HSBC is one of the oldest, largest, and most respected financial companies in the world.
But that doesn’t mean it hasn’t kept up with the times. Most notably, the bank offers HSBC Direct, an online-only high-yield savings accounts.
Of course, HSBC offers several other advantages that most other online banks don’t have, namely a large base of brick-and-mortar banks, an extensive ATM network, and a strong international presence.
You can find more than 230 branches and 39,000 no-fee ATMs in the U.S., and thousands of locations worldwide. This is a strong advantage over many online banks, which often don’t have such an extensive network of offices or ATMs.
Let’s take an in-depth look at HSBC Bank to get an overview of its products and services, the current sign-up offer, how HSBC compares to other banks, and whether or not its accounts are right for you.
HSBC Review – Checking and Savings Accounts
Summary
When it comes to Products & Services, HSBC offers pretty much every type of account you can think of. However, for the most part, its Interest Rates are weaker than what you’ll find with other online-only banks. That’s not the case with the Direct savings account, which pays stellar rates. Although there are some pesky Fees & Charges associated with HSBC Bank accounts, maintaining certain balances cause them to be waived. In terms of Website/App accessibility, we have no complaints with HSBC Bank’s options. Plus, Customer Service is 24/7, so if you need assistance, you can get it at any time of day.
HSBC Bank Features
| HSBC Bank | Features |
|---|---|
| Banking Account Types | Checking, Savings, CDs, Credit Cards, International Banking |
| Other Account Types | Mortgages, Lines of Credit, Investing, Insurance, Business Accounts |
| Minimum Required Deposit to Open Account | Checking – $0 Savings – $1 CDs – $1,000 |
| Number of Branches | 230 in U.S. 3,800+ worldwide (over 60 countries) |
| ATM Network Size | ATM Locator – https://www.us.hsbc.com/atm/ |
| ATM Reimbursements | Varies by Account |
| Remote Deposit | Yes |
| App Availability | iOS, Android, Amazon Fire, BlackBerry devices |
| Bill Pay | Yes |
| Person to Person Money Transfers | N/A |
| Money Transfers | ACH, Wire Transfers Google Pay, Apple Pay, Samsung Pay |
| Customer Service Types | Phone, Email, Social Media (general account questions only) |
| Customer Service Hours | 24/7 |
| Member FDIC | FDIC Certificate #57890 |
| Routing Number / ABA Number | #021001088 |
| Current Promotions | No Current Promotions See Current Bank Promotions |
Additional Features
- Link to HSBC Accounts. HSBC account holders can easily link their HSBC savings account to their payment account (online checking account), Certificates of Deposit, and an HSBC-branded credit card if they have one. HSBC also offers many other financial products, including insurance.
- Link to an Unlimited Number of External Accounts. HSBC’s bank-to-bank transfer option allows account holders to link to an unlimited number of external accounts. You can link your checking, savings, and brokerage account from various financial institutions.
- ATM Access and Reimbursement. HSBC online savings account offers access to thousands of ATMs where you can deposit or withdraw money free of charge. Some accounts will also reimburse you for the first four monthly withdrawals made at ATMs that are not part of the HSBC network.
- Strong Security. HSBC offers top-of-the-line online security features. In addition to high-level encryption, HSBC also offers customers the option to request a physical security device to generate a PIN when logging in, or the ability to use a generated PIN via the mobile app when logging in.
- Data Export. HSBC Bank offers data exports to Quicken, Mint.com, Personal Capital, and many other online money management programs.
- International Banking. HSBC Advance is a popular choice among international travelers. In addition to the 230 U.S. Branches and thousands of U.S. ATMs, there are more than 3,800 international branches and hundreds of thousands of international ATMs.
- HSBC Money Management Tools. HSBC offers customers free access to money management tools to help them manage their budget, set and track financial goals, and view and track all their banking accounts, credit cards, online investments, mortgages, and other financial accounts and transactions. This is an easy way to track your current transactions as well as your net worth.
