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HSBC Direct Savings Review

Oct. 25, 2019
Banking, Savings Accounts
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

5.0 NerdWallet rating

HSBC Direct Savings is an online-only savings account offered by HSBC, the massive international bank. Its rates and terms place it among the best savings accounts.

If you’re interested in banking online, this account is absolutely worth a look.

HSBC Direct Savings

Interest on balances1.70% APY
Monthly feesNone
Minimum opening deposit$1
Special featuresGoal setting, visualization, and income and spending comparison tools.
Integration with HSBCTransfers available between HSBC Direct Savings and offline HSBC accounts; all visible on the website and mobile app.

» Check out the options with NerdWallet’s best banks and credit unions

How HSBC Direct Savings compares

HSBC Direct Savings is rated among NerdWallet’s best savings accounts. It doesn’t have the highest rate out there, but it’s not far off. And its terms — no monthly fee, low required opening deposit — are similar to or better than many of its competitors.

Competitive APY: If you’re looking for the highest possible rates, HSBC Direct won’t be your pick. But its APY is competitive with that of many other online savings accounts, and it’s much higher than that of traditional brick-and-mortar banks, including HSBC. The basic savings account offered by the brick-and-mortar version of the bank currently pays 0.01% APY on lower balances.

Low opening deposit requirement: It’s not unusual for an online account like HSBC Direct Savings to skip monthly service fees or have a low opening balance ($0 or $1). However, some competitor accounts require a hefty balance or other means to earn the highest interest rates. With HSBC Direct Savings, you earn the top rate as soon as you make a deposit, no matter the amount.

Note that your opening deposit to HSBC Direct Savings must be money that’s new to HSBC. If you’re already an HSBC customer, you can’t transfer your funds from one of those accounts to HSBC Direct Savings.

» Get the details: Compare HSBC Direct Savings with NerdWallet’s best online savings accounts

What you need to know about HSBC and HSBC Direct

    • Products: In addition to its savings account, HSBC Direct offers checking and some CDs. Brick-and-mortar HSBC offers a full range of financial products, including checking, savings, CDs, loans and investments.
    • Checking: Brick-and-mortar HSBC has four checking options, most of which have high monthly fees. Deposits kept in HSBC Direct Savings accounts can go toward waiving those fees. You may also qualify for a sign-up bonus. HSBC Direct Checking doesn’t charge a monthly fee.
    • CDs: HSBC Direct and brick-and-mortar HSBC both offer CD terms up to two years, substantially less than what many competitors offer. Rates top out at 1.30% with HSBC and 1.70% at HSBC Direct. Banks with longer terms typically offer higher yields.
    • Branch and ATM access: These areas aren’t HSBC’s strong suit. It has many fewer domestic branches than competitors such as Chase and Wells Fargo, and covers only around 10 states. HSBC also has substantially fewer ATMs than many big-name brick-and-mortar banks.
    • Overdraft policies: HSBC’s overdraft fee is about average at $35, but it has fewer overdraft protection options than some other banks. For example, it doesn’t allow overdraft protection transfers from savings, and it charges for transfers from a line of credit or credit card.

» Dive deeper: Read NerdWallet’s HSBC review

HSBC Direct Savings is a winner

HSBC Direct Savings is a great, low-hassle account on par with the best in the industry.

Consider this option if you’re already covered when it comes to checking and want a high-yield online solution for your savings.



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