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finder.com’s rating: 3.5 / 5.0
★★★★★
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.
$50 per month
Fee
0.01%
APY
$0
Minimum deposit to open
APY | 0.01% on balances of $5+ |
---|---|
Fee | $50 per month |
To waive the fee | Maintain a combined US dollar personal deposit and investment balance of at least $75,000 · OR have at least $5,000 in recurring monthly direct deposits to your account · OR have at least a $500,000 US residential mortgage loan (original loan amount) |
Minimum deposit to open | $0 |
Intro or bonus offer | Get a $500 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by February 15, 2023, and set up qualifying direct deposits into the new account totalling at least $10,000 per month for three consecutive months. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC. |
ATMs | Free to use at all ATMs in the US |
ATM transaction fee | $0 |
Out-of-network ATM fee | $0 |
Foreign transaction fee | 0% |
Overdraft fee | $35 |
Nonsufficient funds fee | $0 |
Learn more | Apply now |
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.
The HSBC Premier Checking account is best for travelers with a running balance of $75,000 or more. You’ll receive an HSBC Premier Debit World Mastercard you can use to make purchases globally with no foreign transaction fees attached. Although you’ll collect interest on your deposits, the rate is a low 0.1% APY.
The real draw of the Premier Checking Account is the Premier membership associated with it. Premier membership offers some nice perks you won’t find on a standard checking account, including a “Relationship Manager.” This manager works as a sort of personal concierge to help you with any HSBC products or questions you might have about your account. As a Premier Member, you also gain access to HSBC’s best mortgage rates as well as the ability to open a Premier Savings Account, which offers a competitive 2.25% APY.
These are terrific perks for those that can meet the high qualification requirements and who want to explore HSBC’s other products. But for those with less income, the 0.01% APY and steep requirements mean there are better options.
You may be asked to submit additional documentation for verification purposes.
We gathered a quick comparison of HSBC Premier Checking and similar accounts to help you decide which is best for your budget and spending. Select Compare accounts to compare even more checking accounts.
HSBC Premier Checking |
Chime Checking account |
BMO Harris Smart Advantage Account |
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★★★★★ |
★★★★★ |
★★★★★ Finder rating 4.7 / 5 |
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Fee
$50 per month |
Fee $0 |
Fee $0 |
Annual Percentage Yield (APY) 0.01% on balances of $5+ |
Annual Percentage Yield (APY) 1.50% |
Annual Percentage Yield (APY) N/A |
Minimum deposit to open $0 |
Minimum deposit to open $0 |
Minimum deposit to open $25 |
Compare even more checking accounts
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, even on HSBC-affiliated ATMs. 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.
If you want a higher-yield checking account or one with a lower balance requirement, explore top checking accounts.
See the full scope of HSBC savings, checking and CD accounts.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them up to five stars based on factors that include monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees and customer service.
Read our full methodology of how we rate checking accounts.