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HSBC Online CD rates review

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HSBC Online CD
2.9
★★★★★
Finder score
1-year APY
4.75%
3-year APY
N/A
5-year APY
N/A

Our verdict

Only three terms available with steep opening requirements.

The HSBC Online CD is best for those who want to keep most of their banking in one established bank. This is because you need to keep at least $75,000 across HSBC accounts to qualify for a CD. You're also expected to set up at least $5,000 in monthly direct deposits and have a mortgage of at least $500,000 with HSBC.

If you qualify for an HSBC CD , note that you're only insured up to $250,000 by the FDIC. So, it's best if you split your assets across other banks if you're close to meeting that balance across your HSBC accounts.

Besides these potential drawbacks, HSBC CDs offer competitive APYs compared to other competitors. But you only have three CD terms to choose from — a 6-month, 1-year and 2-year term. If these options don’t suit you, you may be better off looking at other CDs with fewer eligibility requirements, such as Quontic Bank or Capital One.

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How to open a HSBC Online CD account

As a new customer, you’ll need to fill out HSBC‘s application either online, by phone or by mail:

  • Online. Complete your forms the do-it-yourself way on HSBC‘s website:
  1. Go to the provider’s site and follow the steps to apply.
  2. From the Certificates of Deposit page on HSBC‘s site, choose your CD’s term — 6, 12 or 24 months — and click Apply Online underneath your chosen term.
  3. Fill out the application, including your name, date of birth, Social Security number and email address. Click Continue.
  4. Provide your bank information to fund your CD and the desired amount.
  5. The bank will send you a confirmation email with further instructions.
  • By phone. Call HSBC‘s customer service number at 888-404-4050 to open your account or ask questions about the application from 9 a.m. to 5 p.m. ET.
  • By mail. Send your application and a deposit check to this address:
    HSBC Bank USA, N.A.
    PO Box 2013
    Buffalo, NY 14240

Eligibility

To open a CD with HSBC, you’ll need to meet the following requirements:

  • Be at least 18 years old.
  • Be a US citizen.
  • Have a US address for the last three years.
  • Have a minimum of $1,000 to open an account.

Required information.

When applying, keep these items on hand to make the process easier:

  • Social Security number.
  • Home addresses for the past three years.
  • Valid US driver’s license or ID.
  • Bank account information to fund the account.

Funding options

Finally, you’ll need to fund your new CD. You can:

  • Transfer between banks. Use a personal account to fund the CD, even if it’s with another bank.
  • Deliver or mail a check. Bring your funds into an HSBC branch or mail them to your closest location.
  • Use other HSBC accounts. Already have another account with this bank? Use the Personal Internet Banking system to fund your CD.

2 benefits of an HSBC CD

Opening a CD with HSBC comes with the following perks:

  • Competitive APYs. Earn 2.75% APY on its 2-year CD and 2.60% on its 1-year CD. Plus, your interest compounds daily, so your money grows faster by earning on the previous day’s interest.
  • Large banking network. You’ll have access to online banking tools and HSBC’s large network of physical locations.

How much interest you can earn

Compare how much in earnings you can make with how long your money stays in the account.

Term lengthAPYAmount in savingsInterest earned at maturity
1 year2.60%$2,500$65.85
2 years2.75%$2,500$141.35

What to watch out for

As with most banking products, HSBC’s Online CDs do have a few drawbacks:

  • Steep requirements to open. HSBC‘s qualifications include keeping at least $75,000 across your HSBC deposit and investment accounts, have monthly direct deposits of at least $5,000, have an HSBC mortgage of $500,000+ or maintain Jade or Private Bank status.
  • Early withdrawal penalty. If you access your money before the term is up, the bank withdraws 30, 90 or 180 days of simple interest, depending on the term you choose.
  • Limited term options. Pick one of just three term options: 6, 12 or 24 months, whereas competitors offer terms from one month to 5 or even 10 years.

Compare HSBC CDs with other CDs

See how competitors’ CDs compare to HSBC in their APYs, term lengths and minimum deposit to open.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.90%
4.10%
$1,000
Earn competitive rates up to 4.90% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.05%
N/A
$1
Get 5.05% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Earn 4.50% APY on a 12 month CD. FDIC insured per depositor, per account ownership category.
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.05%
4.50%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
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How to cash in a CD

Once you’re ready to access your money, you can transfer it instantly to another HSBC account. You can also move money around between banks using an electronic transfer.

Want to keep saving? Do nothing and let the amount roll into a new CD with the same term. You can call customer service at 800-975-4722 to change the term or to make sure you’ll receive the same APY.

If you go past the CD’s maturity date, you’ll have 10 days to make changes without penalty. You can make a one-time transfer during this grace period. However, the grace period ends the day you perform this transaction.

How to get in touch with customer service

You’ve got a few options:

  • Call 800-975-4722 any day of the week from 7 a.m. to 12 a.m. ET.
  • Live chat with a representative on the websites homepage.
  • Visit one of the US branch locations, mainly in the Eastern US.

CDs ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We rate CDs and share certificates on a scale ranging from one to five stars based on what matters most to you. We consider two factors equally when rating CDs: minimum deposits and annual percentage yields (APYs) relative to term length. If a bank requires a different minimum opening deposit depending on the chosen term, we rate the CD based on the average minimum deposit across all terms. And although some institutions offer CDs with terms ranging from one week to 20 years, we only consider term lengths the FDIC uses in its monthly updates on national rates.

Read the full methodology of how we rate CDs.

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