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HSBC Bank: Checking, savings and CDs

Top international account perks and money transfers, but you must meet strict deposit requirements to open.

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Our verdict

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.


  • Quick money transfers to international accounts
  • Multicurrency account available
  • International ATM network
  • CD rates with up to 3.75% APY


  • 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 nameBest forOpening depositMonthly feeAPYFeatures
HSBC Premier CheckingHigh-net-worth individuals who travel abroad$0$50 or $0 when you meet specific deposit requirements0.01% 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 MoneyMoney transfers to international HSBC accounts$0$0N/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 SavingsThose 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 SavingsHigh-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 DepositPremier 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 adviser
  • 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.

1 - 3 of 3
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
HSBC Premier Checking
Finder Score: 3.5 / 5: ★★★★★
HSBC Premier Checking
$50 per month
(can be waived)
0.01% on balances of $5+
HSBC Choice Checking
Finder Score: 3.2 / 5: ★★★★★
HSBC Choice Checking
$15 per month
(can be waived)
HSBC Global Money
Finder Score: 3 / 5: ★★★★★
HSBC Global Money
$0 per month
1 - 1 of 1
Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
HSBC Online CD
Finder Rating: 2.9 / 5: ★★★★★
HSBC Online CD
More Info

Customer service experience

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.

Written by

Sarah George

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, 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 profile

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