HSBC Bank Review – Top-Tier Rewards
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HSBC Bank is an international bank that offers top-tier rewards through its checking account, savings account, and other services.
8/10
Costs
7/10
Services
9/10
Features
9/10
Ease of Use
8/10
HSBC Bank isn’t a household name in the same way as many of its competitors, but it has held a strong presence in the United States and beyond for more than 100 years. The bank has shifted gears in recent years, and today, it caters more to a higher-income clientele. That being said, it’s always good to review your options because you never know what you might find!
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What is HSBC Bank?
HSBC is one of the largest banking and financial institutions in the world. It offers personal banking, credit cards, loans, and wealth management services. The bank has been active in the United States since 1865, and its current network covers 62 countries and territories worldwide.
How does HSBC Bank work?
Let’s look at HSBC Bank’s application process for an HSBC Premier Checking Account. I will go through the process as a new HSBC customer applying for a sole account.
Since HSBC is an international bank, the first step is to confirm your location to ensure you apply for the appropriate account.
After confirming that you’re in the United States, HSBC will ask a few follow-up questions. HSBC also asks about the purpose of your new checking account. Several options include vacation expenses, a tax account, and household expenses.
Surprisingly, after this question, I was notified that HSBC Bank could not offer me a Premier checking account. Unfortunately, it did not provide a reason.
There are quite a few requirements to hold a Premier checking account, which we’ll go into later.
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How much does HSBC Bank cost?
The HSBC Premier account can be quite costly. The checking account has a monthly maintenance fee of $50 if you don’t meet one of the following conditions:
- Maintain a balance of $75,000 in your checking account. This can be combined with qualifying commercial U.S. deposit and investment account funds.
- Have monthly recurring direct deposits that total at least $5,000 from a third party to the HSBC Premier Checking Account.
- Have an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000.
- Maintain Private Bank status, which eligible members are invited to.
HSBC Bank features
Checking and savings accounts
HSBC Bank’s Premier checking account offers exclusive opportunities and international access. There are no fees on everyday transactions with this account as long as you meet the requirements. Members can also share their Premier status with up to four family members. This gives you competitive pricing, rates, and access to other HSBC financial services and products.
The biggest perk to being an HSBC Bank Premier member is the global banking access that it provides. Members can access their deposit accounts globally and even open accounts overseas before moving or visiting for work. When using the HSBC Premier Debit World Mastercard, there are no foreign transaction fees, no matter where you shop.
HSBC Bank’s Premier Relationship Savings account is the companion to the Premier checking account. Unfortunately, you must have an established HSBC Bank Premier checking account to qualify for the savings account. Members with an eligible Premier checking account can qualify for the 4.30% Relationship annual percentage yield (APY). To qualify for this, you must meet one of the following criteria:
- Make $500 or more in purchases or payments using the HSBC debit card linked to your HSBC Premier Checking Account.
- Received $5,000 in direct deposits to the linked HSBC Premier Checking Account.
- Have an HSBC U.S. residential mortgage with an original loan of at least $500,000.
- Hold HSBC Premier Elite customer status.
Each month the eligibility requirements are met, your savings account will receive the Relationship APY the following month. Otherwise, the Standard APY (currently 0.05%) will apply.
Certificates of Deposit (CDs)
Certificates of deposit (CDs) are savings products that earn interest over a fixed period. They differ from savings accounts because you cannot withdraw money from them for the agreed-upon term period without paying fees or losing interest. All HSBC Premier customers are eligible to apply for a CD.
HSBC has three term options for its CDs — 6 months, 12 months, and 24 months. The rates are as follows:
- 4.25% APY for 6 months
- 4.85% APY for 12 months
- 4.25% APY for 24 months
When the term is over, HSBC offers a few options:
- You can automatically renew the CD balance for the same term length but at a new interest rate and APY, determined when the initial term is over and the CD has matured.
- You can renew the CD with the same conditions as above while adding money to the CD at the time of renewal.
- Call HSBC’s Customer Relationship Center during the grace period to change the CD term to discuss your options.
- A portion of the balance or the entire balance can be transferred to other HSBC deposit accounts during the grace period.
