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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

★★★★★

The HSBC Direct Savings account has a 1.01% APY and no monthly fees or balance requirements. But it doesn’t come with a physical card, so you won’t have ATM access.

1.01%

APY

$0

Fee

$1

Minimum deposit to open

Details

APY1.01%
Fee$0
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 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 1.01% APY, no monthly fees and a low minimum opening deposit. But since it’s an online account, you won’t have any ATM access.

Best of 2020
Finder experts pick HSBC Direct Savings as a 2020 best product for savings accounts.

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:

  • 1.01% 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

$
$
months
Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
American Express® Personal Savings High Yield Savings
1.00%
$0
$0
Go to site
View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Savings Builder High Yield Savings Account

0.95% on balances of $25,000+ or set up a direct deposit of $100+ each month
0.79% on balances of $0 to $24,999
$0
$100
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates
Discover Online Savings Account
1.01%
$0
$0
Go to site
View details
Take advantage of a high-interest online savings account with no fees, no minimums and more.
Aspiration Spend & Save Account

1.00% on balances of $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
$0
$10
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
BBVA Money Market

0.19% on balances of $1,000,000+
0.10% on balances of $100,000 to $999,999
0.05% on balances of $0 to $99,999
$15 per month
(can be waived)
$25
Go to site
View details
Earn a promotional APY for your first 3 months and access your money by ATM, check or bill pay.
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Compare up to 4 providers

How do I open an HSBC Direct Savings account?

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

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

Eligibility

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

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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