Updated November 1, 2023

HSBC Bank Review

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HSBC Bank offers a global banking account ideal for those who live and work overseas. Is it right for your needs? Read on for the pros and cons.

Pros and Cons

  • Global presence
  • Transfer money globally
  • Priority customer service
  • Limited US presence
  • High account minimums

Bottom Line

Full-service global bank ideal for high net worth expats and travelers

HSBC is one of the largest banks in the world, with physical branches all over the globe.

It's a good choice if you live, work, or frequently travel overseas. You can transfer money quickly and for free between your global HSBC accounts. Plus, you get support at any HSBC branch.

HSBC has significantly reduced its US presence. Is it still worth considering?

Read on for the full review.

What is HSBC Bank

With over 150 years of history, HSBC is one of the world's largest financial institutions. It serves over 40 million customers in 63 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.

It has nearly 4,000 branches in the most popular countries like UK, Hong Kong, Singapore, UAE, Australia, and tons more.

If you live and work between two or more countries, HSBC helps you stay connected. Its mission is to open up "a world of opportunity." You get access to comprehensive international banking and investment solutions.

It offers a full range of services and products, including:

Who is HSBC Bank Best for

HSBC Bank could be right for you if you:

  • Live, work, study, or buy property abroad
  • Frequently transfer money between accounts in different countries
  • Are a relatively high net worth individual and can meet the minimum requirements

HSBC Premier Checking Account

HSBC only offers one checking account - HSBC Premier Checking. It's designed for high net worth individuals who need global banking access.

Just some of the benefits include:

  • See all your accounts in one place with a single login
  • Free money transfers between your global HSBC accounts
  • No foreign transaction fee for debit card purchases
  • No US HSBC ATM fees or at 55,000+ Allpoint ATMs
  • Access to a Global Money Account that lets you hold, convert, and send money in 8 different currencies
  • Priority service for all your financial needs
  • Transfer your US credit history

The unique thing about it is that you can open accounts in countries where you live or work. You get access to all your accounts in one place and can easily transfer money between them in just seconds.

Once you're a Premier client, you'll have Premier status and privileges around the world.

But this isn't the only checking account to consider. Here are the best bank promotions.

Compare Checking Account Promotions

Eligibility and How to Waive the Monthly Fee

$50 monthly maintenance fee, unless eligibility criteria is met: For Premier checking accounts opened before August 29, 2024, maintain:

  • Balances of $75,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts; OR
  • Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s); OR
  • HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000, not an aggregate of multiple mortgages. Home Equity products are not included.

For Premier checking accounts opened on or after August 29, 2024, maintain:

  • Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts; OR
  • Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s); OR
  • Any HSBC U.S. residential mortgage loan serviced by HSBC. Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included.

Other Banking Fees

In exchange for the high account requirements, HSBC waives a lot of the common banking fees.[1]

There are:

  • No overdrafts / insufficient funds fee
  • No outgoing or incoming wire transfer fees
  • No ATM fees at US HSBC or Allpoint ATMs
  • No foreign transaction fees on the Premier debit or credit card
  • No stop payment fee
  • No fees for cashier checks

HSBC will also refund up to 5 third-party ATM fees per month within the US.[2]

Some fees you may encounter are:

  • ATM fees charged by the operator for HSBC ATMs outside of the US
  • Incoming wire transfer fee charged by non-HSBC financial institutions

HSBC Savings Accounts

HSBC offers two different savings accounts. Both of those require you to first have a Premier Checking Account.[3]

They work a little differently. Here's how they work:

  • Premier Savings
    This is a tiered account, where you can earn a higher APY with a higher balance. Your rate only depends on your balance tier, so there's no qualification criteria. But the APY isn't very high.

  • Premier Relationship Savings
    This account gives you the opportunity to earn a high Relationship APY. You must link your eligible Premier Checking Account and meet one of the following requirements:

    • Spend $500 on your debit card each month
    • Receive $5,000 in direct deposits each month
    • Have a $500,000 HSBC US residential mortgage

    Your rate only depends on whether you meet the criteria. If you don't meet one of the requirements in a month, you'll receive the standard interest rate the following month.

