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HSBC Direct Savings account review

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HSBC Direct Savings
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Minimum deposit to open

Our verdict

This online-only account has a high APY but offers no access to ATM deposits or withdrawals.

The HSBC Direct Savings account is best for those who bank online and use HSBC’s other banking products like its high-yield CDs or accounts with global ATM access.

This HSBC savings account offers a competitive 0.05% APY, no monthly fees and a low minimum opening deposit.

However, this particular HSBC account doesn’t let you use its ATMs. You can find online savings accounts with a higher APY, ATMs or debit cards for higher growth and access to your money.


  • Earn 0.05% interest
  • No monthly fee
  • $1 minimum deposit


  • $15 wire transfers
  • $25 account closing fee
  • No ATM access

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How do I open a HSBC Direct Savings account?

You can start and complete your application through HSBC’s site in about five minutes. To apply for this account:

  1. Go to the provider’s site and follow the steps to apply.
  2. Scroll down to the HSBC Direct Savings section on HSBC Direct’s site and select Learn more.
  3. Select Get Started.
  4. Enter your full name, date of birth, Social Security number and email address. Select Continue.
  5. Provide your address, phone number and driver’s license number. Select Continue.
  6. Tell HSBC a little more about how you intend to use your savings account and how you plan to fund the account. Select Continue.
  7. Review the information you’ve submitted and select Continue. You’ll receive an email about your application status. You may need supporting documentation to verify your information.

Once verified, you’ll be sent a Personal Internet Banking username by email within two business days. Use the provided username to log into your account and make your first deposit.


To open a savings account with HSBC, you’ll need:

  • US citizen
  • At least 18 years old
  • US residential address
  • Social Security number

Required information

Have this key information ready before you apply for your HSBC savings account.

  • Social Security number
  • Primary home address
  • US driver’s license or valid state ID
  • Bank account number and routing number of the account you plan to use to fund your savings account

What are the benefits of HSBC Direct Savings?

Access HSBC’s savings account online through its mobile app and take advantage of a number of benefits.

  • 0.05% APY. The amount of interest you can earn with this HSBC account is nearly double the national average for savings accounts. Unlike other providers, HSBC doesn’t impose a minimum balance requirement to maintain the APY.
  • Low minimum deposit. To open a savings account with HSBC, you’ll need an opening deposit of $1.
  • No monthly fees. You don’t need to worry about maintenance fees eating away at your funds with the HSBC Direct Savings account.
  • 24/7 live chat. If you require assistance, HSBC customer service reps are available 24 hours a day through its live chat service.

What should I look out for?

HSBC’s above-average APY and convenient online access are attractive perks, but this account doesn’t let you withdraw money from ATMs. Other downsides to keep in mind:

  • $15 wire transfers. Expect to pay for each incoming wire transfer.
  • $25 account closing fee. If you close your account with HSBC within 180 days of opening it, you’ll pay a $25 fee.
  • No ATM access. The HSBC Direct Savings account is an online account, which means you can’t access your funds from an ATM.

HSBC also offers its Premier Savings account, which offers a relationship APY if you meet one of several criteria during the month. For example, you can qualify for the relationship APY if you spend $500 on your debit card in one month. HSBC also offers certificates of deposit with competitive APYs, even on its shortest terms.

However, if you want a high-yield account with ATM access, you might go with Quontic Bank’s High Yield Savings account, which lets you earn its competitive APY on any balance. Or try Discover’s Online Savings if you’d like a familiar brand with 70,000+ network ATMs.

Compare HSBC with other savings accounts

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How do I deposit or withdraw my money?

The HSBC Direct Savings account is an online-only savings account that limits access to your funds.

To deposit money into the account, you can use HSBC’s routing number: 021001088. Its SWIFT code is MRMDUS33. How to move money in and out of this account:

  • Online deposit. Transfer funds electronically to and from an external bank account.
  • Mobile check deposit. Deposit a check using the free HSBC mobile banking app, available for Android and iOS.
  • In person. If you’d like to deposit or withdraw your funds in person, visit an HSBC bank branch during business hours.

    How can I get in touch with customer service?

    You can connect with HSBC’s customer service day or night by:

    • Phone. Call 800-975-4722 to reach an HSBC customer service rep seven days a week from 7 a.m. to 12 a.m. ET.
    • Live chat. HSBC’s live chat option on its site is available 24/7.
    • Bank branch. Visit an HSBC branch to speak with a customer service representative in person during branch business hours.
    • Social media. HSBC has a Twitter account dedicated to handling customer concerns. Tweet @HSBC_US seven days a week for an online response to your questions.
    • Mail. If you prefer to use snail mail, you can send a letter to: HSBC Bank, PO Box 2013, Buffalo, NY 14240. HSBC doesn’t provide a time frame for how long it takes to respond to mail, but a general turnaround of at least one business week is common.

    Savings account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

    Read the full methodology of how we rate savings accounts.

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