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 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.
|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
- Available in all states