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HSBC Reviews

Lauren Le-Hair


Lauren Le-Hair

Zero Transaction Fees at HSBC ATMs
Zero Transaction Fees at HSBC ATMs
About HSBC

HSBC is one of the biggest financial institutions in the world. The bank operates in over 60 countries and serves approximately 40 million people. Up until February 2022, HSBC offered a range of checking and savings accounts alongside CDs and credit cards.

However, in February 2022, the company’s services changed significantly, with more focus being placed on the HSBC Premier Account and high-net-worth individuals. Customers on the East Coast had their business transferred to Citizens Bank, and Cathay Bank took over for customers on the West Coast. All remaining services offered by HSBC are Premier Checking, Savings, and CD accounts, but you need to be sufficiently wealthy to qualify for these.

HSBC’s US headquarters are in New York City, NY, and the financial institution maintains a physical presence in the US with 25 International Wealth Centers across the country.









HSBC Online Banking Review

Until February 2022, HSBC offered a range of online banking services to all customers. Post-February 2022, this service was reduced to Premier customers, with HSBC limiting its US offering to higher-wealth individuals.

To have access to a HSBC Premier account, you will need to maintain a cash balance of $75,000 or more, have direct deposits into your account of $5,000 a month or more, or have a mortgage of over $500,000 with HSBC.

If these criteria are not maintained, the maintenance fee for the account will be $50 per month. If you can keep these levels, then HSBC offers a competitive savings product and a competitive CD to take advantage of. The HSBC account is specifically designed for customers that travel internationally.

HSBC Online Banking Highlights


0.05% - 0.15%


Min 0.01%


Over 50,000 fee-free atms





Pros & Cons

  • Reasonable interest rates available on CDs to all customers
  • Excellent versatile account for regular international travelers
  • Wide range of methods to contact 24.7 customer service
  • Only available to relatively wealthy customers
  • Poorly reviewed mobile app offering
  • CD is unavailable unless you have a checking account

Account Type

  • Checking
  • Savings
  • Certificates of Deposit (CD)

HSBC Checking Highlights


Min 0.01%

HSBC Savings Highlights


0.05% to 0.15%

Account Types

HSBC only offers Premier Banking accounts to its US customers, with criteria levels that must be met to be eligible for a Premier Account. These criteria are:

  • $75,000 funds held across HSBC accounts
  • $5,000 direct deposits into a HSBC account each month
  • A HSBC mortgage of more than $500,000

After opening, note that if these criteria levels are not maintained, you will be charged a $ 50-per-month maintenance fee.

HSBC Premier Checking Account

The HSBC Premier Checking Account is a checking account with the international traveler in mind. You will have access to priority service, international ATMs on a fee-free basis and pay no foreign transaction fees on purchases.

An APR of 0.01% is applied to checking account balances, which is very low compared with many online banks, but in line with many major retail banks. The minimum balance requirement for this account is $5, but this should not prove an issue due to the monthly conditions to hold the account.

HSBC Premier Savings

HSBC’s Premier Savings account comes with tiered levels of APRs depending on the levels of savings that you hold. APRs available for the Premier Savings account vary based on the minimum balance held in the account and are as follows:

  • Balance of up to $25,000 – 0.01% APR
  • Balance between $25,000 and $99,999 – 0.10% APR
  • Balance of greater than $100,000 – 0.15% APR

These APR rates are not competitive when compared with other offerings in the online savings market.

HSBC Premier Relationship Savings

The HSBC Premier Relationship Savings account is exclusively for people who qualify for HSBC Premier Elite status. The good news is that the Premier Relationship Savings Account comes with a very good savings APR of 3.30%. The bad news is that you’ll need to maintain an average qualifying total balance with HSBC over two consecutive months of at least $1 million to qualify for a Premier Elite account. Overall, this is very restrictive and will disqualify most people from being eligible for this rate.


HSBC CDs are available for customers with a Premier Checking and Savings account. CDs allow customers to earn a fixed amount of interest over a fixed period on balances held. Be warned that you are heavily penalized if you withdraw money from a CD early, so ensure that you are only depositing money that is not required for daily living. HSBC offers CDs for 6 months, 12 months, and 2 years at very competitive rates. There is no minimum amount required, and the rates available are as follows:

  • 6-month CD – 3.50%
  • 12-month CD – 4.25%
  • 24-month CD – 4.30%

These are competitive rates, and if you qualify as a HSBC Premier customer, the offered CDs are worth consideration.

Account Name Key Features
HSBC Premier Checking
  • Only available for qualifying customers
  • $50 maintenance fee charged if criteria not met
  • 0.01% APR earned on balances held
HSBC Premier Savings
  • No minimum balance requirement
  • APRs available from 0.01% – 0.15%
  • Five transfers in/out per month
HSBC Premier Relationship Savings
  • Available for customers with an average balance over $1m
  • Excellent savings rate of 3.30% available
  • Only available for Premier Elite customers
  • 6-month, 12-month, and 24-month CDs are available
  • Competitive rates from 3.50% to 4.30% are available
  • Penalties payable for early withdrawals from CDs

Opening an Account With HSBC

HSBC Step 1: click
Screen 1

As the application went on, we had to enter all the expected details, such as name, address, and employment status. The more detailed part of the application was around proving our eligibility for a Premier account, including verifying our source of wealth and income levels. This included uploading payslips, bank statements, and our letter of employment.

After completing the document upload stage, the rest of the application was straightforward. We had already linked our existing account to the new HSBC account for verification purposes, and we could make a deposit once our account had been approved, which was done very quickly. We signed all the T&Cs associated with the account and were good to go.

While the application took much longer than most online banking applications, it was easy to complete, and the forms were laid out in a logical way so that it didn’t feel difficult to navigate. The document upload process was also very efficient, whereas some banks run software that causes document uploads to be a painstaking process.

State Availability

Available in all states

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.

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.

Phone Support
(888) 662-4722
Mon - Sun

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.


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.

HSBC 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.


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Lauren Le-Hair

As an experienced content writer, Lauren’s passion for the finance sector is only exceeded by her love of writing. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.