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HSBC Premier Checking review
Great perks and a premier experience — though high fee, balance or deposit requirements.
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.
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$50 per month
Fee
0.01%
APY
$0
Minimum deposit to open
Details
| 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
shannon.terrell@finder.comShannon 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.
Expert review
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.
How do I open a HSBC Premier Checking account?
- Select Apply now.
- From HSBC site, Select Checking.
- Select Apply Now.
- Select Apply Online.
- Enter your full name, date of birth, Social Security number and email address. Select Continue.
- Enter your full address, your phone number and your driver’s license number. Select Continue.
- Tell HSBC a little more about how you intend to use your checking account and how you plan to fund the account. Select Continue.
- Review the information you’ve submitted and select Continue.
You may be asked to submit additional documentation for verification purposes.
Eligibility
- US citizen
- At least 18 years old
- US residential address
- Social Security number
- A valid bank account
- Combined balance of at least $75,000 across personal and investment accounts, direct deposit at least $5,000 a month or $500,000 HSBC mortgage loan
Required information
- Social Security number
- Primary home address
- US driver’s license or valid state ID
- US mobile number
Compare HSBC Premier Checking to similar accounts
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 |
 |
 |
 |
|
★★★★★ |
★★★★★ |
★★★★★ 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
7 benefits of an HSBC Premier checking account
- No foreign transaction fees. Spend freely abroad using your HSBC Premier Checking without the fees.
- Free ATMs. Enjoy free HSBC ATM access around the world.
- HSBC Premier benefits. Premier members get access to a Premier Savings Account as well as access to HSBC’s best mortgage rates.
- Premier customer support. Access a top-tier customer support team 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 Sharing. Share your Premier status with up to four family members.
- Free global transfers. Transfer funds between your HSBC accounts for free with an HSBC Premier or Advance account outside the US.
HSBC’s ATM network and fees
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.
3 potential drawbacks
- High qualification requirement. To open a HSBC Premier Checking account, you must either maintain a combined balance of $75,000 across your personal and investment accounts, deposit $5,000 or more each month or get a $500,000+ HSBC mortgage loan. If one of these isn’t maintained after opening, you’ll incur a $50 monthly fee.
- $25 account closure fee. If you close your HSBC Premier Checking account within 180 days of opening it, you’re charged a $25 account closure fee.
- Low interest rate. You’ll earn a low 0.01% APY despite high qualification requirements. Most checking accounts on the market offer higher rates.
If you want a higher-yield checking account or one with a lower balance requirement, explore top checking accounts.
Other HSBC checking accounts
- Basic Banking. 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’s waived with a monthly balance of at least $1,500 or direct deposit.
- HSBC Advance. Includes access to personal checks and monthly non-HSBC ATM fee rebates. Maintain a combined deposit and investment balances of at least $10,000 or set up a recurring, third-party $5,000 direct deposit to your checking account monthly to waive the $25 monthly maintenance fee.
- 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.
See the full scope of HSBC savings, checking and CD accounts.
Checking account ratings
★★★★★ — 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.
