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HSBC Direct Savings account review

This online-only account has a competitive APY but offers no access to ATM deposits or withdrawals.’s rating: 3.7 / 5.0


The HSBC Direct Savings account has a 0.15% APY and no monthly fees or balance requirements. But it doesn’t come with a physical card, so you won’t have ATM access.






Minimum deposit to open


Annual percentage yield (APY)0.15%
Minimum deposit to open$1
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$0

Review by

Shannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

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 0.15% APY, no monthly fees and a low minimum opening deposit. But since it’s an online account, you won’t have any ATM access.

How do I open a HSBC Direct Savings account?

Follow these steps to open the HSBC Direct Savings account online:

  1. Go to the provider’s site and follow the steps to apply.
  2. From HSBC Direct’s site, scroll down to the HSBC Direct Savings section and click Learn more.
  3. Click Get Started.
  4. Enter your full name, date of birth, Social Security number and email address. Click Continue.
  5. Enter your address, phone number and driver’s license number. Click Continue.
  6. Tell HSBC a little more about how you intend to use your savings account and how you plan to fund the account. Click Continue.
  7. 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:

  • US citizen
  • At least 18 years old
  • US residential address
  • 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

What are the benefits of HSBC Direct Savings?

Access HSBC’s savings account online through its mobile app and take advantage of a number of benefits:

  • 0.15% APY. HSBC offers a competitive APY to help you grow your savings. Unlike other providers, HSBC doesn’t impose a minimum balance requirement to maintain the APY.
  • Low 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.
  • 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 pay 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 Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® 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.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.

Compare up to 4 providers

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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