HSBC stands out as one of the longest-serving banks in the digital world, with over 170 years of experience. It covers all your checking and savings needs, and we love its competitive CD rates that help you grow your savings.
For those who bank internationally, its accounts work well for transferring money to an international HSBC account. You also get access to international ATMs and its debit card comes with no foreign transaction fees.
But to open an account, you must meet strict eligibility requirements based on criteria like a high minimum balance, direct deposits, debit card purchases or an HSBC mortgage.
Best for: High-net-worth individuals needing international perks.
Pros
Quick money transfers to international accounts
Multicurrency account available
International ATM network
CD rates with up to 3.75% APY
Cons
Strict requirements to open most accounts
Mixed customer reviews
Is HSBC Bank right for you?
HSBC Bank accounts are best for customers who can keep a high balance in their accounts. To open HSBC’s only personal checking account option, you must meet high deposit requirements like have at least $75,000 total in deposit or investment accounts, at least $5,000 in direct deposits or hold a $500,000+ HSBC mortgage.
HSBC is also best for high-net-worth individuals who need international services and perks.
You get access to HSBC-branded ATMs abroad with no fees and debit cards with $0 foreign transaction fees. Plus, you have the option of opening HSBC Global Money, a multicurrency account that lets you convert money to eight different currencies, and either hold it there or transfer it to your own or another HSBC customer’s account — not to an external bank.
How HSBC Bank stacks up
HSBC is one of the longest-standing banks in the digital world, raising it above newer fintechs that don’t yet have a track record. Its internationally-friendly accounts make it ideal if you travel or make international transactions on the regular, and it’s one of the only banks to offer its own multicurrency account.
However, you have to work for its relationship savings APY, and requirements to open accounts or avoid monthly fees are strict. If you need an account with international perks, you’ll find ones with no minimum balance requirements or monthly fees that still offer competitive interest rates.
HSBC’s personal banking products
Account name
Best for
Opening deposit
Monthly fee
APY
Features
HSBC Premier Checking
High-net-worth individuals who travel abroad
$0
$50 or $0 when you meet specific deposit requirements
0.01% APY on balances $5 or more
Extend Premier status to 4 family members
Free international HSBC ATM transactions
5 monthly out-of-network ATM reimbursements
No foreign transaction fees
HSBC Global Money
Money transfers to international HSBC accounts
$0
$0
N/A
Transfer money in different currencies
Transfer to your or another person’s HSBC account
Access account via app only
Must link to another HSBC account for funding
HSBC Premier Savings
Those wanting a Premier Checking and Savings account
$0
$0
0.01% APY on balances less than $25,000
0.10% APY on balances between $25,000 and $99,999
0.15% APY on balances $100,000 or more
5 out-of-network ATM fee rebates/mo.
Must have a Premier Checking account
Must meet strict eligibility criteria
HSBC Premier Relationship Savings
High-net-worth individuals wanting high savings rates
$0
$0
Earn the following interest rates on balances $1+
0.05% APY
3.45% if you also have a Premier checking account and meet the eligibility requirements
Earn relationship APY if you qualify
Premier relationship grants access to wealth management services
HSBC Online Certificates of Deposit
Premier banking customers looking for high yields
$1,000
$0
3.5% APY for a 6-month CD
4.75% APY for a 12-month CD
3.75% APY for a 24-month CD
Available to Premier customers
3 terms: 6, 12 and 24 months
Top-of-market APYs
HSBC Premier Checking
You’ll get the most out of this account if you travel or make transactions abroad regularly. The account comes with free international ATMs, plus five ATM fee reimbursements per month if you use an out-of-network ATM and incur a fee. HSBC also lets you open accounts in different countries for easy transfers between accounts.
