HSBC Bank Review: Checking, Savings and CDs

HSBC offers interest-bearing premium accounts. Savings and CD options offer decent rates, but the bank's mobile apps aren’t well-received.

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Overall bank rating

HSBC

at HSBC, Member FDIC

  • Checking

  • Savings

  • CD rates

  • Banking experience

  • Overdraft fees

3.0

NerdWallet rating 

The bottom line:

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 of at least $500,000 in order to waive the high monthly fee. The bank still has a couple dozen branches on both coasts.

Best for: Customers who keep a high checking balance or have a large mortgage with HSBC, and prefer to bank online — but only on the desktop site.

Pros

  • Accounts and services are designed for international use.
  • Savings and CDs offer solid rates.

Cons

  • Interest rates are low unless you meet certain requirements.
  • Only premium accounts are available.
  • Accounts have high monthly fees that can only be waived with a high balance or a large mortgage with the bank.
  • Savings account and CDs require you to have a checking account.

Full review

HSBC Premier Checking

Checking

Member FDIC

2.5

/5
 NerdWallet rating 
APY
0.01%
With $5 min. balance for APY
Bonus
$500
Requirements to qualify
Monthly fee
$50.00
Waived with direct deposit or $75,000 minimum balance
Overdraft star rating
4.5/5
Learn more

at HSBC

The HSBC Premier checking account is available to open online. You’ll earn 0.01% APY — not much, but a rate that’s on par with comparable accounts at the biggest banks — with a minimum balance of $5.

You’ll need to have a balance of at least $75,000 or $5,000 in direct deposits each month in order to avoid the steep monthly fee of $50, which is much higher than what you’ll pay for premier-level accounts at other, larger banks. You can also avoid the fee by having an HSBC residential mortgage loan of $500,000 or more.

» Want to earn interest on your checking balance with no fees? See some of the best free checking accounts.

HSBC Premier Relationship Savings
HSBC Premier Relationship Savings

Savings

Member FDIC

2.5

/5
 NerdWallet rating 
APY
0.05%

Having an HSBC Premier checking account is a requirement to have an HSBC Premier Relationship savings account. The savings account offers a standard interest rate of 0.05% APY on balances of at least $1.

To earn 0.50% APY, you’ll need to meet one of the following requirements each month: Spend $500 with your debit card, receive at least $5,000 in direct deposits into your linked checking account, or have a $500,000 residential mortgage loan with the bank. If you do not meet at least one of those requirements, the account will earn the standard APY and be subject to a monthly fee of $50, which is steep compared to premium accounts at other banks.

HSBC CD
HSBC CD

CD

Member FDIC

2.0

/5
 NerdWallet rating 
APY
1.90%
Minimum deposit
$1,000

HSBC requires $1,000 to open a CD, which is on the lower end for bank CD minimums. HSBC offers only three term lengths: six months, one year and two years, but rates are solid. Many online banks offer terms up to five years, and slightly more competitive rates.

» Maximize your interest with NerdWallet's best CD rates this month

Banking experience

3.5

NerdWallet rating 

HSBC offers more than 55,000 ATMs, including those in the Allpoint network, which has machines at common retail stores. Account holders have access to about two dozen branches (called Wealth Centers) along the East and West coasts.

Customer support is available 24/7 by phone, as well as on Twitter, on the HSBC website and in the HSBC apps. The apps, however, are poorly rated: Android users give the HSBC app 2.1 stars and iOS users rate it 1.4 stars (both out of five stars).

» Want to bank on the go? See our list of the best banks and credit unions for mobile banking

Overdraft fees

4.5

NerdWallet rating 

HSBC doesn’t charge overdraft fees for its Premier checking account. The bank pays for overdrafts on checks and preauthorized, automatic bill payments, but doesn’t allow them for ATM withdrawals or debit card transactions.

HSBC isn't alone in not charging overdraft fees. An increasing number of financial institutions have reduced or removed their overdraft fees; you can now find regular checking accounts with no overdraft fees that don’t require HSBC’s high minimum balance or high monthly fee.

HSBC Premier Checking

Checking

Member FDIC

2.5

/5
 NerdWallet rating 
APY
0.01%
With $5 min. balance for APY
Bonus
$500
Requirements to qualify
Monthly fee
$50.00
Waived with direct deposit or $75,000 minimum balance
Overdraft star rating
4.5/5
Learn more

at HSBC

The HSBC Premier checking account is available to open online. You’ll earn 0.01% APY — not much, but a rate that’s on par with comparable accounts at the biggest banks — with a minimum balance of $5.

You’ll need to have a balance of at least $75,000 or $5,000 in direct deposits each month in order to avoid the steep monthly fee of $50, which is much higher than what you’ll pay for premier-level accounts at other, larger banks. You can also avoid the fee by having an HSBC residential mortgage loan of $500,000 or more.

» Want to earn interest on your checking balance with no fees? See some of the best free checking accounts.

How does HSBC compare?

NerdWallet rating 

4.5

/5
NerdWallet rating 

5.0

/5
NerdWallet rating 

5.0

/5

APY

3.25%

With $0 min. balance for APY

APY

3.00%

With $0 min. balance for APY

APY

3.00%

With $0 min. balance for APY

Bonus

N/A

Bonus

$250

Earn up to $250 with direct deposit. Terms apply.

Bonus

$200

Requirements to qualify

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). Ratings are rounded to the nearest half-star.