The HSBC Premier Debit World Mastercard is a nice perk, but be wary of maintenance fees eating into your funds.
If you regularly have a running balance of $75,000 or more in your personal and investment accounts, or you plan to direct deposit $5,000 or more every month, the HSBC Premier Checking account could be a good fit. You’ll collect interest on your deposits, and it comes with a debit card that’s free from foreign transaction fees. It has a steep maintenance fee, however, should you dip below its eligibility requirements.
|APY||0.01% on balances of $5+|
|Monthly fee||$50 per month|
|To waive the fee||· Maintain a combined balance of $75,000 across your personal and investment accounts at HSBC|
· OR set up $5,000 per month in direct deposits
· OR get a $500,000+ mortgage loan from HSBC
|Minimum deposit to open||$0|
|Intro or bonus offer||Get $750 with a new account and at least $5,000 in recurring direct deposits for 3 consecutive months. Offer ends December 31, 2019.|
|ATMs||Free to use at all ATMs in the US|
|ATM transaction fee||$0|
|Out-of-network ATM fee||$0|
|Foreign transaction fee||3%|
|Nonsufficient funds fee||$35|
What are the benefits of this HSBC checking account?
- 0.01% APY. This interest-bearing checking account comes with 0.01% APY on any balance of $5 or more in your account.
- HSBC Premier Debit World Mastercard. Spend freely abroad using your debit card without paying foreign transaction fees.
- Access to ATMs worldwide. Enjoy surcharge-free HSBC ATM access across the US and around the world.
- Mobile banking. Deposit funds in person or at an ATM, or use HSBC’s free mobile banking app.
- Premier customer support. Get access to HSBC’s top-tier Premier customer support team, available 24/7 by phone, email and live chat.
- International HSBC support. Access priority service and financial support at HSBC branches around the world.
- HSBC Premier Savings account. Qualify for the HSBC Premier Savings account, which has tiered rates of up to 0.15% APY.
- HSBC Premier Deluxe Mortgage. Qualify for HSBC’s Premier Deluxe Mortgage, with loans of up to $3 million available with fixed and adjustable rates.
- Free global transfers. If you hold another HSBC Premier or Advance account in a country outside the US, you can transfer funds between your HSBC accounts for free.
HSBC’s ATM network and fees
You can access HSBC ATMs with your HSBC Premier Checking account across the US and around the world. You won’t be charged for using an HSBC ATM in the US, but a network fee may apply outside the US. Fees vary by country and service provider.
At an HSBC ATM, you can make a deposit, transfer funds, check your account balance and even change your debit card PIN. The HSBC mobile banking app can help you locate an HSBC ATM nearest you.
What should I look out for?
- Qualification requirement. To qualify for the HSBC Premier Checking account, you must either maintain a combined balance of $75,000 across your personal and investment accounts, direct deposit $5,000 or more each month or get a $500,000+ HSBC mortgage loan.
- $50 monthly fee. If you don’t meet one of the qualification requirements, a monthly $50 maintenance fee applies.
- $25 account closure fee. If you close your HSBC Premier Checking account within 180 days of opening it, you will be charged a $25 account closure fee.
Compare with other checking accounts
How much do I need to open an account?
You can open an HSBC Premier Checking account in person or online without a minimum deposit, but in order to qualify and avoid the $50 monthly service fee, you must either have a combined balance of $75,000, monthly direct deposits of at least $5,000 or a $500,000 mortgage loan from HSBC.
How do I apply?
- Go to HSBC’s site and click Checking.
- Click Apply Now.
- Click Apply Online.
- Enter your full name, date of birth, Social Security number and email address. Click Continue.
- Enter your full address, your phone number and your driver’s license number. Click Continue.
- Tell HSBC a little more about how you intend to use your checking account and how you plan to fund the account. Click Continue.
- Review the information you’ve submitted and click Continue.
You’ll receive an email from HSBC with an application status update. You may be asked to submit additional documentation to verify the information.
Once approved, your HSBC Premier Debit World Mastercard arrives in the mail. The PIN for the card is sent separately and should arrive one to three business days following.
Once you’ve received both your card and your PIN, you can set up your account by phone or live chat with an HSBC agent.
To be eligible for the HSBC Premier Checking account, you must meet the following criteria:
- Be a US citizen.
- Be at least 18 years old.
- Have a US residential address.
- Have a Social Security number.
- Have a valid bank account.
- Either maintain a combined balance of at least $75,000 across your personal and investment accounts, direct deposit at least $5,000 each month or have a $500,000 HSBC mortgage loan.
Have the following information ready before you apply for your account:
- Social Security number.
- Primary home address.
- US driver’s license or valid state ID.
What other checking options does HSBC offer?
In addition to its HSBC Premier Checking account, HSBC also offers the following checking options:
- Basic Banking. Has no balance requirement, a $3 monthly fee and optional overdraft protection.
- Choice Checking. Comes with an HSBC Debit Mastercard and has a $15 monthly fee that can be waived if you maintain a monthly balance of at least $1,500 or set up direct deposit.
- HSBC Advance. Includes access to personal checks and monthly non-HSBC ATM fee rebates. Its $25 monthly maintenance fee can be waived if you maintain combined deposit and investment balances of at least $10,000 or have a $5,000 recurring third-party direct deposit to your checking account monthly.
- HSBC Business First. Designed for small businesses, it offers 200 free transactions per billing cycle with the option to waive the $30 monthly maintenance fee if a minimum balance of $5,000 is maintained.
- HSBC Business Smart. Comes with 400 free transactions per billing cycle with the option to waive the $30 monthly maintenance fee if a minimum combined balance of $25,000 is maintained between personal and commercial accounts.
- HSBC Executive Analyzed. For businesses that have more sophisticated banking needs, you can accumulate HSBC earnings credits to help offset account activity fees, such as the $30 monthly maintenance fee.
The interest-bearing HSBC Premier Checking account offers an HSBC Premier Debit World Mastercard, access to top-tier 24/7 Premier customer support and qualifies you for special savings and mortgage options. However, you must meet one of the monthly balance requirements to avoid the $50 monthly maintenance fee.
As always, explore your options with other providers before you make a decision to get the account that best fits your individual banking needs.