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How HSBC Bank products compare
Editor’s Rating
$0, or $1 if opened online
Editor’s Rating
Editor’s Rating
You might like HSBC Bank (Member FDIC) if you can keep $75,000 in bank/investment accounts, receive $5,000 in direct deposits each month, or take out a mortgage of at least $500,000. Then you’re eligible to waive monthly fees and earn high rates. Otherwise, you may want to consider some of the best online banks, which make it easier to earn good rates and waive fees.
HSBC Bank Review: Overall Rating
HSBC Bank Pros and Cons
About HSBC Bank
HSBC Bank now focuses on serving wealthier customers. In February 2022, Citizens Bank took over HSBC’s U.S. operations on the East Coast, and Cathay Bank took over on the West Coast. Existing customers’ accounts were converted into either Citizens or Cathay accounts.
HSBC offers what are called “Premier” accounts. To qualify for Premier status, you must open an HSBC Premier Checking account and meet one of the following requirements:
- Maintain a combined total of $75,000 in eligible U.S. consumer and commercial deposit and investment accounts
- Receive recurring monthly deposits of $5,000 from a third party to your HSBC checking account
- Have an HSBC U.S.-based residential mortgage with HSBC with an original amount of $500,000 or more (this does not include a combined loan amount from multiple mortgages or home equity products)
The HSBC U.S. mobile app has 4.6 out of 5 stars in the Apple store, and 4.8 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts. This means your money is safe even if HSBC shuts down.
Is HSBC Bank Trustworthy?
The Better Business Bureau evaluates companies’ responses to customer complaints, honesty in advertising, time in business, and more. The BBB gives HSBC Bank USA an A rating. The highest possible BBB rating is A+ but HSBC has an A- because several customer complaints on the website have not been resolved.
In May 2023, First Citizens Bank sued HSBC. First Citizens acquired Silicon Valley Bank, and it’s accusing HSBC of breaking federal law by stealing around 40 SVB employees. HSBC has not admitted to any wrongdoing, and the case is still ongoing.
HSBC Bank FAQs
HSBC is a trusted bank overall. It has a high Better Business Bureau grade and a 3.9 out of 5 on its Consumer Affairs profile, based on over 900 customer reviews. Of those reviews, 73% were either a 4 or 5.
Yes, HSBC is a credible bank with FDIC insurance.
Your money is safe with HSBC because it is federally insured. HSBC is a Member FDIC bank, so your deposits are secured for up to $250,000 per account, per ownership category. Your money may only be unsafe at HSBC if you have more money with the bank than federal insurance covers. In this case, you would lose any uninsured money if the bank shut down.
The main disadvantage of HSBC Bank is that it’s primarily for higher earners. You must receive a relatively high amount in deposits, maintain high account balances, or have a $500,000 mortgage to qualify for its accounts.
HSBC Bank Account Reviews
HSBC Bank Premier Relationship Savings Account
HSBC Bank Premier Relationship Savings Account
Fees
$50 monthly service fee
Annual Percentage Yield (APY)
0.05% to 4.40%
Minimum Opening Deposit
$0, or $1 if opened online
- High interest rate if you meet the qualifications for a relationship rate
- No minimum opening deposit ($1 if you open the account online)
- Must have a Premier Checking Account
- Low standard interest rate
- $50 monthly maintenance fee if you don’t meet qualifications for waiving the fee
Product Details
- Waive $50 service fee each month that you maintain a $75k minimum balance in a combination of eligible bank/investment accounts OR receive direct deposits of at least $5k OR have an HSBC residential mortgage with a minimum original loan amount of at least $500k
- Qualify for the highest interest rate each month that you spend $500 with your debit card OR receive $5k in direct deposits OR have an HSBC residential mortgage with a minimum original loan amount of at least $500k OR have HSBC Jade customer status
- Interest compounded monthly, paid monthly
- Member FDIC
The HSBC Bank Premier Relationship Savings Account is a good option if you qualify for the highest interest rate, because you’ll earn more than you would with many brick-and-mortar banks. To earn the top rate each month, complete one of the following:
- Spend at least $500 with your debit card
- Receive $5,000 in direct deposits
- Have a residential mortgage through HSBC with an original amount of at least $500,000
- Have Premier Elite Status (you’ll be an Elite member if you have a Premier Checking Account and have had a combined total of $1 million in eligible HSBC bank and investment accounts for at least two consecutive calendar months)
HSBC Bank Premier Checking Account
HSBC Premier Checking
Fees
$50 monthly service fee*
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$1
- Unlimited out-of-network ATM fee reimbursements
- No foreign transaction fees
- Access to a Premier Savings Account
- Preferential mortgage rates for Premier customers
- $1 opening deposit, and $5 to earn interest
- $50 monthly maintenance fee if you don’t meet qualifications for waiving the fee
- Low interest rate
Product Details
- Start an HSBC Premier relationship today. You’ll enjoy premium banking with both local and global benefits and access to wealth solutions offered through HSBC Securities, (USA), Inc*.
