HSBC Bank Reviews: Checking, Savings and CD Rates

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Updated on Tuesday, September 1, 2020

HSBC Bank’s checking account options

HSBC Advance

Offers some free perks, but comes with an abysmal rate.

APY

Minimum Balance Amount

0.01%

$5

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $25 (this can be waived)
  • ATM fee: None
  • ATM fee refund: Up to 4 refunds each month on U.S. ATMs outside New York state
  • Overdraft fee: None

This checking account is meant for those who want to earn a bit of interest – and we mean “a bit”. You will also be paying a $25 monthly maintenance fee unless you either keep a minimum of $10,000 in combined HSBC Bank account balances or have a recurring direct deposit of at least $5,000.

Perks you get with this account include no ATM fees, free HSBC Advance checks (select styles), and access to Advance relationship benefits. This includes various discounts and the option to apply for a rewards credit card with no annual fee.

How to get the HSBC Advance account

To open an HSBC Advance account, fill out an application form online. You’ll be asked to fill in your personal information such as Social Security number, a form of ID, name, address and date of birth. Then you can fund your account.

You can also open an account by calling the bank or stopping in at a local branch.

SEE DETAILS Secured

on HSBC’s secure website

Member FDIC

HSBC Premier

The account that takes advantage of all of HSBC Bank’s services.

APY

Minimum Balance Amount

0.01%

$5

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $50 (this can be waived)
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

While the interest rate paid on these balances aren’t anything to write home about, this checking account does offer services for those who plan on making a lot of international transactions and have a number of accounts across HSBC Bank.

For one, there are no ATM fees or foreign transaction fees when using your debit card. Account holders also get their best rates for HSBC Bank’s money market accounts and mortgages. You’re also paired with a relationship manager who will help you with emergency financial support and priority service wherever you are. You also have the ability to link all eligible worldwide HSBC Bank accounts and make transfers between them.

To waive the monthly maintenance fee, you’ll need to keep a minimum of $100,000 across any qualifying accounts in the U.S.

How to get the HSBC Premier account

To open an account, you can fill out an application form on HSBC Bank’s website. You’ll need to provide your personal details such as name, address, Social Security number and government-issued identification. Afterwards you’ll need to fund the account.

You can also open an account in person or by calling customer service.

SEE DETAILS Secured

on HSBC’s secure website

Member FDIC

Basic Banking

When a basic checking account is all you want.
  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $3
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

This account is best for those who are looking for a no-frills checking account with no minimum balance amount. The monthly maintenance fee includes free e-statements, a Mastercard debit card, online banking and bill pay. Unfortunately, this account isn’t interest-bearing, nor can you waive the maintenance fee like at other online banks.

Another important aspect to note is that you only get the first eight checks or withdrawal slips you write for free. Exceed that limit in a month and and you’ll be paying $0.35 for each check or withdrawal you make. Keep in mind that this limit doesn’t apply to bill pay, ATM withdrawals or for Illinois residents

How to get a Basic Checking account

You can open a Basic Checking account by filling out an online application form. You must be at least 18 years of age, have a Social Security number, currently have a U.S. residential address and have had U.S. residency for the past three years to apply for an account online. If you do not have a Social Security number or have a military address, you will need to contact customer service. You’ll also need a government-issued ID.

Alternatively, you can call customer service or open an account in person at your local branch.

SEE DETAILS Secured

on HSBC’s secure website

Choice Checking

A step above the basic checking account with the ability to waive the monthly maintenance fee.
  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

The Choice Checking account is a great option for those who intend to use the account for regular transactions. This account isn’t interest-bearing, but you can waive the maintenance fee like at other online banks. To waive the monthly maintenance fee, you’ll need to either set up a recurring direct deposit from an outside institution or maintain a total combined account balance of at least $1,500.

Aside from free online banking, mobile banking, a Mastercard debit card and bill pay, there are no limits on transactions as with the Basic Checking account.

How to get the Choice Checking account

Head over to the HSBC Bank website and fill out an application form. You’ll be asked to fill in your personal information such as Social Security number, a form of ID, name, address and date of birth. You’ll then be able to fund your account.

Otherwise, you can open an account in person or by calling the bank.

SEE DETAILS Secured

on HSBC’s secure website

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How HSBC Bank’s checking accounts compare

Despite the range of services available with HSBC Bank’s checking accounts, the interest rates paid on balances fall way short when compared to some of the best offerings out there. Other competitors offer much higher rates on checking accounts and require no minimum balances. Competitors offer free checks and ATM reimbursements without socking you with hefty fees like those charged by HSBC Bank. Unless have other existing accounts with HSBC Bank or are interested in the bank’s international products, you’re better off looking elsewhere.

HSBC Bank’s savings account options

Everyday Savings

An extremely low rate even for a basic savings account.

APY

Minimum Balance Amount

0.01%

$1

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $5 (can be waived)
  • ATM fee: $2.50 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: None

This is HSBC Bank’s basic savings account and it really doesn’t offer any bells or whistles. You get free online banking and can avoid the monthly maintenance fee by keeping an average ledger balance of at least $500.

