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.
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.
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.
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.
| 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 |
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| HSBC Global Money | Money transfers to international HSBC accounts | $0 | $0 | N/A |
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| HSBC Premier Savings | Those wanting a Premier Checking and Savings account | $0 | $0 |
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| HSBC Premier Relationship Savings | High-net-worth individuals wanting high savings rates | $0 | $0 |
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| HSBC Online Certificates of Deposit | Premier banking customers looking for high yields | $1,000 | $0 |
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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:
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:
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.
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:
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.
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.
Compare accounts by monthly fee, opening deposit and APY. Select Compare to see up to four accounts side-by-side.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
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.
Grow your cash with this established bank’s CD offerings.
The HSBC Premier Checking account could be worth it if you want an interest-bearing account with tons of perks and don’t mind a high deposit amount.
This online-only account has an above-average APY but offers no access to ATM deposits or withdrawals.