Updated May 11, 2022

HSBC Bank Review: Is It Good?

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HSBC Bank offers a full array of services for different needs. But there are downsides. Read on for the pros and cons.

HSBC Promotion
HSBC Premier Checking - $500 Welcome Deposit

Overall Score




Customer Service

5-point scale (the higher, the better)

Pros and Cons

  • Global presence
  • Not in every state

Bottom Line

Large full-service global bank

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

Let's go over what you can get with HSBC.

Products Offered

HSBC is a full-service bank offering a range of services and products, including:

HSBC Checking Accounts

HSBC checking account offers a HSBC Debit Mastercard, free access to HSBC ATMs worldwide, free online and mobile banking, and optional overdraft protection.

  • HSBC Premier. This is best for high net worth individuals who need global access. You get a Relationship Manager who can help with all services HSBC offers. There is no foreign transaction fee for purchases made with the debit card.

    There is a $50 monthly service fee that can be waived if you maintain a combined balance of $75,000 in deposit and investment accounts.

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

Compare Checking Account Promotions

Bank Promo LinkPromoReview
HSBC Premier Checking$500Review
Chase Total Checking®$200 BonusReview
Chase Business Complete Banking℠$300 BonusReview
TD Beyond Checking$300 CashReview
TD Convenience Checking℠$150 CashReview
Chase Secure Banking℠$100 BonusReview
BMO Harris Premier™ Account$350 Cash BonusReview
BMO Harris Smart Advantage™ Account$200 Cash BonusReview
BMO Harris Smart Money™ Account$200 Cash BonusReview
Huntington 25 Checking®$300 BonusReview
Huntington 5 Checking®$200 BonusReview
Huntington Asterisk-Free Checking®$150 BonusReview
Huntington Business Checking 100$100 BonusReview
Huntington Unlimited Business Checking$400 BonusReview
Huntington Unlimited Plus Business Checking$750 BonusReview

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.

HSBC offers 3 term CDs: 6-month, 12-month, and 24-month. The APY is decent, but not the highest on the market.

Investment Services

HSBC also offers investment services. Their financial professionals can help you develop an investment strategy best for you. Some options include:

  • Self-Directed: HSBC offers a range of products, including stocks, ETFs, options, no load mutual funds, and fixed-income securities. There is no fee to open.

  • HSBC Spectrum: Choose between 5 asset allocation models. Financial professionals can help you choose the best one for your goals and risk tolerance. The minimum investment required is $25,000.[1]

  • Managed Portfolio: An investment advisor will help you customize a portfolio and come up with the best asset allocation for you. The minimum investment required is $250,000.

Retirement Accounts

HSBC offers the following types of retirement accounts:[2]

  • Traditional IRA
  • Roth 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.[3]

Reasons to Bank With HSBC

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  • 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 access. HSBC is a global bank operating in 64 countries across Europe, Asia, North America, the Middle East and Egypt. So if you travel often, it's nice to know you can still find your bank overseas. This makes it easier to withdraw from ATMs and get emergency financial support if you need it.

  • 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.[4]

  • 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 line of credit, this can come in handy.

  • Overdraft protection. Checking account comes with an optional overdraft protection feature. You can get a personal line of credit that allows you to borrow money as you need it (up to your available credit limit). If you accidentally overdraft your checking account, this line of credit can be used to cover it.

Reasons to Look Elsewhere

  • Fees. HSBC's Premier checking account comes with some pretty steep fees. There is a monthly service fee, unless you can meet direct deposit and/or balance requirements.

    If you want to avoid fees, there are online checking accounts that are completely free to maintain.

  • Interest rates are not competitive. If you have a lot of money to park in a bank, other online banks offer better deposit rates, so your money can grow faster.

How It Compares

Ally Bank: Ally Bank is a completely online bank. The good thing about this is that since online banks have low overhead, there are no service fees at all and interest rates are high. The downside is that there are no physical branches to do banking business. There is also no worldwide presence.

Ally Bank provides some of the highest rates on the market for their deposit accounts. It offers a full breadth of services, including checking, savings, CDs, IRA, and investment accounts. If you're looking for high interest rates and don't mind web-banking, then it's best to go with an online bank. Ally's investment services also offer either self-directed investing or a managed service.

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. 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.[5]

Compare Bank Promotions:

You might also consider:

Bottom Line

HSBC is a huge bank with a solid reputation. It could be for you if you're looking for a bank with a huge global presence. 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.


  1. ^ HSBC Securities (USA) Inc. Asset allocation, Retrieved 5/10/2022
  2. ^ HSBC Securities (USA) Inc. What types of accounts does HSBC Securities offer? , Retrieved 5/10/2022
  3. ^ HSBC Securities (USA) Inc. HSBC Securities Commission and Fee Schedule: Retirement Accounts, Retrieved 5/10/2022
  4. ^ HSBC Bank USA, N.A. Are there any fees for using an ATM? , Retrieved 5/10/2022
  5. ^ Charles Schwab. Investment Management Fees and Minimums, Retrieved 5/10/2022
Member FDIC

HSBC Premier Checking - $500 Welcome Deposit

Expires 6/30/2022
  • Receive a $500 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online, using this offer page, by June 30, 2022.
  • Make recurring Qualifying Direct Deposits totaling at least $10,000 per month from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $500 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.

Citi Priority Account - Up to $1,500 Cash Bonus

Expires 7/17/2022
  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 1/5/22-7/17/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 7/20/2022
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • 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℠: $0 overdraft fee when you overdraw your account $50 or less*

*We won't charge an overdraft fee if you are overdrawn $50 or less at the end of the business day. Chase may pay, for a $34 fee, overdraft transactions at our discretion based on your account history, deposits and transaction amount. If you've enrolled in Debit Card Coverage, everyday debit card purchases like groceries, may be approved at our discretion when you don't have enough money in your account.

CIT Bank
Member FDIC

Money Market Account - Get a Year of Amazon Prime

To get your year of Amazon Prime ($139 cash value):
  • Open a new Money Market account using promo code AMZN22.
  • Fund your account with $15,000 within 15 days.
  • Keep a minimum balance of $15,000 for 60 days.
After 60 days, if you've fulfilled the requirements, CIT will send you an email with your Prime membership code. Existing Amazon Prime members can use the one year of Amazon Prime to renew their membership for an additional year. Limit one Money Market promotion per account and per customer. Conditions apply. See advertiser website for details.
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code CY222 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 06/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 6/15/2022

Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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.

This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.

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How to Open a HSBC Account

HSBC is one of the largest banks in the world, with physical branches all over the globe. It focuses on banking and wealth management services for international high net worth clients.

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