HSBC Bank Review 2024
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BLUEPRINT
Updated 10:05 a.m. UTC April 11, 2024
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Pros
- Global banking support.
- Highly-rated mobile app.
Cons
- Limited product offerings.
- High minimum balance requirement to avoid fees.
HSBC Bank basics
- Checking accounts: HSBC Premier Checking.
- Savings accounts: HSBC Premier Relationship Savings and HSBC Premier Savings.
- Money market: N/A.
- Certificate of deposit (CD): HSBC Bank Online certificates of deposit.
- Other Accounts: Credit cards, home loans and personal loans.
- Bank branches or online only: Bank branches.
Account details and annual percentage yields (APYs) are accurate as of April 11, 2024.
About HSBC Bank
Founded in Hong Kong in 1865, HSBC today has a presence in 62 countries and territories across Europe, Asia, the Middle East and Africa, North America and Latin America. The organization offers a typical range of banking services through their three main divisions: wealth and personal banking, commercial banking, and global banking and markets.
In the U.S., it’s covered by the Federal Deposit Insurance Corp. (FDIC), which protects up to $250,000 of your deposits.
HSBC Premier Checking
This checking account has a monthly maintenance fee of $50 which can be waive by maintaining a balance of $75,000 in combined U.S. consumer and qualifying commercial U.S. dollar deposit and investment accounts, having monthly recurring direct deposits totaling at least $5,000 from a third party, having an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000 or by maintaining maintain Private Bank status.
Having this account grants you — and up to four of your family members — Premier status, which comes with some additional perks, such as higher savings rates and no foreign transaction fees on your debit card.
HSBC Premier Relationship Savings
Alone, HSBC’s standard Premier Relationship Savings account has an extremely low yield at just 0.05% APY. However, if you link your Premier Relationship Savings account to a HSBC Premier checking account, you can qualify for an impressive 4.50% APY.
You’ll need to meet at least one of these requirements to qualify for the Relationship APY, in addition to linking your account to an eligible Premier checking account:
- Spend $500 or more on purchases per month with the HSBC Debit Card associated with your linked HSBC Premier checking account.
- Receive $5,000 in qualifying direct deposits per month.
- Have a HSBC U.S. residential mortgage loan with an original amount of at least $500,000.
- Hold Premier Elite status.
HSBC Bank Online certificates of deposit
Once you are a Premier checking account holder, you can qualify for HSBC CDs, which have competitive yields and feature terms of six-, 12- and 24-months. You must make a minimum deposit of at least $1,000 and the CD term you choose will impact how much interest you earn:
- Six months: 4.00% APY.
- 12 months: 4.70% APY.
- 24 months: 4.00% APY.
HSBC other products
- Credit cards: You can choose between two HSBC credit cards — the HSBC Premier World Mastercard® credit card * The information for the HSBC Premier World Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. and the HSBC Elite World Elite Mastercard® credit card * The information for the HSBC Elite World Elite Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. . Both cards come with enticing welcome bonuses, the ability to earn rewards points on select purchases and offer free travel perks.
- Home loans: Whether you need a brand new mortgage loan, want to refinance an existing loan or plan to borrow against your equity with a home equity line of credit (HELOC) — HSBC supports a variety of home borrowing needs.
How HSBC Bank stacks up
HSBC Bank vs. Barclays Bank
If you’re looking for a bank with strong yields, Barclays Bank could be a good fit, but it’s not able to serve all of your financial needs in one place. It doesn’t offer a checking account, loans or credit cards. Instead, you can earn an APY of 4.35% with the Barclays Online Savings account and Barclays Online certificates of deposit rates go as high as 5.00% APY.
Its savings account is also free, with no maintenance fees that you must either pay or jump through hoops to avoid.
At the end of the day, however, HSBC provides customers with a more varied range of financial products and services and a focus on global customer service, which you may not mind paying for.
HSBC Bank vs. Santander Bank
Santander Bank has a product lineup that is more similar to that of HSBC. Alongside checking, savings and CD products, Santander Bank also offers personal loans, money market accounts, credit cards and investment planning support.
When it comes to savings account rates, you can earn a very unimpressive APY of 0.03% with the Santander® Savings account. The HSBC Premier Relationship Savings account offers a similarly low APY initially (0.05%) but makes it possible to earn a 4.50% yield if you meet certain requirements.
HSBC Bank vs. BMO Bank
If you like to manage multiple areas of your financial life in one place, you will likely appreciate the wide variety of products that BMO offers — especially when it comes to loans. You can apply for personal loans, boat and RV loans, auto loans, student loans and lines of credit. If you need help building your credit score, it even offers a credit builder loan.
You can also open checking accounts, a money market account and a few savings products — such as the BMO Savings Builder Account and CDs.
HSBC still stands out, however, if you have an international lifestyle.
Frequently asked questions (FAQs)
HSBC offers a standard checking account and both a high-yield savings and standard savings account. You also have the option to invest in a CD or open a new credit card account.
You can manage your HSBC accounts online via a desktop computer or by using the bank’s mobile app. You can e-deposit checks, keep an eye on your investments, review loan statuses, transfer funds and pay bills easily from wherever you are.
For the HSBC Premier checking account, you need to have at least $75,000 in total deposits and/or investments with the bank, at least $5,000 in total direct deposits per month or a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000. For both savings accounts, you’ll need to maintain an HSBC Premier checking account.
Yes, it has a presence in 62 countries and territories across the world, focusing on Europe, Asia, the Middle East and Africa, North America and Latin America. HSBC makes international money transfers easy, making this an ideal bank account choice for those who travel a lot.
*The information for the HSBC Elite World Elite Mastercard® credit card and HSBC Premier World Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
