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HSBC Direct Savings account review

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

finder.com’s rating: 4.3 / 5.0


Whether you’d like to set money aside for a big purchase, budget for a vacation or simply save for a rainy day, a savings account can help. Savings accounts offer a variety of benefits and features depending on the provider you choose. But how do you know which account will best fit your personal savings needs?






Minimum deposit to open


Minimum deposit to open$1
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$0
More Info

Expert review

Shannon Terrell

Review by

Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

The HSBC Direct Savings account is best for those who bank online and want a high-yield savings account. The account offers a competitive 2% APY, no monthly fees and a low minimum opening deposit. But since it’s an online account, you won’t have any ATM access.

What are the benefits of HSBC Direct Savings?

HSBC’s savings account offers a number of benefits:

  • 2% APY. HSBC offers a competitive APY to help you grow your savings.
  • $1 minimum deposit. To open a savings account with HSBC, you’ll need an opening deposit of just $1.
  • No monthly fees. You don’t need to worry about maintenance fees eating away at your funds with the HSBC Direct Savings account.
  • No balance requirement. Unlike other providers, HSBC doesn’t impose a minimum balance requirement to maintain your APY.
  • Online account access. You can apply for an HSBC Direct Savings account online and monitor your funds using the HSBC mobile banking app.
  • 24/7 live chat. If you require assistance, HSBC customer service reps are available 24 hours a day through the live chat service on its site.

What should I look out for?

HSBC’s competitive APY and convenient online account access are attractive perks, but this account isn’t without its drawbacks:

  • $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 be charged a $25 fee.
  • No ATM access. The HSBC Direct Savings account is an online account, which means you won’t be able to access your funds from an ATM.

If you want a high-yield account with ATM access, you’ll want to keep looking. As always explore your options when choosing a savings account.

Compare HSBC with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
American Express® Personal Savings High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Barclays Online Savings
Earn 20x the national savings account average with no fees or minimums.
BBVA Money Market
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
UFB Direct High Yield Savings
Earn a competitive rate with a balance higher than $10,000.
CIT Bank Savings Builder High Yield Savings Account
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Radius Bank High-Yield Savings
A free high-interest savings account with a $100 minimum deposit to open

Compare up to 4 providers

How do I open an account?

1. Go to HSBC Direct’s site and click Get Started.
2. Enter your full name, date of birth, Social Security number and email address. Click Continue.
3. Enter your address, phone number and driver’s license number. Click Continue.
4. Tell HSBC a little more about how you intend to use your savings account and how you plan to fund the account. Click Continue.
5. Review the information you’ve submitted, and click Continue.

After your application is complete, you’ll receive an email from HSBC with an application status update. If necessary, you may be asked to submit supporting documentation to verify the information included in your application.

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 to meet the following eligibility criteria:

  • Be a US citizen.
  • Be at least 18 years old.
  • Have a US residential address.
  • Have a Social Security number.

Required information

Have the following 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.

How do I deposit or withdraw my money?

The HSBC Direct Savings account is an online-only savings account. That means that there is no debit card issued with your account, and you can’t withdraw funds at an ATM. Here’s how you can deposit and withdraw your funds:

  • 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?

There are a number of options available for you to connect with HSBC customer service:

  • 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.
  • Through 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.
  • In person. Visit an HSBC branch to speak with a customer service representative in person during branch business hours.
  • By 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.
  • Live chat. HSBC’s live chat option on its site is available 24/7.

Frequently asked questions

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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