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HSBC Premier Checking
Finder score
On HSBC's secure site
$50 per month
Minimum deposit to open

Our verdict

An interest-bearing premium bank account for high-income individuals.

HSBC Premier Checking offers priority services, relationship rates, competitive pricing on HSBC products, financial advice and much more. The account comes with an HSBC Premier Debit World Mastercard you can use to make purchases globally with $0 foreign transaction fees, free wire transfers between eligible HSBC accounts, and access to the bank’s best mortgage rates. To qualify for the account and waive the $50 monthly fee, you must meet and maintain one of the requirements, such as having at least $75,000 across deposit or investment accounts. Also, while it earns interest, the rate is a low 0.01% APY.

Best for: High-net-worth individuals.


  • $0 opening deposit and no overdraft fees
  • 0% foreign transaction fee
  • Relationship rates and access
  • Priority and global customer support
  • Share Premier status with family members


  • $50 monthly fee (waivable)
  • Strict and hefty qualification requirements
  • Low 0.01% APY

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Who is HSBC Premier Checking best for?

Without a doubt, HSBC Premier Checking is best for high-net-worth individuals and those who plan to make HSBC their primary bank. To qualify for the account and waive its $50 monthly fee, you must meet one of these requirements:

  • Have at least $75,000 across consumer or commercial deposit or investments accounts
  • Direct deposit at least $5,000 per month into the account
  • Have a US residential mortgage loan with an original loan amount of at least $500,000

If you want a real premier account with a relationship manager, discounts on HSBC loan products and a travel-friendly card, this premium account could be a great fit for you.

Look elsewhere if you want a free checking account without any strings attached.

What we like about HSBC Premier Checking

The real draw of the Premier Checking Account is its relationship membership perks. Relationship status offers benefits, such as a Relationship Manager, that you won’t find with standard checking accounts. A Relationship Manager works as a sort of personal concierge to help you with any HSBC products or questions about your account.

Relationship benefits

It wouldn’t be a premier account without some extra frills. With the HSBC Premier Checking, you’ll be able to enjoy these exclusive benefits:

  • Access to HSBC’s best mortgage rates
  • Competitive pricing with other HSBC products
  • Share Premier benefits with up to four family members
  • Financial advice on wealth products and professional insight
  • International money moving services

There are even more benefits if you maintain a balance of over $1 million with the Premier account for at least two consecutive months, which places you in the HSBC Premier Elite tier. For example, this status lets you skip to the front of the line for customer care, get higher rates on the Premier Relationship Savings account and receive a fee waiver on the Elite Credit Card.

Unlock high rate on HSBC Premier Relationship Savings

The standard APY on the Premier Relationship Savings account is just 0.05% APY. If you link your Premier Relationship Savings account with your Premier checking account, you can earn up to 4.40% APY by meeting activity requirements each month:

  • Spend at least $500 with your debit card
  • Receive at least $5,000 in direct deposits
  • Have an HSBC US residential mortgage with an original loan amount of at least $500,000
  • Hold Premier Elite status (balance of at least $1 million for at least two consecutive months)

The best part about these activity requirements to earn the high 4.40% APY is that two of them are the same requirements to waive the monthly fee on the Premier checking account. So if you’re already waiving the fee, you may as well consider linking the Premier Relationship Savings account to your Premier checking.

Great for globetrotters

With $0 foreign transaction fees, you won’t have to worry about using your HSBC Premier Debit card while traveling abroad. Also, outgoing domestic and international wire transfers between other Premier customers are free.

With HSBC’s international presence, this account offers access to priority customer service and financial support at HSBC branches worldwide. The support team is also available 24/7 by phone, email and live chat.

Where it falls short

The most obvious downfall with this account is that not everyone can qualify for it. This account is best suited for high-income individuals. By qualifying for the account and maintaining at least one of the requirements, you can waive the $50 monthly maintenance fee as well.

Lower APY than we expected

Only a few checking accounts offer an APY to begin with. So, while it offers interest, it’s a low 0.01% APY, which you’ll start earning once you have at least $5 in your account. This rate is also much lower than the national average of 0.08%(1) for interest checking. For the high balance requirements and relationship perks, you’d expect a higher APY.

