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
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. 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.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers 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.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.