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HSBC Direct Savings Alternatives in 2026

If you’re looking to open an HSBC Direct Savings account, you should know the account is no longer available.

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Shannon Terrell

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HSBC Direct Savings account is not longer offered in the U.S. The bank has phased out its basic consumer savings products to focus on its Premier tier. If you’re looking for an HSBC high-yield savings account, your options are the HSBC Premier Relationship Savings and HSBC Premier Savings accounts, but only the Premier Relationship Savings account offers a high APY.

Who is the HSBC high-yield savings account best for?

Unlike HSBC Direct Savings, which had no monthly fees, the available HSBC savings options require you to have a HSBC Premier checking account, best for high-net-worth individuals who travel abroad.

This checking account offers global account access, no foreign transaction fees, a dedicated Relationship Manager, and many other perks. But to qualify for the Premier Checking account and waive its $50 monthly fee, you must meet one of these criteria:

  • Maintain $100,000 in combined U.S. deposit and investment balances.
  • Receive monthly recurring direct deposits totaling at least $5,000 into the Premier checking account.
  • Hold an HSBC U.S. residential mortgage.

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HSBC Premier Checking

A premium account with HSBC exclusive pricing and discounts, and great for traveling.

  • Exclusive access to HSBC relationship rates and discounts.
  • Share Premier status with family.
  • 0% foreign transaction fee.
  • Waivable monthly fee

HSBC high-yield savings account at a glance

HSBC savings accounts serve different purposes: Premier Relationship Savings is the HSBC high-yield savings account designed for active banking customers seeking a competitive interest rate through monthly activity, while Premier Savings offers lower, tiered interest rates based only on account balance.

FeaturePremier Relationship SavingsPremier Savings
Best ForHigh-net-worth individuals wanting an HSBC high-savings accountThose wanting a Premier Checking and Savings account
APYEarn the following interest rates on balances $1+:
  • 0.05% APY
  • 3.1% if you also have a Premier checking account and meet the eligibility requirements.
  • 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
APY RequirementsYou’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

None

Maintenance Fee$0 with HSBC Premier Checking$0 with HSBC Premier Checking

Bottom line

If you already meet HSBC Premier Checking requirements, the Premier Relationship Savings or Premier Savings accounts can be solid saving options. But if you just want a simple account with no montly fees like HSBC Direct Savings, other free online bank accounts may be a better fit for you.

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Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga. See full bio

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