Global Money Account
The HSBC Global Money Account is a multi-currency account that allows HSBC members to manage their international finances from the Mobile Banking App. It currently supports the following:
- AUD (Australian Dollar)
- CAD (Canadian Dollar)
- EUR (Euro)
- GBP (Pound Sterling)
- HKD (Hong Kong Dollar)
- NZD (New Zealand Dollar)
- SGD (Singapore Dollar)
- USD (US Dollar)
The Global Money Account received funding from your linked HSBC checking or savings account. Then, when you’re ready to make a transaction, you choose the type of currency you want to use. The current exchange rate will apply to these transactions.
Home loans
HSBC Bank’s home loan options vary based on your relationship with the bank. HSBC account holders can qualify for different mortgage tiers based on their total balances.
Here’s a quick overview of the mortgage options:
HSBC Select Mortgage | HSBC Preferred Mortgage | HSBC Deluxe Mortgage | HSBC Elite Mortgage | HSBC Summit Mortgage | |
Down payment | 20% | 20% | 20% | 20% | 20% |
Maximum mortgage amount | $2 million | $3 million | $5 million | $5 million | $10 million |
Closing cost credit | $250 | $750 | $1,000 | $1,500 | N/A |
Other features | Family Assisted Financing | Family Assisted Financing; financing for international borrowers, investment property financing | Family Assisted Financing; financing for international borrowers, investment property financing | Family Assisted Financing; financing for international borrowers, investment property financing | Family Assisted Financing; financing for international borrowers, investment property financing |
Who qualifies? | Borrowers with no HSBC relationship or HSBC accountholders with combined balances of less than $10,000 | HSBC accountholders with combined balances between $10,000 and $75,000 | HSBC accountholders with combined balances between $75,000 and $1 million | HSBC accountholders with combined balances of $1 million or more | HSBC Private Banking members |
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Home equity lines of credit (HELOC)
In addition to its mortgage options, HSBC Bank offers a flexible line of credit called a HELOC. This product uses your home’s equity to provide a revolving line of credit that can be used for home repairs or other expenses. HELOCs usually offer lower rates than other financing options.
HSBC’s HELOC has no application fee, annual fee, or closing costs. Credit lines are available for up to $500,000. The bank also offers an autopay discount of 0.25% if you set up automatic payments from a Premier checking account.
Investment products
One of the greatest perks of banking with HSBC is having closer access to its investment products and wealth management services. There is a product for just about any need, including:
- Individual retirement accounts (IRAs)
- Mutual funds
- Annuities
- Fixed-income investments
- 529 Education Savings Plan
- Self-directed brokerage accounts
- Life insurance
Who is HSBC Bank best for?
International travelers
Whether you are a dual citizen or simply travel to other countries often for work or pleasure, HSBC is a great choice. It is one of the largest international financial institutions, serving 62 countries and territories. HSBC’s international banking services can make it easier to make global purchases and transfer money in different currencies.
People who are interested in investment products
HSBC Bank’s wide array of investment products can make developing a relationship with the bank worthwhile. The bank offers automated products that make keeping a balanced portfolio set to meet your goals easy. You can also work with one of HSBC’s Financial Professionals for direct support.
People who are seeking a premier experience
If you meet the qualifications, HSBC can deliver a premier banking experience that may be difficult to find elsewhere. This experience can include reduced or waived fees, exclusive discounts, and access to some of HSBC’s most valuable products and services.
Who shouldn’t use HSBC Bank?
People who want simple banking options
HSBC has a lot to offer, but unfortunately, none of those options are suitable for someone who just wants a simple checking and savings account.
People who only want a savings account
To open an HSBC Premier Savings Account, you must have a Premier checking account.
People who don’t intend to keep high balances in their accounts
You must meet the minimum balance requirements to get the most out of HSBC’s accounts. These minimums give you access to better interest rates and waived fees. You could pay high monthly maintenance fees if you don’t meet those requirements.
Pros and cons
Pros
- HSBC Bank offers international banking products and allows eligible members to use their bank accounts to transfer money in different currencies.
- Online banking and the HSBC Mobile App offer convenient access to accountholders in the U.S. or out of the country.
- HSBC Bank does not charge overdraft fees or ATM fees.
Cons
- HSBC’s minimum deposit and balance requirements can make its accounts unattainable for many Americans.
- Some of HSBC’s products are only available to those with an HSBC Premier Checking Account.
- Getting denied for an HSBC Premier Checking Account during the application process is possible.
Start saving in 3 simple steps
1. Use Capital One Shopping for Free. It takes seconds to add Capital One Shopping and works with all major browsers.
2. Shop as you normally do. Capital One Shopping's magic works quietly in the background, searching for discounts on your purchase.
