Personal Finance Banking Savings
Written by Laura Grace Tarpley, CEPF; edited by Sarah Silbert; reviewed by Evelyn He
Updated
2024-04-24T20:12:35Z
- Overall Bank Rating
- Pros and Cons
- About HSBC Bank
- FAQs
- HSBC Account Reviews
- How HSBC Bank compares
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
How HSBC Bank products compare
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HSBC Bank Premier Relationship Savings Account
-
HSBC Premier Checking
-
HSBC Bank Online CD
Editor's Rating
3.75/5
Annual Percentage Yield (APY)
0.05% to 4.40%
Minimum Deposit
$0, or $1 if opened online
Annual Percentage Yield (APY)
0.01%
Minimum Deposit
$1
Editor's Rating
3.75/5
Annual Percentage Yield (APY)
4.25% to 5.40%
Minimum Deposit
$1,000
HSBC Bank, FDIC Insured
HSBC Bank, FDIC Insured
Start saving
HSBC Bank, FDIC Insured
You might like HSBC Bank (Member FDIC) if you can keep $75,000 in bank/investment accounts, receive $5,000 in direct deposits each month, or take out a mortgage of at least $500,000. Then you're eligible to waive monthly fees and earn high rates. Otherwise, you may want to consider some of the best online banks, which make it easier to earn good rates and waive fees.
HSBC Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 3.75 |
| CD | 3.75 |
| Trustworthiness | 4.5 |
| Total | 4 |
HSBC Bank Pros and Cons
| Pros | Cons |
|
|
About HSBC Bank
HSBC Bank now focuses on serving wealthier customers. In February 2022, Citizens Bank took over HSBC's U.S. operations on the East Coast, and Cathay Bank took over on the West Coast. Existing customers' accounts were converted into either Citizens or Cathay accounts.
HSBC offers what are called "Premier" accounts. To qualify for Premier status, you must open an HSBC Premier Checking account and meet one of the following requirements:
- Maintain a combined total of $75,000 in eligible U.S. consumer and commercial deposit and investment accounts
- Receive recurring monthly deposits of $5,000 from a third party to your HSBC checking account
- Have an HSBC U.S.-based residential mortgage with HSBC with an original amount of $500,000 or more (this does not include a combined loan amount from multiple mortgages or home equity products)
The HSBC U.S. mobile app has 4.6 out of 5 stars in the Apple store, and 4.8 out of 5 stars in the Google Play store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts. This means your money is safe even if HSBC shuts down.
Is HSBC Bank Trustworthy?
The Better Business Bureau evaluates companies' responses to customer complaints, honesty in advertising, time in business, and more. The BBB gives HSBC Bank USA an A rating. The highest possible BBB rating is A+ but HSBC has an A- because several customer complaints on the website have not been resolved.
In May 2023, First Citizens Bank sued HSBC. First Citizens acquired Silicon Valley Bank, and it's accusing HSBC of breaking federal law by stealing around 40 SVB employees. HSBC has not admitted to any wrongdoing, and the case is still ongoing.
HSBC Bank FAQs
Is HSBC a trusted bank?
HSBC is a trusted bank overall. It has a high Better Business Bureau grade and a 3.9 out of 5 on its Consumer Affairs profile, based on over 900 customer reviews. Of those reviews, 73% were either a 4 or 5.
Is HSBC a credible bank?
Yes, HSBC is a credible bank with FDIC insurance.
How safe is my money with HSBC?
Your money is safe with HSBC because it is federally insured. HSBC is a Member FDIC bank, so your deposits are secured for up to $250,000 per account, per ownership category. Your money may only be unsafe at HSBC if you have more money with the bank than federal insurance covers. In this case, you would lose any uninsured money if the bank shut down.
What are the disadvantages of HSBC Bank?
The main disadvantage of HSBC Bank is that it's primarily for higher earners. You must receive a relatively high amount in deposits, maintain high account balances, or have a $500,000 mortgage to qualify for its accounts.
