HSBC
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Overview
HSBC is one of the biggest global banks, offering various types of accounts to people all across the world. HSBC Direct looks after the online banking operations, with the bank currently having about 150 physical branches around the United States.
The offerings will differ between the online banking and physical banking account options. This HSBC review looks into all of the main account types you can choose from with HSBC and compare them with the other leading options on the market today.
HSBC Bank Account Types
HSBC covers a lot of different bases with its range of account options. You will come across numerous options when it comes to checking accounts, savings accounts, and retirement-related options. Here is a look at each HSBC bank online account review.
Basic Banking Checking Account
This is the most basic type of checking account offered by HSBC. It is a good fit for people who only need to write a few checks in a given month. You will get an HSBC Debit MasterCard card that has no monthly or annual service fees. No matter what your balance on this account might be, you just have to pay a $1 monthly account maintenance fee.
| Account Type | Key Features |
| Basic Banking | No minimum balance required |
| No debit card service fees | |
| $1 monthly account fee |
Student Choice Checking Account
This type of account is open for certain eligible students and is an ideal way to conduct normal bank transactions in an online-only environment. You also get a high-yield personal savings account alongside this checking account. Users will get complete access to interactive online tools that help with important financial decisions. There is no monthly maintenance fee in place on this account for the first six years.
| Account Type | Key Features |
| Student Choice Checking Account | No fees for up to six years |
| Open to eligible students | |
| Online-only banking |
Choice Checking Account
This is a checking account option that provides personalized support to users on a daily basis. It offers an HSBC MasterCard debit card that has no monthly or annual service fees. There will be a $15 monthly maintenance fee if your minimum balance is not $1,500 or you have no minimum balance with recurring direct deposit.
| Account Type | Key Features |
| Choice Checking Account | Offers personalized support |
| No debit cards service fees | |
| No monthly fee if you meet conditions |
Advance Checking Account
When conducting our HSBC Bank Advance checking account review, we found that it offers all of the usual perks associated with a checking account while giving you preferred rates. You can get as many as four monthly rebates on non-HSBC ATM fees. You also have plenty of capabilities when it comes to making global transfers, as well as being able to get preferred mortgage rates.
There is a $25 monthly maintenance fee for this account if you don’t have $5,000 in investment or deposit account balance, or minimum balance with qualifying direct deposit or you do not have a residential mortgage loan with HSBC. There is a welcome offer with this account type that allows you to get a $450 welcome deposit when you meet the qualifying requirements.
| Account Type | Key Features |
| Advance Checking Account | Four monthly rebates for non-HSBC ATMs |
| Access to preferred mortgage rates | |
| No monthly fee if you meet conditions |
Premier Checking Account
This is the most premium account option at HSBC, offering you unlimited rebates on non-HSBC ATM fees in the United States. You have plenty of capabilities when viewing and making global transactions. You will also be able to get preferred mortgage rates and access to one of HSBC’s biggest yielding savings accounts.
To waive the $50 monthly maintenance fee for this account, you need to have a $75,000 minimum balance or have recurring direct deposits of at least $5,000 monthly or have a residential loan in the US with HSBC of at least $500,000. There is a welcome offer with this account type that allows you to get a $200 welcome deposit when you meet the qualifying requirements.
| Account Type | Key Features |
| Premier Checking Account | Unlimited non-HSBC ATM rebates |
| Access to a high-yield savings account | |
| No monthly fee if you meet conditions |
HSBC Everyday Savings Account
This is the most basic type of savings account at HSBC and it allows you to set up automatic savings. This sees money automatically transferred from the likes of a checking account on a consistent basis. The APY will be 0.01% on balances that are greater than $1.
| Account Type | Key Features |
| HSBC Everyday Savings Account | $1 account minimum |
| 0.01% APY | |
| Automatic transfers possible |
HSBC Advance Savings Account
This is an account that will provide you with a more competitive savings rate. You can connect this account type to unlimited checking accounts, no matter the bank, and transfer funds easily between them. The APY will be up to 0.05%, on balances of at least $15,000 but it will drop to 0.01% APY for smaller balances. You can put in place automatic transfers into this account.
| Account Type | Key Features |
| HSBC Advance Savings Account | APY up to 0.05% |
| Automatic transfers possible | |
| No monthly fee if you meet conditions |
HSBC Premier Savings
This is an exclusive account option that provides you with an APY of up to 0.15%, dependent on minimum balances. The APY is 0.01% for balances of less than $25,000, rising to 0.10% for balances less than $100,000 but of at least $25,000. You will also get access to HSBC’s investment and global banking solutions through this account.