3. Save effortlessly. Ready to save? Just click Capital One Shopping and the best deal discovered will be applied to your cart.
HSBC Bank vs. competitors
Checking accounts | Savings account APY | Other features | |
HSBC Bank | Yes — 1 account option | 0.01% - 4.50% | CDs; home loans; HELOCs; credit cards; investment products |
Bank of America | Yes — 3 account options | 0.01% – 0.04% | CDs; credit cards; home loans; auto loans; investment products |
Citibank | Yes — 4 account options | 4.45% | CDs; credit cards; home loans; personal loans; investment products |
Bank of America
Like HSBC, Bank of America has a strong international presence. These banks offer many of the same product categories, including investment products and home loans. However, there are many differences as well.
Bank of America’s checking account is more accessible than the HSBC Premier Checking Account. The bank offers student banking accounts without minimum deposit or balance requirements. Its highest checking account tier — Bank of America Advantage Relationship Banking — waives its $25 monthly maintenance fee if the account holder has a combined balance of $10,000.
In addition to being accessible to the average middle-class American resident, Bank of America offers a rewards program. The Preferred Rewards program offers interest rate discounts on loan products, higher APYs on savings accounts, and waived fees. To qualify for the rewards program, you must have an average three-month combined daily balance of $20,000. The rewards program has four tiers, and you can qualify for each tier based on a minimum daily balance requirement.
Overall, Bank of America is a strong option if you’re looking for a bank that can provide various financial products and services. Its rewards program can help you get the most out of your banking, and as your balance increases, so do the available opportunities. However, the average American can also benefit without worrying about being unable to meet the minimum requirements.
Citibank
Citibank has a strong U.S. presence in addition to being able to do business in nearly 160 countries. The bank can issue funds in 144 different currencies and has a physical presence in 95 countries. This can benefit Citi’s accountholders, whether you only occasionally travel for vacation or do international business travel regularly.
One of the best things about Citibank is its wide variety of checking and savings account options. Basic banking checking accounts have a low monthly maintenance fee of $12. This fee can also be waived if you maintain a minimum balance of $1,500 in the account. Qualifying members can also access the higher-end, more exclusive accounts, providing access to travel perks and on-demand investment guidance.
There are multiple savings accounts offered by Citibank as well. The standard rate for the lowest-tier account is 0.05% APY, with its Citibank Accelerate at 4.45%. Citibank also offers promotional interest rates often.
Citibank might be best known for its credit cards. Its offerings include balance transfer cards, travel cards, and 0% intro APR cards. Citibank is a good option if you’re looking for a bank that can provide affordable checking and savings account options and rewards cards.
FAQs
What is a high-yield savings account?
A high-yield savings account is a savings account that allows account holders to earn a much higher rate than the national average of a standard savings account. You may be able to find a high-yield savings account from your current bank, or you might consider seeking out a new account from a new-to-you bank. When choosing a high-yield savings account, you should check to see if the account is FDIC insured. Most accounts you consider should be insured, but if you’re considering an option from a non-bank financial institution, you might need to be more specific in your search. You might also want to compare fees and minimum balance requirements.
Should your bank accounts and credit card be from the same bank?
While you can get your bank accounts and credit cards from the same bank, it’s unnecessary. Establishing a good relationship with a bank might help you get access to better rates and promotions. Still, the biggest benefit is really the convenience of managing your accounts in the same place.
What if I don’t make enough to keep up with an HSBC Premier account?
If the HSBC Premier accounts aren’t right for you, there’s no need to worry. You can explore HSBC Bank’s other products to see if any of them are a good fit for you. There are also plenty of other options to choose from if you’re looking for a simple checking and/or savings account.
The bottom line
HSBC Bank can be a great option if you’re looking for a high level of rewards. That being said, it is not the right fit for everyone. While the bank used to offer simple checking accounts, as of 2023, it only offers Premier accounts. These accounts have more requirements and, in most cases, require a higher volume of money to get the most out of the banking relationship.
One of the biggest benefits of working with HSBC is its international banking access. Its online banking is helpful whether you’re sitting on the couch at home or traveling to the other side of the world. An HSBC account might help you save on fees and transfer currencies easily if you're a frequent traveler.
If you’re unsure if HSBC suits you, contact the bank’s customer service support team. You can also start the online application process for the HSBC Premier Checking Account. During the application, you’ll see what some of the requirements are and find out whether you can qualify.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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