HSBC Bank Account Reviews
HSBC Bank Premier Relationship Savings Account
HSBC Bank Premier Relationship Savings Account
HSBC Bank, FDIC Insured
Insider’s Rating
3.75/5
Fees
$50 monthly service fee
Annual Percentage Yield (APY)
0.05% to 4.40%
Minimum Opening Deposit
$0, or $1 if opened online
Pros
- High interest rate if you meet the qualifications for a relationship rate
- No minimum opening deposit ($1 if you open the account online)
Cons
- Must have a Premier Checking Account
- Low standard interest rate
- $50 monthly maintenance fee if you don't meet qualifications for waiving the fee
Product Details
- Waive $50 service fee each month that you maintain a $75k minimum balance in a combination of eligible bank/investment accounts OR receive direct deposits of at least $5k OR have an HSBC residential mortgage with a minimum original loan amount of at least $500k
- Qualify for the highest interest rate each month that you spend $500 with your debit card OR receive $5k in direct deposits OR have an HSBC residential mortgage with a minimum original loan amount of at least $500k OR have HSBC Jade customer status
- Interest compounded monthly, paid monthly
- Member FDIC
The HSBC Bank Premier Relationship Savings Account is a good option if you qualify for the highest interest rate, because you'll earn more than you would with many brick-and-mortar banks. To earn the top rate each month, complete one of the following:
- Spend at least $500 with your debit card
- Receive $5,000 in direct deposits
- Have a residential mortgage through HSBC with an original amount of at least $500,000
- Have Premier Elite Status (you'll be an Elite member if you have a Premier Checking Account and have had a combined total of $1 million in eligible HSBC bank and investment accounts for at least two consecutive calendar months)
HSBC Bank Premier Checking Account
HSBC Premier Checking
HSBC Bank, FDIC Insured
Insider’s Rating
3.75/5
Perks
Earn a higher Relationship APY when you open an HSBC Premier Relationship Savings account and link your eligible Premier checking account and meet at least one of the eligibility criteria each month (offer expires 6/30/2024)
Fees
$50 monthly service fee*
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$1
Pros
- Unlimited out-of-network ATM fee reimbursem*nts
- No foreign transaction fees
- Access to a Premier Savings Account
- Preferential mortgage rates for Premier customers
- $1 opening deposit, and $5 to earn interest
Cons
- $50 monthly maintenance fee if you don't meet qualifications for waiving the fee
- Low interest rate
Insider’s Take
HSBC Premier Checking might be worthwhile if you meet the requirements to qualify for an HSBC Premier relationship. Otherwise, there's a $50 monthly service fee.
Product Details
- Enjoy the benefits of a Premier relationship
- As an international bank, we understand that you have global, complex financial needs. We can help you make the most of your money, anywhere your money goes.
- - Access to wealth solutions offered through HSBC Securities (USA) Inc.
- - Move money domestically and globally seamlessly and securely with our flexible money movement services
- - Credit portability that allows you to live, work and travel with HSBC Premier status around the world
- Get rewarded with a higher savings rate
- Earn a higher Relationship APY when you open an HSBC Premier Relationship Savings account and link your eligible Premier checking account and meet at least one of the following eligibility criteria each month:
- - Spend $500 on your debit card: Make $500 or more in purchases or payments (excluding ATM withdrawals) using the HSBC Debit Card associated with your linked HSBC Premier checking account
- - Receive $5,000 in direct deposits: Qualifying direct deposits of $5,000 or more into the linked HSBC Premier checking account
- - Have a $500,000 mortgage: HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
- - Hold Premier Elite status
HSBC Premier Checking is a worthwhile option for travelers because there are no foreign transaction fees, and you'll receive an unlimited amount in ATM reimbursem*nts. HSBC's website advertises a $50 monthly service fee*, but it's easy to waive — the same requirements for opening an account also allow you to waive the fee.
HSBC Bank CD
HSBC Bank Online CD
Start saving
HSBC Bank, FDIC Insured
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
4.25% to 5.40%
Minimum Opening Deposit
$1,000
Pros
- Higher interest rates than many brick-and-mortar banks on longer terms
- Low to standard early withdrawal penalties
Cons
- Minimum $1,000 deposit
Product Details
- Over 200 branches in CA, CT, DC, FL, MD, NJ, NY, PA, VA, and WA
- Available terms are the 6-month, 8-month, 1-year, and 2-year terms
- Early withdrawal penalties: 30 days simple interest for terms of up to 369 days; 90 days simple interest for terms of 370 to 733 days; 180 days simple interest for terms of 734 days or longer
- When you open the account, the employee will tell you how often compounding is available for your term
- Member FDIC
HSBC Bank pays high rates on CDs, but it only has four terms to choose from: six months, eight months, one year, and two years. If you're looking for one of these term lengths, it's a good option.
How HSBC Bank Compares
HSBC Bank vs. Chase Bank
Chase Bank is a great option if you're looking for a national bank with a large presence, because it has branches in almost every U.S. state. It also doesn't specifically cater to high-net-worth customers.
But if you do qualify for HSBC's accounts, you might prefer the bank over Chase. It makes it easier to waive monthly fees, and you'll earn higher savings and CD rates.
Chase Bank Review
HSBC Bank vs. Bank of America
Bank of America is another strong choice if you want a large brick-and-mortar bank. It has locations in 37 U.S. states and Washington, DC.
If you qualify for its accounts, HSBC could be the better choice for earning a high savings rate. The best option for a CD depends on a variety of factors — Bank of America offers more CD options, including a no-penalty CD. It also pays high rates on certain terms, but CD rates vary by location.
Bank of America Review
Why You Should Trust Us: How We Reviewed HSBC Bank
At Business Insider, we rate checking and savings accounts using our bank account methodology and certificates of deposit with our CD methodology.
For each account, we looked at HSBC's ethics, customer support, mobile app, and minimum deposit. Other factors considered depended on the type of account. For example, we looked at monthly fees for checking and savings accounts, and early withdrawal penalties for CDs.
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a senior editor at Personal Finance Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at ltarpley@businessinsider.com.
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Top Offers From Our Partners
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