Compare Current Savings Account Rates
What Is HSBC?
The Hong Kong and Shanghai Banking Corp. Ltd. (HSBC) was created in 1865 to facilitate trade between Europe and Asia. It was a local bank with goals of international expansion.
Fast-forward, and HSBC currently has more than 38 million customers and offices in 67 countries and territories.
HSBC has experienced a lot of changes in their more than 150 years as a bank. But it still continues to offer dozens of financial products to its customers. It’s now one of the most popular banking options, especially for those who frequently travel between countries.
How to Get Started with HSBC
Opening an account at HSBC Bank is similar to opening an online bank account in many places. You will need to provide the following:
- Your Social Security number
- Your current U.S. residential address and a U.S. residential address for the past three years
- Your valid U.S. ID (driver’s license, non-driver identification card, learner permit), passport or permanent resident card
- Account information for funding your new account (this will be your current online checking account info, to include routing and account number).
Note that HSBC will do a soft credit check to verify your identity. This will not affect your credit score.
Learn more at the HSBC Direct website.
Once you open your account and provide the information to link an external account, HSBC will send two trial deposits to the external checking account you are using to make your initial deposit at HSBC.
After this, you will receive your customer ID and password in two separate letters that will be mailed to the address you provided when you signed up for the account. You should also receive your HSBC ATM card shortly after this (if applicable).
You’ll need your ATM card and PIN to create a security key, after which you will have full access to your HSBC account. It’s a bit of a process but provides more security than some other banks.
HSBC Account Options
HSBC is a full-service bank that offers a variety of financial products and services, including checking, savings, debit and credit cards, CDs, mortgages and home equity lines of credit, investment products and services, and even some types of insurance. HSBC also offers business accounts, which are available for small businesses and scale up to banking for large, multinational corporations.
Coupled with its international presence, you can use HSBC for just about any banking need.
Many people don’t know that HSBC also offers an online-only savings account, HSBC Direct, which offers some of the highest interest rates in the U.S. This account is separate from the main HSBC website. But you can link accounts if you wish.
HSBC also offers a variety of other checking and savings accounts that will meet most customer’s banking needs.
Let’s dive in and take a look at the different checking and savings account offers, starting with HSBC Direct, which offers high interest rates.
HSBC Direct Online Savings Account
HSBC Direct is an online-only savings account that offers interest rates that are among the highest in the U.S. This is an online savings account only, and it does not come with an ATM or debit card. So all of your banking through HSBC Direct will need to be accomplished online or with the HSBC mobile app.
However, that isn’t necessarily a deal-breaker, as long as you use the account as intended: only as a high interest savings account.
In fact, its high interest rates make this account ideal for keeping your long-term savings, emergency fund, or sinking funds.
Alternatively, you can also open an HSBC Advance or HSBC Premier checking account (more info below), link it to your HSBC Direct account, and manage your checking and savings in tandem to better take advantage of the high interest rates at HSBC Direct and the full banking services through the other HSBC banking services. In fact, HSBC makes it easy to manage banking through its extensive ATM network.
Overall, the HSBC Direct is a great online savings account and can meet most banking needs, especially when paired with the HSBC Advance or HSBC Premier Checking accounts.
HSBC Checking Account Options
HSBC Bank offers several different checking accounts. These are found on the main bank website and can be managed at a bank branch, through an ATM, online, or via the HSBC mobile app. These accounts can also be linked to other HSBC accounts, including the various HSBC savings accounts, credit cards, mortgages and loans, investment accounts, and even an HSBC Direct account if you have one.
HSBC has several checking accounts, but the most popular options are the HSBC Advance and HSBC Premier. These are interest-bearing checking accounts when you maintain a minimum account balance.