- Discover what HSBC Premier can offer you
- – Access to wealth products, insights and advice from an HSBC Wealth Relationship Manager through HSBC Securities (USA) Inc.
- – Easily open an account online, from the comfort of your home.
- – Manage your banking needs across different time zones, with 24/7 support.
- – Manage your money around the world – from global transfers to multi-currency needs.
- – New to the U.S.? Build your U.S. credit history with one of our credit cards. Or if you’re buying a new home, you can use your international credit history to apply.
- – Go beyond banking with special offers, referrals for tax advice, relocation services, and more.
- Here’s how the offer works
- You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities.
- – Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- – Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
- – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements.
- For Premier checking accounts opened before August 29, 2024, you must have at least one of the following:
- -Balances of $75,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment2 accounts (Please note: The minimum balance required for the Cash Bonus Offer is different from the minimum balance required for a checking account)
- -Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
- -HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000, not an aggregate of multiple mortgages. Home Equity products are not included.
- For Premier checking accounts opened on or after August 29, 2024, you must have at least one of the following:
- -Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment2 accounts
- -Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
- -Any HSBC U.S. residential mortgage loan serviced by HSBC. Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included.
HSBC Premier Checking is a worthwhile option for travelers because there are no foreign transaction fees, and you’ll receive an unlimited amount in ATM reimbursements. HSBC’s website advertises a $50 monthly service fee*, but it’s easy to waive — the same requirements for opening an account also allow you to waive the fee.
HSBC Bank CD
HSBC Bank Online CD
Annual Percentage Yield (APY)
4.25% to 5.40%
Minimum Opening Deposit
$1,000
- Higher interest rates than many brick-and-mortar banks on longer terms
- Low to standard early withdrawal penalties
- Minimum $1,000 deposit
Product Details
- Over 200 branches in CA, CT, DC, FL, MD, NJ, NY, PA, VA, and WA
- Available terms are the 6-month, 8-month, 1-year, and 2-year terms
- Early withdrawal penalties: 30 days simple interest for terms of up to 369 days; 90 days simple interest for terms of 370 to 733 days; 180 days simple interest for terms of 734 days or longer
- When you open the account, the employee will tell you how often compounding is available for your term
- Member FDIC
HSBC Bank pays high rates on CDs, but it only has four terms to choose from: six months, eight months, one year, and two years. If you’re looking for one of these term lengths, it’s a good option.
How HSBC Bank Compares
HSBC Bank vs. Chase Bank
Chase Bank is a great option if you’re looking for a national bank with a large presence, because it has branches in almost every U.S. state. It also doesn’t specifically cater to high-net-worth customers.
But if you do qualify for HSBC’s accounts, you might prefer the bank over Chase. It makes it easier to waive monthly fees, and you’ll earn higher savings and CD rates.
HSBC Bank vs. Bank of America
Bank of America is another strong choice if you want a large brick-and-mortar bank. It has locations in 37 U.S. states and Washington, DC.
If you qualify for its accounts, HSBC could be the better choice for earning a high savings rate. The best option for a CD depends on a variety of factors — Bank of America offers more CD options, including a no-penalty CD. It also pays high rates on certain terms, but CD rates vary by location.
Why You Should Trust Us: How We Reviewed HSBC Bank
At Business Insider, we rate checking and savings accounts using our bank account methodology and certificates of deposit with our CD methodology.
For each account, we looked at HSBC’s ethics, customer support, mobile app, and minimum deposit. Other factors considered depended on the type of account. For example, we looked at monthly fees for checking and savings accounts, and early withdrawal penalties for CDs.
