HSBC Bank Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
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
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.
Rating methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of ratings in the following categories: Checking accounts, savings accounts, certificates of deposit, customer experience and access, and overdraft fees and policies.
Breakdown of overall rating
For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Read more about our rating methodology.