Otherwise, HSBC Premier Checking is a straightforward bank account with a low 0.01% APY and no opening deposit or insufficient funds fees. But to qualify for the Premier Checking account and waive its $50 monthly fee, you must meet one of these criteria:
$75,000 in total HSBC deposits or investments
$5,000 in direct deposits per month
$500,000+ in a US mortgage loan
Where it shines
Available for US and international customers
Extend Premier benefits to up to four family members
Five ATM fee rebates monthly
Unlocks relationship banking for a competitive interest rate if you also open Premier Relationship Savings account
Where it falls short
Steep deposit requirements to waive $50 monthly fee
Low interest rate
Strict account eligibility requirements
HSBC Premier Elite status
Once you open an HSBC Premier account, you can achieve Elite status if you keep a $1 million total balance among all your HSBC accounts for two months. Elite status gets you specific perks and privileges, including:
Priority customer service
Wealth management and financial advisor
Annual fee waiver for HSBC Elite credit card
HSBC Premier Savings
This account is a standard savings account with no monthly maintenance fee or opening deposit to worry about. You’ll earn tiered APYs between 0.01% and 0.15% — not competitive compared to the market. Because of its basic features, this account works best if you need a place to tuck away extra money but don’t qualify for HSBC’s relationship savings account.
Where it shines
No monthly fee or opening deposit
Five out-of-network ATM reimbursements every month
Potential drawbacks
Must have a Premier Checking account
Tiered interest rates below the national average
HSBC Premier Relationship Savings
This account offers a competitive APY up to 3.45% — if you qualify. You’ll need to open a Premier checking account first. Then, meet any one of these criteria each month to earn the highest APY:
$500 in debit card purchases
$5,000 in direct deposits
$500,000 in an HSBC mortgage
HSBC Premier Elite customer
The account is worth opening if you know you’ll meet these qualifications. Otherwise, you’re better off opening a high-yield savings account with fewer requirements to earn interest.
Where it shines
Earn up to 3.45% APY
Access to investing and wealth management tools
Potential drawbacks
Must have a Premier Checking account
Must qualify each month to earn relationship APY
HSBC certificates of deposit
HSBC offers some of the most competitive CD rates we’ve seen, up to 3.75% with its highest term length. However, HSBC only offers six-, 12- and 24-month terms. Other banks offer a wide range of terms up to 60 months.
Where it shines
Earn up to 3.75% APY
Potential drawbacks
Only three term options
Must have a Premier checking account
Other products
Credit cards. Qualify for the HSBC Elite or Premier credit cards, which offer cash back for international brands.
Insurance. Protect yourself with insurance products for auto, life, long-term care planning and homes worth under $1 million.
Investments. HSBC offers investment portfolios for different needs from planning for education and retirement to helping you open a self-directed brokerage account.
Mortgages. Buy or refinance your home or tap into your home’s equity to fund your goals.
Personal loans. Get a personal loan and use its online banking to pay and keep tabs on your loan.
Compare HSBC bank accounts
Compare checking and savings accounts by their monthly fees, opening deposits, APYs and more to find the account that suits you. Choose Compare to see up to four options side by side.
HSBC has been around for over 170 years, lending it stability and credibility in the banking world compared to other online-focused banks. HSBC holds a B rating with the Better Business Bureau due to unresolved complaints filed against it. It also sees an influx of negative reviews on Trustpilot.
Complaints center on unexpectedly frozen bank accounts that can lead to financial repercussions like added charges, or ineffective customer service when disputing a transaction. Some complaints report unknowledgeable customer support.
However, happy customers talk about solid experiences with specific bankers. Others enjoy easy transfers among their HSBC accounts in different countries.
Sarah George is Staff Writer for Small Business Loans at BankRate and formally a personal finance writer at Finder focusing on all things banking and insurance. Her know-how has been featured in such publications as CBS, CNET and Reviews.com, and she was a panelist in Finder’s 2020 money-saving webinar. Sarah earned an English education degree and is a Certified Educator in Personal Finance. See full bio
Sarah's expertise
Sarah has written 116 Finder guides across topics including:
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