| Account Type | Key Features |
| HSBC Premier Savings | APY can reach 0.15% |
| $1 minimum | |
| No monthly fee if you meet conditions |
HSBC Certificate of Deposit Account
This type of account allows you to lock in a rate of return on your money that will be guaranteed over the course of a certain time period. You need to invest at least $1,000 in this type of account. HSBC offers CDs with varying time periods, including 6 months (0.20% APY), 12 months (0.30% APY), and 24 months (0.30% APY). You will have the option to automatically renew at the end of the period at the same rates and maturity period.
| Account Type | Key Features |
| HSBC Certificate of Deposit Account | $1,000 account minimum |
| Short-term options | |
| APY up to 0.30% |
HSBC Bank APY
You will see varying APY rates with HSBC, usually depending on what type of account you are looking at or what sort of sum you will be looking to deposit. Here are the APY rates across the most popular HSBC accounts:
| Account | 1 Year | 3 Years | 5 Years |
| HSBC CD Account | 0.30% | 0.30% | 0.30% |
| HSBC Premier Savings | 0.01%-0.15% | 0.01%-0.15% | 0.01%-0.15% |
| HSBC Advance Savings Account | 0.01%-0.05% | 0.01%-0.05% | 0.01%-0.05% |
| HSBC Everyday Savings Account | 0.01% | 0.01% | 0.01% |
What is an HSBC Bank account best for?
HSBC has a great range of different checking and savings accounts, meaning that people have some flexibility in terms of choosing a product that best suits their needs. One highlight is that there will be no monthly fees when it comes to regular savings accounts or checking accounts.
There are also competitive rates on offer through the Direct Savings account, as well as pretty low requirements for opening deposits. Finally, you have access to a great network of no-fee ATMs.
Overdraft Fees
The overdraft fees charged by HSBC can vary depending on what sort of account you are looking at. Generally, there will be a $35 charge when you have insufficient funds in your account and the transaction is greater than $10. There will be a cap of three such fees on a daily basis, so the max fine that you can get hit with on a given day will be $105.
HSBC does not authorize overdrafts deriving from everyday debit card or ATM transactions unless you have an overdraft protection plan in place. The fee for overdraft protection is usually $10 per transaction
Opening an account at HSBC Bank
If you are in the United States, you can quickly get started and set up a new HSBC account online. This can save you time, as you do not have to visit a physical branch to begin. There are certain requirements in place before you can set up an account. These requirements can vary depending on your account, with some requiring you to have lived in the US for at least two years and be in possession of a Social Security number.
When you have chosen your preferred account type and you meet the criteria, you simply fill in the online form with all relevant information. You will then get an email confirming approval for your new account. Once you get the green light, you can add funds as you please and carry out all the regular banking functions. If you are getting a debit card or checks, these will arrive in a few days via mail.
Pros and Cons
HSBC is a very well-respected bank all across the world, so you know you are dealing with a reputable institution. It also offers plenty of variety when it comes to account options. This is parallel or better to many of its competitors. The majority of the accounts have the small minimum required opening deposits, which allows people of all levels to get started without any barriers.
The Direct Savings account option has a good savings rate, with plenty of flexibility with regards to CD account options. Finally, monthly fees are non-existent or easily waived when you meet certain requirements.
In terms of downsides, some account options don’t allow you to write checks which may be a deal-breaker for some people. While the time periods for the CDs are flexible, the rates are not as good as the competition. If you are a fan of having an option to go into physical branches, there are not as many HSBC branches across the US as you might like. Finally, some customers complain about the usability of mobile banking apps.
| Pros | Cons |
| Low minimum balance requirements | CD rates not very competitive |
| Ability to pay no monthly fees | Only short-term CDs |
| Certain products have competitive rates | A relatively low number of ATMs |
Comparison to similar bank accounts
| HSBC | Bank of America | TD Bank |
| Link to review | Link to review | Link to review |
| APY: Up to 0.15% (HSBC Premier Savings) | APY: Up to 0.05% (BOA Advantage Savings) | APY: Up to 0.15% (TD Beyond Savings) |
| Minimum balance: $1 | Minimum balance: $100 | Minimum balance: $0 |
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