HSBC Direct Savings account is not longer offered in the U.S. The bank has phased out its basic consumer savings products to focus on its Premier tier. If you’re looking for an HSBC high-yield savings account, your options are the HSBC Premier Relationship Savings and HSBC Premier Savings accounts, but only the Premier Relationship Savings account offers a high APY.
Who is the HSBC high-yield savings account best for?
Unlike HSBC Direct Savings, which had no monthly fees, the available HSBC savings options require you to have a HSBC Premier checking account, best for high-net-worth individuals who travel abroad.
This checking account offers global account access, no foreign transaction fees, a dedicated Relationship Manager, and many other perks. But to qualify for the Premier Checking account and waive its $50 monthly fee, you must meet one of these criteria:
Maintain $100,000 in combined U.S. deposit and investment balances.
Receive monthly recurring direct deposits totaling at least $5,000 into the Premier checking account.
A premium account with HSBC exclusive pricing and discounts, and great for traveling.
Exclusive access to HSBC relationship rates and discounts.
Share Premier status with family.
0% foreign transaction fee.
Waivable monthly fee
HSBC high-yield savings account at a glance
HSBC savings accounts serve different purposes: Premier Relationship Savings is the HSBC high-yield savings account designed for active banking customers seeking a competitive interest rate through monthly activity, while Premier Savings offers lower, tiered interest rates based only on account balance.
Feature
Premier Relationship Savings
Premier Savings
Best For
High-net-worth individuals wanting an HSBC high-savings account
Those wanting a Premier Checking and Savings account
APY
Earn the following interest rates on balances $1+:
0.05% APY
3.4% if you also have a Premier checking account and meet the eligibility requirements.
0.01% APY on balances less than $25,000
0.10% APY on balances between $25,000 and $99,999
0.15% APY on balances $100,000 or more
APY Requirements
You’ll need to open a Premier checking account first. Then, meet any one of these criteria each month to earn the highest APY:
$500 in debit card purchases
$5,000 in direct deposits
$500,000 in an HSBC mortgage
HSBC Premier Elite customer
None
Maintenance Fee
$0 with HSBC Premier Checking
$0 with HSBC Premier Checking
Bottom line
If you already meet HSBC Premier Checking requirements, the Premier Relationship Savings or Premier Savings accounts can be solid saving options. But if you just want a simple account with no montly fees like HSBC Direct Savings, other free online bank accounts may be a better fit for you.
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga.
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The HSBC Premier Checking account is an interest-bearing account with tons of perks, but does have a high deposit amount.
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