Offers a selection of savings and checking accounts to meet your business or personal banking needs.
As you consider your next pick for personal or business banking, finding an institution that offers a variety of options can make all the difference. HSBC has a selection of savings and checking accounts as well as CDs that could be what you’re looking for. But look out for monthly fees on its checking accounts — to waive them you often have to meet high minimum balance or direct deposit requirements.
What banking products does HSBC offer?
- HSBC Basic Banking. HSBC’s basic checking account comes with a $3 monthly maintenance fee, no balance requirement and optional overdraft protection.
- HSBC Choice Checking. HSBC waives the $15 monthly fee if you sign up for recurring direct deposit or maintain a $1,500 minimum balance. Get access to convenient mobile banking, ATMs worldwide, a debit Mastercard and optional overdraft protection.
- HSBC Advance Checking. If you keep a monthly minimum balance of $10,000 or make a recurring monthly direct deposit of at least $5,000, HSBC waives the $25 monthly fee. Enjoy free checks, a debit Mastercard and up to four rebates a month for using non-HSBC ATMs in all US states except New York.
- HSBC Premier Checking. This account has a $50 monthly fee unless you keep a high $100,000 minimum balance. Receive a 0.01% APY on any balance over $5, access top-tier premier customer support and qualify for HSBC Premier Savings and mortgage options.
- HSBC Everyday Savings. A no-frills savings account with a 0.01% APY, no monthly fees if you keep a minimum average balance of $500 and a $1 minimum deposit to open.
- HSBC Advance Savings. Earn up to 0.05% APY on account balances of $15,000 or more with no monthly maintenance fees and access to HSBC ATMs across the US.
- HSBC Premier Savings. Tiered rates of up to 0.15% APY on balances of $100,000 or more with nationwide ATM access and an account cap of $2 million.
- HSBC Direct Savings. An online-only account with a 2.22% APY, no monthly fees and no balance requirement.
- HSBC Debit Mastercard. The chip-enabled HSBC Debit Mastercard is accepted worldwide and comes with contactless payment and 24-hour HSBC ATM access.
- HSBC Direct 6-Month CD. This short-term CD requires a $1,000 deposit to open and offers a 0.75% APY.
- HSBC Direct 12-Month CD. Invest your money for a year with a 0.95% APY and a minimum $1,000 opening deposit.
- HSBC Direct 24-Month CD. HSBC’s two-year CD also requires a $1,000 opening deposit, but it offers an attractive 1.3% APY.
Small business banking
- HSBC Business First. This small-business checking account offers 200 free transactions per billing cycle. HSBC waives your $30 monthly fee if you maintain a $5,000 minimum balance each month.
- HSBC Business Smart. A good option if you already hold a personal account with HSBC, the Business Smart checking account offers up to 400 free transactions per billing cycle. It waives the $30 maintenance fee if you and your business maintains a combined balance of $25,000.
- HSBC Executive Analyzed. A sound choice for businesses with sophisticated banking needs, this account offers the option to accumulate earnings credits to offset its $30 monthly fee.
- HSBC Business Elite Savings. Requires a $10,000 minimum deposit to open, but you could earn up to 2.01% interest on your business savings.
- HSBC Debit Mastercard BusinessCard. Forget about carrying cash, writing checks or dipping into your personal funds for business purchases. Your company-branded HSBC Debit Mastercard business card simplifies your banking by keeping your business capital in one place.
- HSBC Business CDs. With terms that range from seven days to 10 years, you can easily access your funds once the CD matures.
How does it compare to other banks?
HSBC holds $128 million of customer deposits across its 230 US branches. It sits comfortably ranked at No. 14 on the list of top 50 bank holding companies in the US. While it may trail behind banking heavyweights like JP Morgan, Bank of America and Wells Fargo, HSBC still sits above major players like Goldman Sachs and Citizens Financial.
Why should I open an account at HSBC?
- Competitive rates. If you’re looking to save, HSBC’s Direct Savings account offers a competitive 1.8% APY. Plus, its Business Elite Savings account offers an even higher APY of 2.01%.
- Account incentives. Advance and Premier accounts offer reward program points and HSBC exclusive Mastercards.
- Option of no monthly fees. Most of its checking accounts come with monthly fees, but if you’re able to meet the minimum balance or direct deposit requirements, you may be able to avoid those fees.
- Online access. Access HSBC online with the option to transfer funds and deposit checks using the mobile app. Find HSBC ATMs all over the US and around the world — most with no fees.
- 24/7 customer support. Contact HSBC customer service 24/7 via its live chat option on its website. You can also get ahold of representatives by phone or Twitter.
What should I look out for?
- High fees. HSBC has high monthly minimum balance requirements to waive its monthly checking fees from $3 to $50 on many of its accounts. Its savings accounts also come with foreign transaction fees of 3%, and wire transfers cost between $12 and $15 for Everyday Savings and Advance Savings accounts.
- Low rates. No monthly fees are a great perk, but HSBC’s Everyday Savings and Advance Savings accounts only offer up to 0.05% APY.
- Limited service. While the HSBC Direct Savings account offers the most competitive APY, you won’t be able to access your funds at an ATM.
- Poor customer reviews. HSBC’s customer service might be available around the clock, but its subpar quality is frequently mentioned in online reviews.
What do regulators and customers say?
As an international banking giant, HSBC has more than 37 million customers across 70 countries. Outside of SSL encryption on its website, it also offers an online guarantee, which means you won’t be liable for any unauthorized online charges.
HSBC isn’t accredited with the Better Business Bureau and receives an F rating based on its failure to respond to 10 official complaints filed against it. On Trustpilot, the bank receives a TrustScore rating of 1.6 out of 10 based on over 100 reviews.
Across the board, customers complain of HSBC’s sluggish customer service, confusing online banking platform and the amount of time it takes to apply for business accounts.
HSBC has a wide range of personal and business banking products available. While this provider gets low marks for customer service, its Advance and Premier accounts offer unique perks alongside practical banking features like mobile account access and HSBC Mastercards.