HSBC will charge you $0.75 per withdrawal you make over three in a month, unless you have a minimum average balance of $1,000 or more in the account. And, because this is a savings account, Federal Reserve Regulation D limits account holders to six withdrawals per month.

How to get the Everyday Savings account

To get this account, you can fill out an online application form on HSBC’s website. You’ll be asked to provide information such as your name, address, Social Security number, and government-issued ID. Then you’ll need to fund the account. You can also head to your local branch or call the customer service line.

SEE DETAILS Secured

on HSBC’s secure website

Member FDIC

Advance Savings

APY

Minimum Balance Amount

0.01%

none

0.05%

$15,000

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to 4 refunds each month for U.S. ATMs outside New York state
  • Overdraft fee: None

This account offers a higher rate, but only if you can qualify for the account. To be eligible, you need to already have either the HSBC Advance Savings account or the HSBC Premier checking account.

This savings account is also part of the HSBC Advance relationship program, which has features such as ATM refunds, preferred rates and more. To stay in the program, you need to have at least $10,000 across your qualifying HSBC Bank accounts or have at least $5,000 in direct deposits each month. If you no longer have either the HSBC Advance or Premier checking account, your account could be converted to the Everyday Savings account without notice.

As with all savings accounts, Federal Reserve Regulation D mandates that account holders are limited to six withdrawals a month. HSBC Bank does not charge an excess withdrawal fee for this account, however, once the account has violated the Regulation D limits, HSBC will notify you and may convert the account to a transaction type account or close the account.

How to get the Advance Savings account

To get this account, you’ll need to first enroll in the HSBC Advance program. To do so, you can head over to their online application form and open an HSBC Advance checking account. If you already have one, simply log into your account online and you can begin the application process there.

Otherwise, you can also head to your local branch to open an account or by calling customer service.

SEE DETAILS Secured

on HSBC’s secure website

Member FDIC

Premier Savings

APY

Minimum Balance Amount

0.01%

none

0.10%

$25,000

0.15%

$100,000

  • Minimum opening deposit: $1 (none if opened by a representative at a branch)
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: None

To be sure, these are much better rates compared to the other two savings accounts, but you can only qualify for them if you start an HSBC Premier relationship. This means you’ll need to have an Premier checking account and keep at least $100,000 in qualifying HSBC Bank accounts. Unless you intend on keeping a lot of money with HSBC Bank, you might want to look at other options.

However, if you’re looking for a comprehensive banking solution, this could be a great choice.

How to get Premier Savings account

You can open an account in person, by calling the bank. You can also do so online by first opening a Premier checking account. If you’re an existing Premier checking account holder, simply log into your account online and you can begin the application process there.

SEE DETAILS Secured

on HSBC’s secure website

Member FDIC

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How HSBC Bank’s savings accounts compare

HSBC Bank requires relatively high minimums for their best rates. Yet these rates are minuscule compared to what other competitors are currently offering on savings accounts and many don’t even offer limited ATM access.

All this said, you’re better off looking elsewhere.

HSBC Bank’s CD rates

Direct CD

Term

APY

New Customers Only

6 months

0.50%

12 months

0.60%

24 months

0.60%

Existing Customers Only

9 months

0.01%

18 months

0.05%

36 months

0.10%

48 months

0.15%

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: Depends on length of term:
    • Up to 369 days – 30 days simple interest
    • 370 to 733 days – 90 days simple interest
    • 734 days and greater – 180 days simple interest

This is a fixed rate CD. Interest is compounded daily and credited either monthly, quarterly or semi-annually. If your CD term is a year or less, interest will be credited at maturity.

HSBC’s rates and terms differ depending on whether you’re a new customer or an existing customer.

If you don’t have your CD set to automatically renew, you’ll receive a notice before your maturity date. Once it matures, you’ll have a 10-day grace period in which to decide what to do. Otherwise, it’ll either automatically renew or remain in the account – you won’t earn any interest – until you inform HSBC Bank what you want to do.

How to get HSBC Bank’s Certificates of Deposit

You can open a CD account by filling out an online application form. You’ll need to enter in personal details such as your name, address and Social Security number. Then you’ll need to fund the account.

SEE DETAILS Secured

on HSBC’s secure website

Member FDIC

magnifying glass

How HSBC Bank’s CD rates compare

HSBC’s CDs are similar to its other retail banking products, with lower than average interest rates. Even the promotional rates for new customer fall short of their online counterparts’ CD rates and other banks and credit unions also offer a wider range of terms. Even though HSBC Bank does offer a lower minimum deposit amount, you’re still better off looking elsewhere.

Overall review of HSBC Bank’s banking products

One of the only advantages we can really come up with for HSBC Bank is it offers a way to transfer between international accounts and no transaction fees for their debit card for certain accounts. Otherwise, there really isn’t much else to differentiate it. Their banking products offer really low rates and minimal features, unless you’re willing to keep a large chunk of cash with the bank.

In short, if you’re looking to park your savings in a checking, savings or CD account, look for better rates elsewhere.

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