HSBC Reviews

6.9

Zero Transaction Fees at HSBC ATMs

Written by Lauren Brown

About HSBC | Read More

6.4

LS Score

8.2

Credibility

8.4

Support

4.7

Accessibility

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Opening Hours

Mon - Sun 24/7

Contact Information

(888) 662-4722
Headquarters: 452 Fifth Avenue, New York, NY 10018

Social Media

6.4

LS Score

8.2

Credibility

8.4

Support

4.7

Accessibility

Visit site

Opening Hours

Mon - Sun 24/7

Contact Information

(888) 662-4722
Headquarters: 452 Fifth Avenue, New York, NY 10018

Social Media

HSBC Online Banking Review

HSBC offers personal checking and savings accounts to its Premier clients.

To qualify for HSBC’s Premier relationship status and open an account, you must meet one or more of the following requirements:

· Hold $75,000 or more in deposits and/or investments
· Receive $5,000 or more in direct deposits every month
· Have a residential mortgage with HSBC for $500,000 or more in original loan value

HSBC Online Banking Highlight

Over 55,000 fee-free ATMs

ATM Network

$50

Maintenance Fees

None

Other Fees

Online Banking Savings

0.05-0.15%

Min APY Savings

Online Banking Checking

Min Balance

Min 0.01%

Min APY Checking

Pros & Cons

No banking fees if you maintain Premier statusements
Higher APY is available based on account balance or type
Global bank presence allows for seamless movement of money and international credit history
Premier clients receive benefits anywhere in the world

Limited access as personal accounts are available to HSBC Premier clients only
$50 monthly fee on accounts without an HSBC Premier relationship
Eligibility requirements are complex and can change over time

Account types

Checking
Savings
Certificates of Deposit (CD)

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APY's

Account	1 Year	3 Years	5 Years
Premier checking	0.01%	n/a	n/a
Premier savings – (standard)	0.15% (account balance of $100,000 or more) 0.10% (account balance between $25,000 and $99,999.99) 0.01% (account balance of up to $24,999.99)	n/a	n/a
Premier relationship savings	0.05% (monthly eligibility requirements NOT met) 4.50% (monthly eligibility requirements met)	n/a	n/a

Features Benefits & Rewards

International banking presence
Ease of money transfer on both a domestic and global basis
No wire transfer costs
No additional fees if you maintain HSBC Premier status
Maintain credit worldwide
APY variability based on account balance and type
No or low minimum balance is needed
Account opening is available online or with a Wealth Relationship Manager
Available to Premier clients only

Account Types

HSBC offers personal banking in the form of checking and savings accounts. These accounts are available to HSBC Premier clients only.

Premier checking account

The HSBC Premier checking account is available to Premier clients residing in the United States. You must hold an HSBC Premier checking account to open a Premier savings or Premier relationship savings account.

Key Features:

Available to Premier clients only
No account maintenance fees if you meet eligibility requirements
No wire transfer fees
Seamlessly transfer money within the US or abroad
0.01% APY earned on any balance over $5
No minimum account balance is needed

Premier savings account (standard)

HSBC’s Premier savings account pays an APY based on the daily account balance. This account is ideal for those who can not consistently meet the eligibility requirements for a Premier relationship savings account but hold a more sizable account balance.

You must have a linked Premier checking account to open a Premier Relationship savings account.

Key Features:

Higher APY when you maintain a greater account balance
No fees when you meet eligibility requirements
Fund your account with existing HSBC funds – no requirement for additional deposits
No minimum or maximum account balance requirements
Must be linked to a Premier checking account

Premier relationship savings account

HSBC’s Premier relationship savings account offers a “Relationship APY” to clients who meet specific requirements on a monthly basis. This APY is significantly higher than the “Standard APY,” making the relationship savings account ideal for those who qualify consistently.

You are eligible to receive the Relationship APY if you meet one or more of the following criteria each month:

Spend at least $500 per month using your HSBC debit card for your Premier checking account
Receive $5,000 or more in direct deposits during the month
Have a residential mortgage with HSBC for $500,000 or more in original loan value
Hold HSBC Premier Elite status

To open a Premier relationship savings account, you must have a linked Premier checking account.

Key Features:

Higher relationship APY when you meet eligibility criteria
No fees when you meet the eligibility criteria
Fund your account with an internal transfer without the need for new funds
No minimum or maximum account balance requirements
Must be linked to a Premier checking account

Opening an Account With HSBC

To open a Premier account with HSBC, you can either make an appointment with one of the company’s Wealth Relationship Managers or apply online. The online application process takes approximately five to ten minutes, provided you meet all eligibility criteria and are in the United States at the time of application.

The HSBC account opening process will require the following:

Personal information, including your full legal name, date of birth, and contact details
Social Security Number
Employment information
Annual income
Tax residency details
Photo ID such as a US driver’s license or passport
Proof of address using a utility bill or bank account statement, for example
Proof of student enrolment (if applicable)

State Availability

- Available in all states

Written by Lauren Brown

Lauren has over a decade of experience in wealth management and financial planning. She is a CFA charterholder and holds a Bachelor's degree in Finance. Lauren has worked with several asset management firms, offering wealth advisory and portfolio management services to high-net-worth clients.

FAQ’s

Is the HSBC mobile app good?

HSBC does offer a mobile app on both iOS and Android. However, user reviews have been mixed at best. Our recommendation would be to do online banking with HSBC via desktop for a better user experience.

Can anyone open an account with HSBC US?

No, you’ll need to meet the criteria for a Premier account. You can meet this by either holding $75,000 across HSBC accounts, receiving $5,000 direct deposits each month or holding a HSBC mortgage greater than $500,000.

Can I withdraw cash from ATMs across the US with a HSBC card?

Yes, over 50,000 fee-free ATMs are available on the Allpoint ATM network.

Customer Support

For many multinational banks, customer service can be a hit-or-miss experience. However, HSBC offers many ways to get in touch with its customer care team. Options include online live chat, mobile app chat, Apple Business Messages, telephone, and Twitter.

We contact support via online chat to enquire about the minimum qualification requirements to apply for a HSBC Premier account. A chat support agent replied to us immediately with the exact information we had asked for. Some online chats can have long wait times between responses, but HSBC seems to have a very responsive customer support live chat service.

Privacy & Security

HSBC has been operating worldwide for over 150 years. The financial institution has been operating in the US under the HSBC brand since 1998. Privacy and security are of the utmost importance to HSBC, and there is a lengthy Privacy Policy stating how your personal data will be treated.

In short, HSBC state that your information will not be shared with third parties unless permitted or required by law. HSBC has full FDIC insurance coverage, and no recent security breaches were noted regarding personal data.

In Conclusion

HSBC offers Premier Banking services to customers if they meet specific criteria, such as $75,000 held in a HSBC account, $5,000 in monthly deposits, or a HSBC mortgage of more than $500,000. Ultimately, this makes you eligible for a HSBC Checking Account, Savings Account, or CDs.

However, the interest rates offered on the Checking accounts are low, with much higher rates available with other banks. Savings accounts and CDs do offer competitive rates, and we would recommend these products if you meet the Premier banking requirements.

Brand Disclaimer

To qualify for an HSBC Premier relationship, you’ll need to open an HSBC Premier checking account and maintain balances of $75,000 in personal deposit accounts and investment balances. Alternatively, you’ll need recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s) per calendar month. Or, you need an HSBC US residential mortgage loan with an original loan amount of at least $500,000.

Business owners may use their qualifying HSBC US Dollar commercial balances to qualify for a personal Premier relationship. A monthly maintenance fee of $50 will be incurred if one of these requirements is not maintained.