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 bank 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 $75,000 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 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 0.4% APY.
HSBC Direct 12-Month CD. Invest your money for a year with a 0.5% APY and a minimum $1,000 opening deposit.
HSBC Direct 24-Month CD. Like its other CDs, HSBC’s two-year CD also requires a $1,000 opening deposit, but it offers an attractive 0.5% APY.
Case study: Anna’s experience – April 2019
Anna Serio Writer
HSBC’s Basic Checking was the first bank account I opened after high school — and I shared it with my dad.
It’s fine for basic functions like getting paid through direct deposit and withdrawing money. But I’ve had it for more than a decade, and I think it’s time to move on.
Between an app that feels like it’s stuck in 2008, the monthly fee and never-ending lines at my local HSBC, this account doesn’t stack up to what other banks offer. Also, the fact that it’s not compatible with Zelle is an issue to me: My landlord prefers to get rent through Zelle, and many of my friends and relatives use it more than Venmo when we split bills.
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 Fusion Elite Savings. Requires a $10,000 minimum deposit to open, but you could earn a promotional rate of 2.4% 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.
Compare HSBC bank products
HSBC offers a variety of checking and savings accounts for personal and business use, all with online banking access.
3% cash back (up to $700) on direct deposits when you open a new account
Get up to $700 (max. $120 per month) for eligible new customers who open an HSBC Premier checking account. Conditions apply. Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
How does HSBC compare to other banks and services?
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.
Global ATM network. HSBC has ATMs worldwide, making it easy to access your money when you need it.
Low opening deposits. Open most accounts with as little as $0.
Optional overdraft protection. HSBC customers can take out a personal line of credit as their overdraft protection option.
Account incentives. Advance and Premier accounts offer reward program points and HSBC exclusive Mastercards.
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 them.
High daily balance requirements. If you open an HSBC Premier Checking account, you must keep a daily balance of at least $75,000 to waive the $50 monthly fee.
Other fees. Expect to pay $35 for insufficient funds, $35 for unavoidable funds and $25 if you close an account within 180 days of opening.
Some competitive rates. If you’re looking to save, HSBC‘s Direct Savings account offers a competitive 0.7% APY.
No monthly fees. Most of HSBC‘s savings accounts don’t have monthly fees, so you won’t get dinged for keeping a low balance.
Range of options. HSBC offers five savings accounts for personal and business use.
Low rates on most accounts. No monthly fees are a great perk, but HSBC‘s Everyday Savings, Advance Savings and Premier Savings accounts only offer up to 0.15% APY.
High fees. HSBC savings accounts come with foreign transaction fees of 3%, and wire transfers cost between $12 and $15 for Everyday Savings and Advance Savings accounts.
No ATM cards. Most savings accounts don’t come with an ATM card, so you can’t easily withdraw cash on the go.
Competitive APYs. Earn 0.4% APY for a six-month CD, 0.5% for a 12-month CD and 0.5% APY for a 24 month CD.
Quick application process. You can open all of HSBC‘s CDs online in a matter of minutes. You don’t have to visit a local branch.
Renewal grace period. Once your CD matures, you have 10 days to renew, add more money or transfer it to another bank account. If you don’t do anything, it’ll automatically renew once your grace period ends so your money can keep growing.
High opening deposit. If you wish to open an HSBC CD, you’ll need to set aside at least $1,000 to get started.
Few terms. HSBC only offers six, 12 and 24-month CDs, unlike most banks that have terms ranging from three months to five years.
No interest rate guarantee. Unlike other banks, HSBC won’t raise your rate if it increases within 10 days of account opening. It also doesn’t process applications on the weekend, so if you apply for an account on Saturday or Sunday and the rate decreases on Monday, you’ll receive the lower rate.
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. Live chat with HSBC customer service 24/7 or get ahold of representatives by phone or Twitter.
Limited service. While the HSBC Direct Savings account offers the most competitive APY, you can’t 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 is HSBC?
HSBC Bank USA, founded in 1850 as Marine Midland Bank, is now a subsidiary of the UK-based HSBC. Marine Midland was purchased by The Hongkong and Shanghai Banking Corporation in 1980, then rebranded in 1998 as HSBC Bank.
Today, the company has over 3,900 offices in 67 countries, and serves 38 million customers through its four global channels of retail banking, commercial banking, global banking markets and global private banking.
In the US, HSBC has over 230 branch locations and is headquartered in New York City.
HSBC reviews and complaints
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 has earned a B- rating from the Better Business Bureau based on financial stability and years in business. As of October 2020, it’s closed 401 customer complaints in the past three years and has a one-star rating based on 30 customer reviews. On Trustpilot, the bank receives a TrustScore rating of 1.5 out of 5 based on 466 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.
HSBC’s routing number is 021001088. Its SWIFT code is MRMDUS33.
You can get ahold of HSBC‘s customer support team seven days a week by calling 800-975-4722 from 7 a.m. to 12 a.m. ET. You can also contact a representative through the live chat feature on HSBCs website, by tweeting at @HSBC_US or by visiting a local branch during business hours.
Yes, you can access your HSBC account by downloading its free mobile banking app for Android and iOS. The mobile app allows you to view your balance and transaction history, pay your bills, transfer funds between accounts, deposit checks and locate nearby HSBC ATMs and branches.
Advance relationships require an HSBC Advance Checking account with combined deposits and investment balances of $10,000 or at least $5,000 in recurring direct deposits from a third party once a month. Premier relationships require an HSBC Premier Checking account with $100,000 in combined deposits and investment balances.
Yes, both HSBC debit cards and Mastercards support contactless payment technology, so you can make payments on the go.
Yes. HSBC offers mortgages and you can begin the mortgage application process on its website but must meet with an HSBC mortgage specialist in person to complete your application.
Yes, but only on its Premier and Advance Deluxe ARM loans. To qualify for an HSBC Premier or Advance Deluxe ARM mortgage, you must be a pre-existing HSBC customer with a combined personal and investment balance of at least $10,000.
In addition to its banking services, HSBC also offers:
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
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