July 31, 2018

HSBC Premier Checking Review

Read more about HSBC Bank
This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. (read more)

Are you looking for a checking account that does more than allow you to write checks? If you are a high net worth individual, the HSBC Premier Checking account may be what you need. This top-of-the-line checking account offers access to a personal Relationship Manager.

© CreditDonkey

    HSBC Bank

    HSBC Premier Checking

    • Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.
    • Open your new HSBC Premier checking account online by November 2, 2018; and
    • Deposit a minimum Qualifying Balance of $100,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
    • Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
    • You will automatically receive the $750 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
    • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
    Expires 11/2/2018

HSBC is one of the largest banks in Europe, but it also has a large presence in the United States as well.

They offer personal and business accounts that cater to individuals just starting out as well as high net worth individuals looking for more out of their bank accounts.

If you're considering opening a personal checking account, you must check out these promotions.

How It Works

The HSBC Premier Checking account is the top dog at HSBC. It's a checking account with check writing privileges and an HSBC Debit Mastercard. It also offers online bill pay and access to HSBC ATMs throughout the world.

In order to use this account, though, you need at least $100,000 in the account. That's why we said it's for high net worth individuals. In exchange for this large balance, you get things like:

  • Priority customer service
  • ATM access even when there isn't an HSBC ATM nearby
  • Access to the best interest rates on a variety of other programs
  • Financial support while traveling abroad
  • Unlimited check writing privileges

To start, check out the latest promotions.

Why We Like HSBC Premier Checking

  • You may be provided with a personal Relationship Manager. Your Relationship Manager can help you reach financial goals, set up other accounts, or make financial decisions.

  • You have access to customer support representatives 24/7. Customer service around-the-clock can be a valuable service when you find yourself pouring over your financial statements during non-business hours. Not only do you have 24/7 access, though—you also get priority service, which means shorter hold times.

  • You may be able to use non-HSBC ATMs and get the fees reimbursed. If you use a non-HSBC ATM, HSBC will credit your account for the third-party surcharges on the first of the month following the fee. For this account, there is no limit to the number of refunds you can get.

  • You'll receive an HSBC Premier Savings account along with your checking account. This savings account offers the highest interest rates out of the other products that HSBC offers. The money you have in this account can count towards the $100,000 minimum you must carry in your account. Plus you get the bonus of having both your checking and savings in one place.

  • You can use your account in other countries. You may even be able to avoid foreign transaction fees with your HSBC Debit Mastercard. HSBC also offers emergency financial support at any of their HSBC branches located around the world.

  • You may qualify for the best mortgage rates through HSBC. As a Premier Checking account holder, you may qualify for lower mortgage rates than other clients, assuming you have the credit to qualify for it.

  • You may qualify for closing cost credits on your mortgage through HSBC. For its best customers, HSBC offers $1,500 in closing cost credits. The amount you receive may vary based on your qualifications.

  • You can earn interest on your checking account. It won't make you rich, but any interest on a checking account is better than nothing. It may help offset the money you lose by having your funds sit in a checking account rather than being invested.

  • You can write an unlimited number of checks. Some checking accounts limit the number of checks you write per month. If you go over that amount, you may have to pay a per-check fee. With the Premier Checking account, you won't run into this issue.

  • You can use your commercial accounts to help you reach the minimum $100,000 balance. If you own a business, the balance in those accounts also helps you achieve Premier status and reap the benefits of this program.

Reasons You May Want to Look Elsewhere

  • You need a minimum balance of $100,000 to avoid the monthly fee. If your combined balance between HBSC deposit and investment accounts is less than $100,000 for any given month, you'll pay a $50 monthly service fee. $50 can be rather costly to let your money just sit in a checking account when you could choose to invest it elsewhere.

  • You have to pay $25 to close your account. If you decide to close your account at some point, you may have to pay to close it.

  • You aren't a high net worth individual. If it's a struggle for you to come up with $100,000 that you can leave untouched, even combined between several accounts, this isn't the account for you. Without that minimum, it could cost you $600 a year just for the benefits.

If you're considering a bank account with a smaller minimum deposit, you should check out the HSBC Advance Checking. Read our in-depth review.

How It Compares

HSBC Advance Checking

    HSBC Bank

    HSBC Advance Checking

    • Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities.
    • Open your new HSBC Advance checking account online by November 2, 2018; and
    • Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
    • Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
    • You will automatically receive the $350 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.
    • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
    Expires 11/2/2018

HSBC Advanced Checking requires a minimum balance of $10,000 to waive the monthly service fee and earn interest. HSBC offers up to four refunds of payment for the use of non-HSBC ATMs per month, and special access to lower interest rates on mortgages with HSBC.

Citi Gold
Citi Gold requires a minimum combined balance of $200,000 in deposit and investment accounts. In exchange for this large balance, you'll have access to a Citigold Relationship Manager, refunds for fees paid for non-Citi ATMs, and preferred pricing on loans and lines of credit.

Common Questions

  • Is HSBC Premier Checking safe?
    Your deposits are protected by FDIC insurance with HSBC. They also offer a $0 Liability Online Guarantee. This helps protect you should you have unauthorized transactions on your account, and you may not be responsible for the charges. HSBC also uses two-factor authentication to help keep your accounts safe.

  • Where is HSBC located?
    HSBC has 230 locations throughout the United States. They are mostly located on the East and West Coasts. In total, HSBC has 3,900 offices throughout the world.

  • Does HSBC have mobile banking?
    Yes, HSBC has a mobile app, which you can download on your Apple or Android device. The app allows you to conduct your banking business as you would online from anywhere that you have an internet connection.

Bottom Line

If you are a high net worth individual, the HSBC Premier Checking account may be worth checking out. If you don't easily have $100,000 sitting in a liquid account, though, there are other checking account options you can use that provide the benefits without the cost.

    HSBC Bank

    HSBC Premier Checking

    • Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.
    • Open your new HSBC Premier checking account online by November 2, 2018; and
    • Deposit a minimum Qualifying Balance of $100,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
    • Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
    • You will automatically receive the $750 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
    • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
    Expires 11/2/2018

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

Disclaimer: This content was first published on July 31, 2018. Information including rates, fees, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check the bank's website for updated information.

More from CreditDonkey:


How to Save $100,000


How to Invest $100k


Best Online Savings Account

More Articles in Reviews

    HSBC Bank

    HSBC Premier Checking

    Expires 11/2/2018
    HSBC Bank

    HSBC Direct Savings - 2.01% APY

    CIT Bank

    Open a Savings Builder High Yield Savings Account and Get a 2.15% APY. Terms Apply


October
22
2018

SunTrust Bank Review

Do you care about more than interest rates when looking for a new bank? If customer service ranks high on your list, SunTrust Bank may be one you want to check out. While they offer interest rates comparable to most "big banks," they do offer ...
More Articles in Reviews

Next Page:







About CreditDonkey®
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the card offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.