquarters located in New York City. It has branches in 10 U.S. states along the East and West Coasts, as well as Washington, D.C.

In the U.S., HSBC offers both personal and business banking services. These include nearly every type of loan imaginable, as well as insurance, investment products, retirement services and, of course, deposit accounts. HSBC has four different types of savings accounts in the U.S., four checking accounts and a number of certificates of deposits. Read on to learn more about its account offerings.

Save more with these rates that beat the National Average

• Savings & MMAs
• CDs

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HSBC Account Features

All HSBC deposit account holders have access to free online and mobile banking so that they can access their money on the go. Checking accounts come with a Mastercard debit card, with access to HSBC’s global network of ATMs. A card may also be requested with savings accounts.

Not including certificates of deposit, HSBC deposit accounts generally have a monthly service fee that is waived for accounts based on either a minimum balance or direct deposits. Other possible fees include ATM fees at non-HSBC ATMs and overdraft fees.

HSBC Premier Savings

Premier Savings requires customers to open a checking account in conjunction with opening the savings account. You also need to meet one of three other financial requirements that are listed in the fees row of the table above.

Premier Savings offers tiered rates, but only on deposits in excess of $25,000. The highest rate available is on Premier Savings accounts with a balance of over $100,000. (Note, the requirement to open a Premier Checking account is $75,000 among all HSBC accounts, at least $5,000 in total direct deposits per month and a U.S. residential mortgage with an original amount of at least $500,000.)

HSBC CDs (Certificates of Deposit)

The rates above apply to accounts opened online. Different rates may apply to accounts opened at branches.

A certificate of deposit trades a lower level of flexibility with your money for (in some cases) a much higher interest rate. In order to open a CD, you agree to see aside from your money for a fixed term. Your interest rate is likewise fixed for the length of that term. At the end of the term, you can choose to renew your CD or move your money elsewhere.

At HSBC there is a minimum deposit of $1,000 to open a CD. There is no monthly fee on your account. If you decide to withdraw your money before the end of your term, you will have to pay a penalty which is calculated based on the length of your term and your interest rate. For CDs of one to two years, the penalty is equal to 90 days of interest.

Interest rates vary significantly depending on the specific term length. Currently, the highest available rate is on the 12-month CD, at 4.80% APY. This is higher than comparable rates offered on CDs at competitors like Chase and Bank of America. Likewise, the 6-month CD rate of 4.00% beats short-term rates offered at other large national banks.

HSBC Premier Checking Account

The interest checking accounts at HSBC don’t pay a great rate at just a 0.01% APY. They do, however, come with some other benefits. In addition to the standard checking account features like mobile banking and ATM access, some of the benefits include: no HSBC ATM fees on outside ATM, four ATM-owner rebates per month on non-HSBC ATMs (outside of New York) and rate discounts on some loans. You also have access to HSBC’s international services, such as no foreign transaction fees on your credit card and an available $10,000 in emergency cash.

Where Can I Find HSBC?

HSBC has over 200 branches in the U.S., spread among 10 states on the East and West Coasts, as well as Washington, D.C. The states in which it has branches are: California, Connecticut, Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia and Washington state. It operates in most major cities in those states.

What Can You Do Online With HSBC?

HSBC’s website and mobile app allow you to manage your money remotely. You can move money between accounts, check transaction records, make payments on loans and other bills and apply for new accounts. With the mobile app, you can also make deposits and check your spending.

We should note that the mobile app has a fairly low rating on the Apple App store, with just 1.4 stars, with the Google Play Store rating being slightly higher at 2.2 stars.

How Do I Access My Money?

You can manage your money through the website or mobile app. You can also access your money with your HSBC debit or ATM card. Withdrawals are free at all HSBC ATMs in the United States, and at many HSBC ATMs internationally. Some accounts also qualify for ATM rebates as described above.

How Can I Save More Money With HSBC?

Though rates on HSBC’s savings accounts are fairly low, its certificates of deposit offer a great opportunity to increase your savings. The best rate currently available is 5.00% APY on the 12-month CD. That is well above the rates offered on similar accounts at other large banks.

What’s the Process for Opening an Account With HSBC?

You can apply for an HSBC account through its website or in person. In either case, you will need to have some information handy to complete the process. Make sure you have some kind of U.S. government ID, including a driver’s license or a green card. 

You will also need your current address, your address for the past three years, and your Social Security number. You need to be at least 18 to apply. And, of course, you need some money to put in the account — you can transfer the money from another bank or, if you are opening the account in person, with a check or cash.

What’s the Catch?

Although HSBC is an international bank, and one of the largest banks in the world, it does not have branches in many U.S. states, especially in the interior of the country. The states it does have branches in are: California, Connecticut, Delaware, Florida, Maryland, New Jersey,  New York, Pennsylvania, Virginia, and Washington state. It also has branches in Washington, D.C.

Another potential issue for some customers will be rates offered on HSBC savings accounts. The most basic account has a rate of just 0.01%. Other accounts offer higher rates at deposit levels above $15,000.

Bottom Line

HSBC is an international bank with a significant U.S. presence: over 200 branches spread across 10 states and Washington D.C. With its global footprint, HSBC offers some special travel features to its high-end checking account customers, such as zero foreign transaction fees and available emergency cash. And while interest rates are not especially high on most deposit accounts, HSBC’s CD deals are a good opportunity for customers seeking a higher return.