See HSBC's current savings rates.

HSBC Certificate of Deposit

With a Certificate of Deposit, you must leave your money in the account for the entire term, or you'll incur a penalty. You get a locked-in interest rate for the whole term. The minimum required to open an account is $1,000, and there are no service fees.[4]

HSBC offers 3 term CDs: 6-month, 12-month, and 24-month. The longer the term, the higher the APY.

Wealth Management Services

HSBC also offers a full range of investment services. Their Financial Professionals can help you with anything - from developing an investment strategy to saving for college.

Just some of the services include:

  • Financial goal planning. A holistic financial review to help you meet both current needs and future goals
  • Retirement planning. No matter what age you start, HSBC can help design a personalized retirement plan
  • Living in retirement. Once you are retired, HSBC can help plan how to spend and invest your savings so you have enough to take you through the golden years
  • Education planning. HSBC offers tax-advantaged investment solutions specifically for college savings
  • Self directed brokerage account. Trade stocks, ETFs, mutual funds, and other securities with full control
  • Managed portfolio. HSBC Wealth Track is a managed investment advisory service that will automatically invest for you based on your goals and risk level

Retirement Accounts

HSBC offers the following types of retirement accounts:[5]

  • Traditional IRA
  • Roth IRA
  • SIMPLE IRA
  • SEP Retirement Plans
  • 401(k) Retirement Plan
  • 403(b) Retirement Plans

For IRAs, you can choose between a self-directed or a managed account. The IRA has no maintenance or termination fee if you are an HSBC Premier client. For all others, the annual service fee is $50.[6]

Lending Services

HSBC also offers a range of loans, including:

  • Home mortgages
  • Home equity line of credit
  • Mortgage refinancing
  • Personal loans

If you have an HSBC Premier relationship, you can be eligible for lower loan rates.[7]

Customer Service

Money matters can get tough when you're living in between countries. Luckily, you can get support at HSBC branches worldwide.

Whether you're moving to new country, buying property abroad, investing overseas, or need emergency financial support, their local experts can guide you through it.

You also get a Relationship Manager who can help with all services HSBC offers. If you need help with anything, they can help you find the right product for your needs and connect you to an expert.

Plus, HSBC Premier banking customers get priority financial support 24/7 via phone. So no matter where you are in the world, you can reach someone if you have a problem.

Reasons to Bank With HSBC

  • New customer bonuses. HSBC often offers high cash bonuses to new customers for opening a new checking account (and meeting certain requirements). It's worth it to wait until a bonus offer comes out. Check out the list of current HSBC promotions.

  • Global banking access. HSBC is a global bank operating in 63 countries. You can access all your accounts in one place from anywhere in the world. And you can transfer funds for free to your global HSBC bank accounts.

  • International support. You can get help from any HSBC branch worldwide. So if you live, work, or travel abroad, it's nice to know that you'll still have your bank nearby.

  • No ATM withdrawal fees worldwide. You can use the debit card to access ATMs globally, most with no withdrawal fees. However, the ATM operator or network may charge a fee for ATMs located outside the U.S.[8]

    In addition, HSBC is part of the Allpoint ATM network. So you also get free access to 55,000+ Allpoint ATMs. They're at convenient locations like local grocery stores, 7-Elevens, and retailers.

  • Potential for better loan rates. If you have a Premier checking account, you may be eligible for preferred loan rates or special financing options. If you're planning to take out a mortgage or need a personal loan, this can come in handy.

Reasons to Look Elsewhere

  • Very limited US presence
    HSBC only has 20 - 25 physical locations in the US repurposed into international wealth centers. If your US home isn't near a HSBC, you'll have to be okay with banking without a branch nearby.

  • Higher account requirements
    The HSBC Premier Checking Account has higher requirements to waive the monthly maintenance fee.

  • Limited services in some countries
    Not all banking features are available in all the countries. And not all countries will let you transfer your credit history or open an overseas account online.