HSBC Premier Checking’s fees and access

Type of feeFee details
Monthly service$50, waivable when you meet certain requirements
Opening deposit$0
  • Domestic: $0 within network, out-of-network operator fees may apply
  • International: $0 within network, out-of-network operator fees may apply
Debit card fees
  • Cash withdrawals: $0 within network
  • Foreign transactions: 0%
  • Card replacement: $0
Overdraft or nonsufficient funds$0
Wire transfers
  • Incoming:
    • Domestic: $0
    • International: $0
  • Outgoing to other Premier accounts:
    • Domestic: $0
    • International: $0
  • Outgoing:
    • Domestic: Varies
    • International: Varies
Other fees
  • Paper statements: $0
  • Account closure: $0
  • Cashier checks: $0
  • Stop payment: $0

Compare HSBC Premier Checking to other checking accounts

Narrow down top checking accounts by opening deposits, monthly fees and features. For a closer look, tick the Compare box on up to four providers to see features side by side.

1 - 6 of 26
Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
SoFi Checking and Savings
Finder Score: 4.5 / 5: ★★★★★
SoFi Checking and Savings
$0 per month
4.60% on balances of $0+
0.50% on balances of $0+
1.20% on balances of $0+
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until December 31, 2024.
Primis Perks Checking
Finder Score: 4.8 / 5: ★★★★★
Primis Perks Checking
$0 per month
Earn 50 cents for every debit card swipe except for ATM transactions
Upgrade Rewards Checking Plus
Finder Score: 4.3 / 5: ★★★★★
Upgrade Rewards Checking Plus
$0 per month
Cash Card by Cash App
Finder Score: 4.4 / 5: ★★★★★
Cash Card by Cash App
$0 per month
Step Black Card
Finder Score: 4.3 / 5: ★★★★★
Step Black Card
From $0 per month
5.00% on balances of $0 to $1,000,000
PNC Virtual Wallet with Performance Select
Finder Score: 3.4 / 5: ★★★★★
PNC Virtual Wallet with Performance Select
$25 per month
(can be waived)
Earn $400 when you open a new PNC Virtual Wallet with Performance Select and establish a direct deposit of at least $5,000+ to your Spend account in the first 60 days.

Customer experience

Originating as a trading house in British Hong Kong, Hongkong and Shanghai Banking Corporation (HSBC) is an international institution with almost 200 years in business. Holding a solid A- rating with the Better Business Bureau (BBB) and fewer than 200 complaints in the last few years, it does well compared to other banks of its reach and size.

Most customer complaints are unique circumstances, with some originating from issues around not receiving refunds, troubles with account closures or issues with contacting customer care.

On Trustpilot, HSBC doesn’t do well, but that’s par for the course with mid- to large-sized banks. With just over 1,000 reviews and most negative, the bank holds a 1.4-star rating. Similar to the BBB, many of the negative reviews are unique circumstances and typical banking issues, such as checks taking a while to clear and troubles with responsive customer care.

Among the positive reviews, many customers state they’ve been with HSBC for years without issues. Many are happy with the global access, the ability to travel without worry and the positive branch customer support.

Frequently asked questions

Does HSBC Premier include airport lounge access?

Yes, but only if you maintain Elite status, which requires having a balance of at least $1 million for two consecutive months. With Elite status, you’ll receive the HSBC Premier World Elite Mastercard, which offers access to over 1,300 airport lounges worldwide.

Is the HSBC Premier Savings Account good?

It’s not great, and it has a lower APY compared to the best savings accounts and the national average. The HSBC Premier Savings Account is an exclusive account for Premier customers and offers up to 0.15% APY for balances over $100,000. Balances between $25,000 and $99,999.99 earn only 0.10% APY, and anything less than that gets a meager 0.01%.

The national average rate for savings accounts is currently 0.45%(1), so considering that HSBC requires a minimum balance of $100,000 to earn the highest available rate of 0.15% isn’t what we’d call a good deal.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them up to five stars based on factors that include monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees and customer service.

Read our full methodology of how we rate checking accounts.

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Bethany Finder

Editor, Banking

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