HSBC Reviews

6.9

Zero Transaction Fees at HSBC ATMs

Written by Lauren Le-Hair

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

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 Highlight

Over 50,000 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 0.01%

Min APY Checking

Pros & Cons

Low minimum balance requirements
Ability to pay no monthly fees
Certain products have competitive rates

CD Rates that aren't competitive
Only short-term CDs
A relatively low number of ATMs

Account types

Checking
Savings
Certificates of Deposit (CD)

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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

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
CDs	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

State Availability

- Available in all states

Written by Lauren Le-Hair

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

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.