HSBC Premier Checking Review
- Fee
- $50 per month
- APY
- 0.01%
- Minimum deposit to open
- $0
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 has no foreign debit card fees, offers 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 $100,000 across deposit or investment accounts or having a HSBC residential mortgage. Also, while it earns interest, the rate is a low 0.01% APY.
Best for: High-net-worth individuals.
Pros
-
$0 opening deposit and no overdraft fees
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0% foreign transaction fee
-
Relationship rates and access
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Priority and global customer support
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Share Premier status with family members
Cons
-
$50 monthly fee (waivable)
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Strict and hefty qualification requirements
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Low 0.01% APY
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:
- At least $100,000 in total deposits and/or investments across consumer or commercial deposit or investment accounts
- Direct deposit at least $5,000 per month into the account
- An HSBC US residential mortgage loan serviced by the bank
- Private Bank status
If you want a real premier account with a relationship manager and discounts on HSBC loan products, 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 3.50% APY by meeting activity requirements each month:
- Spend a total of $500 or more in purchases or payments using your HSBC debit cards
- Receive at least $5,000 in direct deposits
- Have an HSBC US residential mortgage
- 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 3.50% 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
There are no foreign transaction fees with the debit card, and outgoing domestic and international wire transfers between other Premier customers are free. And 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 0.07%(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 fee | Fee details |
|---|---|
| Monthly service | $50, waivable when you meet certain requirements |
| Opening deposit | $0 |
| ATMs |
|
| Debit card fees |
|
| Overdraft or nonsufficient funds | $0 |
| Wire transfers |
|
| Other fees |
|
Compare HSBC Premier Checking to other checking accounts
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How we picked theseWhat is the Finder Score?
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.
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 0.40%(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.
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
Sources
Your reviews
Bethany Finder
Banking editor
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