HSBC savings account review April 2018 | finder.com
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HSBC savings accounts review

Get saving with HSBC and forget monthly maintenance fees.

It can be difficult to start building up your savings, doubly so if what you start with gets eaten up by fees. Required minimum balances and monthly maintenance charges can quickly wipe out your hard-earned cash.

Luckily, HSBC offers savings options that don’t ding you with fees at every turn. We’ll go through each account offering and the application process so you know exactly what to expect.

What is an HSBC savings account?

The savings accounts offered by HSBC are a solid way to start risk-free savings. This bank offers Everyday Savings, Advance Savings and Premier Savings, each with its own set of interest rates and features.

Though Advance and Premier accounts require relationships with HSBC, Everyday Savings accounts do not. All accounts come with online account access, no maintenance fees and no fees when you use an HSBC ATM to withdraw funds or check your balance.

If you’re looking to save up a lot of money, there’s a $2 million maximum account balance for Advance and Premier accounts. No limit is applied to Everyday Savings accounts, so you can stash your millions without worry.

How much will I pay to use an HSBC savings account?

You’ll pay no opening or monthly maintenance fees to keep an HSBC account, but you are subject to other fees.

  • For Everyday Savings accounts, you’ll pay $0.75 fee for every withdrawal over your allotted three monthly when your Average Ledger Balance is under $1,000.
  • All three savings accounts come with a 3% foreign transaction fee.
  • Copies of items or statements will run you $5 if you have an Everyday Savings account.
  • Wire transfers cost $15 per incoming transfer for Everyday Savings accounts, $12 for Advance accounts and $0 for Premier accounts.
  • Wire transfers vary by transaction.

How do I deposit and withdraw from an HSBC savings account?

You can access your funds online, in person or through an ATM. Online you can transfer funds from other accounts, including your HSBC checking accounts. In person with a teller and through ATMs, you can deposit cash and checks and withdraw cash. All HSBC ATMs can be used without incurring fees.

Cash deposits, funds transfers among HSBC accounts under the same name, wire transfers and electronic direct deposits are all available the day they’re received. Checks may not be available until the third business day after the deposit is received. The first $200 from non-HSBC checks will be available one business day after your deposit.

How safe are HSBC savings accounts?

HSBC is an international business with more than 37 million customers. With locations across 70 countries, it has to keep its website security on point. Outside of SSL encryption, HSBC also offers an Online Guarantee. You won’t be liable for any unauthorized online charges.

How do I sign up?

Ready to start saving with an HSBC account? Start by going to HSBC’s website and clicking Online Banking.

  • Set your country under “Personal.”
  • Hover over banking and select “Savings accounts.”
  • Click Apply Now.
  • Complete and submit the required information.

You can also sign up at your local HSBC branch.

Bottom line

HSBC offers savings accounts to easy access and maintain your money. No monthly fees means it’s easy to actually start saving. Advance and Premier accounts come with hefty relationship requirements, but HSBC’s Everyday Savings account is an ideal basic starter without all of the prerequisites.

Frequently asked questions about HSBC savings accounts

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