HSBC Premier Checking account review

How do I open a HSBC Premier Checking account?

1. Click Apply now.
2. From HSBC site, click Checking.
3. Click Apply Now.
4. Click Apply Online.
5. Enter your full name, date of birth, Social Security number and email address. Click Continue.
6. Enter your full address, your phone number and your driver’s license number. Click Continue.
7. Tell HSBC a little more about how you intend to use your checking account and how you plan to fund the account. Click Continue.
8. Review the information you’ve submitted and click Continue.

• See screenshots of the application form

  
  
  

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.

Compare HSBC Premier Checking to similar accounts

We gathered a quick comparison of HSBC Premier Checking and similar accounts to help you decide which one is best for you. To keep looking, select “Compare accounts” to compare even more checking accounts.

HSBC Premier Checking

★★★★★

Finder Rating: 2.7 / 5

Go to site
Fee $50 per month
APY 0.01% on balances of $5+
Minimum deposit to open $0
ATM network Free to use at all ATMs in the US

Chime Spending account

★★★★★

Finder Rating: 4.7 / 5

Go to site
Fee $0 per month
APY N/A
Minimum deposit to open $0
ATM network 60,000+ fee-free ATMs

Aspiration Spend & Save Account

★★★★★

Finder Rating: 3.8 / 5

Go to site
Fee From $0 per month
APY 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% on balances of $10,000+
Minimum deposit to open $10
ATM network 55,000 free in-network ATMs

Compare even more checking accounts

Compare accounts

What are the benefits of this HSBC checking account?

• Interest-bearing. Get 0.01% APY on any balance of $5 or more in your account. But it’s lower than the national average interest rate on checking accounts.
• 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.

If you want a higher yield checking account or one with a lower balance requirement, you might want to keep looking. As always, explore your options when choosing a checking account.

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.

Deal

3% cash back (up to $600) on direct deposits when you open a new account

Expires 31 Aug 2021

Get a 3% cash bonus in the first six months (up to $600) or $450 welcome bonus when you open your account with qualifying activities. Must open HSBC Premier checking account through offer page by August 31, 2021, and set up qualifying direct deposits into the new account. Conditions apply. Deposit products are offered in the US by HSBC Bank USA, N.A. Member FDIC.

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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 you can avoid 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.

Frequently asked questions

• Is it faster to open an HSBC checking account in person or online?

  HSBC customer service suggests that the processing time is similar for both in-person and online applications. Once you apply, you’ll need to wait for your application to be reviewed and accepted. Once accepted, it takes several business days for your debit card to arrive in the mail.

• How much do wire transfers cost?

  For the HSBC Premier Checking account, there is no cost associated with incoming wire transfers. Outgoing wire transfers may be subject to domestic and international transfer fees.

• How can I get in touch with HSBC customer service?

  HSBC customer service is available by phone at 800-975-4722, 7 a.m. to 12 a.m. ET, seven days a week. You can also contact customer service by email or live chat, 24/7.