5.0 NerdWallet rating
HSBC Direct Savings is an online-only savings account offered by the massive international bank. Its rates and terms place it among the best high-yield online accounts.
If you’re interested in banking online, it’s absolutely worth a look.
HSBC Direct Savings
|Interest on balances||2.30% APY.|
|Minimum opening deposit||$1.|
|Special features||Goal setting, visualization and income and spending comparison tools.|
|Integration with HSBC||Transfers 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 high-yield online 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.
How does HSBC compare?
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Competitive APY: If you’re looking for the highest possible rates, CIT Bank and brick-and-mortar offshoots Citizens Access and Popular Direct are often the ones to beat. But HSBC’s rate is similar to that of competitors Marcus by Goldman Sachs, Barclays, Discover and Ally. (Marcus and Barclays are online-only and savings-only, like HSBC Direct Savings. Discover and Ally are all online, but have a full suite of banking products.) And HSBC Direct’s rate is much higher than that of traditional brick-and-mortar banks, including offline HSBC. Its basic savings account 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 a 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
- Products: HSBC has a range of offline financial products, including checking, savings, CDs, loans and investments.
- Checking: 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.
- CDs: HSBC offers CD terms up to four years. Rates on some terms are solid, but others aren’t worthwhile.
- Branch and ATM access: These areas aren’t HSBC’s strong suit. They have many fewer domestic branches than competitors such as Chase and Wells Fargo, and only cover 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.
» 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.