HSBC Bank Review: Checking, Savings and CDs
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Overall institution rating
3.3
HSBC is a huge international bank. In 2022, it exited the U.S. market for most personal and retail business banking, transitioning accounts on the East and West Coasts to Citizens Bank and Cathay Bank, respectively.
The HSBC Premier checking and savings accounts are still offered by the bank. They’re premium bank accounts that require a high balance, high minimum direct deposits or an HSBC mortgage in order to waive the high monthly fee. The bank still has a couple dozen branches on both coasts.
With its high monthly fees, challenging requirements to have those fees waived plus low savings rates, HSBC is one of the worst-rated banks among those that NerdWallet has reviewed.
» Want a more competitive option? See NerdWallet's picks for best banks and credit unions
Best for: Customers who keep a high checking balance or have a mortgage with HSBC, and prefer to bank online — but only on the desktop site.
Large, free, nationwide ATM network.
24/7 customer support by phone.
Branches available worldwide.
High monthly fees.
High minimum balance requirements to avoid fees.
Requirements must be met to earn strong savings and CDs rates.
How does HSBC compare?
Up to 3.60%
$50 or $300
3.75%
$300
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). The ratings are incremented in tenths of a star.