    It's best to talk to a HSBC rep to find out exactly what features will be available to you in your destination country.

Who Can Open an HSBC Account

To open an HSBC banking account, you must:[9]

  • Be 18 years of age
  • Have a Social Security number
  • Have a U.S. mobile number
  • Have a current U.S. residential address and lived in the US for at least one year

Foreigners and non-residents can apply for a HSBC Premier account in the U.S. if you:[10]
  • Have an HSBC relationship in another country
  • Are working for a significant time in the U.S.
  • Are a student or plan to be a student in the U.S.
  • Own property or plan to own property in the U.S.

How It Compares

HSBC vs Citibank:
Citibank is also known for its premium checking accounts. The company operates in over 160 countries, though not all of them may have a banking presence.

It has a much larger domestic footprint with over 600 branches. So it could be a better choice if you're mainly located in the US. It has a variety of Citi checking promotions to choose from, including a basic banking account. Whereas HSBC only offers a premium account.

HSBC vs Bank of America:
Bank of America is one of the largest banks in the US with thousands of ATMs and financial centers throughout the nation. It's more designed for the average American, whereas HSBC is for high net worth folks.

It offers a flexible checking account with 3 distinct account options. You can switch between these accounts as your life needs change. The requirements to waive monthly fees are much lower.

Bank of America does have a global presence, but not for consumer banking. You can use your debit card overseas for purchases and ATM withdrawals, but there will be additional fees.[11]

HSBC vs Charles Schwab:
Charles Schwab is a big name among investment brokerages. It also offers online checking and savings with no service fees or account minimums. However, the interest rates are low.

The good thing about their checking account, though, is that it refunds all ATM fees worldwide.[12] Plus, the debit card has no foreign transaction fee, so it's great for travelers.

Charles Schwab's main business is investment. It offers both self-directed and a managed portfolio. The unique thing about the managed portfolio is that there is absolutely no management fee, and you only need $5,000 to open.[13]

Compare Bank Promotions:

You might also consider:

Bottom Line

HSBC is a huge global bank with a solid reputation. It could be for you if you have international banking needs. High net worth individuals also have more of an incentive with premium service and better loan rates.

However, just make sure that you can meet the checking activity/balance requirements, or you'll pay a monthly service fee.

References

  1. ^ HSBC Premier Terms & Charges Disclosure. Retrieved 8/22/22
  2. ^ HSBC ATMs. Retrieved 8/18/22
  3. ^ HSBC. Savings accounts, Retrieved 8/27/2022
  4. ^ HSBC. Certificates of Deposit (CDs), Retrieved 8/27/2022
  5. ^ HSBC Securities (USA) Inc. What types of accounts does HSBC Securities offer? , Retrieved 5/10/2022
  6. ^ HSBC Securities (USA) Inc. HSBC Securities Commission and Fee Schedule: Retirement Accounts, Retrieved 5/10/2022
  7. ^ HSBC. Personal Loans, Retrieved 8/27/2022
  8. ^ HSBC. Are there any fees for using an ATM? , Retrieved 5/10/2022
  9. ^ HSBC. Open HSBC Account, Retrieved 8/27/2022
  10. ^ HSBC. Can I open an HSBC U.S. account if I am not a U.S. Resident or U.S. Citizen?, Retrieved 8/27/2022
  11. ^ Bank of America. International ATM Partners, Retrieved 8/27/2022
  12. ^ Charles Schwab. Do I pay ATM fees?, Retrieved 8/27/2022
  13. ^ Charles Schwab. Investment Management Fees and Minimums, Retrieved 5/10/2022
HSBC Bank
Member FDIC

HSBC Premier - Earn Up to $2,500

Expires 11/22/2024
Start an HSBC Premier relationship today. You'll enjoy premium banking with both local and global benefits and access to wealth solutions offered through HSBC Securities, (USA), Inc*.

You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities.

  • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
  • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months.
  • Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements.
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 10/16/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

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Note: This website 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. You do not have to use our links, but you help support CreditDonkey if you do.

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