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Discover Bank vs HSBC Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to HSBC? Read our comparison chart below.

Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.

While HSBC is a large multi-national bank and offers several checking accounts for different needs. HSBC Direct is the online banking operation and offers high interest savings for just $1 minimum deposit with no service fees.

Compare Discover Bank with HSBC, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Discover BankHSBC Bank
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Discover Bank

HSBC Bank

SPECIAL OFFER
Online Savings Account - Earn 1.01% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
HSBC Advance Checking - Up to $240 Cash Bonus - Learn More

Read HSBC Review

 

Benefits and Features

Savings
1.01% APY
HSBC Direct Savings: 1.01% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking.
CD0.25% to 1.15% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.90%. Minimum deposit of $2,500 to open.0.60% to 0.70% APY. Terms of 6 months, 1 year, or 2 years. 12-month CD APY of 0.70%. Minimum deposit of $1,000 to open.
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each monthBasic Banking: no minimum requirements; $1 monthly service fee
Choice Checking: $15 monthly service fee waived if you set up direct deposit OR maintain a minimum monthly balance of $1,500
Advance Checking: $25 monthly service fee waived if you maintain a minimum monthly balance of $5,000 in combined HSBC deposit and investment accounts.
Premier Checking: $50 monthly service fee waived if you maintain a minimum monthly balance of $75,000 in combined HSBC deposit and investment accounts.
Money Market0.85% APY under $100,000; 0.90% APY $100,000 or more. $2,500 minimum deposit. 
Customer Service
24/7
24/7
ATMs
Over 60,000 no-fee ATMs
Any HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates.
IRA CD12-month CD APY of 0.90%. 24-month CD APY of 1.01%. 5-year CD APY of 1.15%. 
Locations
Online Only
HSBC - 240+ branches, mostly on the West and East coasts
HSBC Direct - online only
 

CreditDonkey® Reviews

 Discover BankHSBC Bank
Savings
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • Global presence
  • High online savings APY
Cons:
  • Not in every state
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewLarge full-service global bank... Read full review
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What Others View

    Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

    Discover Bank: Pricing information from published website as of 5/29/2020

    HSBC: Information including rates, fees, terms, and benefits was obtained on May 4, 2020 from published websites and is believed to be accurate, but not guaranteed.

    Which is Better: Discover Bank or HSBC?

    Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.

    In short: Discover Bank's customer service is outstanding.


    Articles on Discover Bank


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