HSBC Advance Online Checking Account
The HSBC Advance checking account gives you the ability to earn interest on your account balance when you maintain the required minimum, while still being able to make online payments, set up automatic or one-time money transfers, use a debit card for purchases, or use your ATM card for free transactions at thousands of ATMs in the U.S. You can also receive a reimbursement of transaction fees for the first four transactions per month at non-HSBC branded ATMs. There is no minimum required deposit to open an HSBC checking account.
Note that a $25 monthly maintenance fee is waived if minimum balance requirements are met. The minimum balance requirement is a combined $10,000 balance across personal accounts and HSB investments or a $5,000 combined balance if you have a direct deposit set up each month. Business owners can also count their U.S. dollar commercial balances to qualify for the HSBD Advance account.
HSBC Premier Online Checking Account
The HSBC Premier Checking Account offers the same features as the HSBC Advance account, with the addition of professional support with a relationship manager. This account is geared more toward high net worth individuals, as it requires a higher combined balance to avoid the monthly fees.
There is a $50 monthly maintenance fee if minimum balance requirements are not maintained.
To qualify for a fee waiver, customers must maintain balances of $75,000 in combined U.S. dollar personal deposit accounts and investment balances or recurring direct deposits of at least $5,000.
Like the HSBC Advance Checking account, Premier members who have an HSBC Business account may apply qualifying HSBC U.S. dollar commercial balances to qualify for a personal Premier relationship.
HSBC Bank Certificates of Deposit
High rates, low minimums, and various lengths make HSBC CDs a winner. You can set up the CD to roll over automatically or end the CD when the term expires. HSBC Advance CDs usually feature rates among the highest in the nation. The minimum required deposit to open an HSBC savings account is $1,000.00.
HSBC Investment Services
HSBC offers several types of investment products and services, including the following:
- Asset Allocation Solutions
- Fixed Income products
- Equities and ETFs
- Structured Products
- Mutual Funds
- Education Savings
- Retirement solutions, such as Annuities and IRAs
HSBC Insurance Products
HSBC Offers life insurance and long-term care coverage. Life insurance options include Term Life, Whole Life, Variable Life, and Universal Life. Long Term Care coverage has several options. The best way to learn more is to visit the HSBC website, or schedule a meeting with an insurance specialist at an HSBC branch.
HSBC Business Banking
This applies to you only if you have a business. But it is an important consideration for the hundreds of thousands of small business owners in the US. As a small business owner myself, I prefer to bank in a location where I can handle both business and personal banking needs in one location.
HSBC certainly qualifies in this regard, and its business accounts can handle everything from a small one-person business up through a major corporation. Please inquire with HSBC regarding the necessary paperwork needed to open a business banking account.
HSBC Customer Service
HSBC Customer Service call line is available 24 hours a day. You can reach the team by calling 1-800-975-HSBC. You can also contact customer service via email through the Bank Mail interface once logged into your online account.
HSBC Bank Pros & Cons
Pros
- No Minimum for Checking. There’s no minimum needed to open a checking account.
- Great Rates for HSBC Direct. This savings account features best-in-class interest rates.
- Extensive Network of ATMs. No matter where in the world you are, you can likely find an ATM.
- International Bank. HSBC’s presence in multiple countries and territories makes this a great bank for dual citizens and frequent travelers.
- Full-Service Banking. HSBC can handle just about any banking need.
Cons
- Fees. Online Checking accounts have monthly fees (these can be waived if you maintain a minimum balance).
- So-so Interest Rates. Interest rates are low, unless you open the HSBC Direct account.
Conclusion
HSBC Bank is a great bank with all the standard features offered by most of the top online high-yield savings accounts, and a few extra. HSBC is a top choice if you need access to a brick-and-mortar bank, require an extensive ATM network, travel internationally, or want to track your investments and financial accounts in one place.
While HSBC is an excellent option for many, we recommend looking into all your options, such as the Discover Bank Saving Account, to ensure that you find the right fit for you and your needs.
For more information or to sign up for an account, visit https://www.hsbc.com/.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. The information, including rates and fees, presented in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information. This site may be compensated through the bank advertiser Affiliate Program.
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