HSBC Bank Review: Is It Good?
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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.
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Overall Score | 3.7 | ||
Savings | 4.0 | ||
CD | 4.5 | ||
Checking | 3.0 | ||
Customer Service | 4.0 | ||
Mobile App | 3.0 | ||
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:
- Global Checking Account
- Savings Accounts
- Wealth Management Services
- Lending Services
- International Customer Service
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
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 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℠ - no overdraft fee 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*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Rewards Checking - Up to 1.25% APY
- Use the promo code RC100 when you apply for a Rewards Checking account by 3/31/2023. Then have qualifying direct deposit(s) to earn a $100 welcome bonus!
- Up to 1.25% APY
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
- Only $50 to open an account
TD Beyond Checking - $300 Cash Bonus
- Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
- Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- Get overdraft fees automatically reversed up to two times a year.
- Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
- TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
Albert Cash - $150 Bonus
To be eligible for bonus, receive a qualifying direct deposit of at least $500 within 45 days of sign up and every 30 days for 90 consecutive days. Spend at least $200 on qualifying goods and services with your Albert debit card every 30 days during the same 90-day period. All criteria must be fulfilled within 150 days of joining Albert. Terms apply. See app for details.
Albert is not a bank. Banking services provided by Sutton Bank, Member FDIC. Albert Savings accounts are held for your benefit at FDIC-insured banks, including Coastal Community Bank, Axos Bank, and Wells Fargo, N.A.
OneCard with Rewards Checking - $400 Bonus
- 3% cash back on everyday expenses (up to $500 in rewards per calendar year); 2% on everything else
- No annual fee, no late fees, no foreign transaction fee
- Choose to Pay Now with no interest, or Pay Later
- $400 bonus when you also open a new Upgrade Rewards Checking account and make 3 debit card transactions within 60 days
BMO Harris Smart Advantage™ Account - $200 Cash Bonus
Open a new BMO Harris Smart Advantage™ Account online and get a $200 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO Harris personal checking customers (including signers on joint accounts) or those who have closed a BMO Harris personal checking account within the past 12 months. Conditions apply.
U.S. Bank Smartly™ Checking and Standard Savings - Up to $600 Bonus
- Enroll in online banking or the U.S. Bank Mobile App
- Complete two or more direct deposits of $3,000 to $5,999.99 to earn $200 or $6,000 or more to earn $400.
- Earn an additional $200 when you open a new Standard Savings account, complete deposit(s) of $25,000 or more February 28, 2023 and maintain a total account balance of $25,000 until May 31, 2023.
Personal Checking Account - $325 Bonus
Open an eligible Fifth Third Checking account. Have direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
Eligibility and How to Waive the Monthly Fee
To be eligible for an HSBC Premier Checking account, you must fulfill one of the following requirements:
- Maintain at least a combined balance of $75,000 in deposit and investment accounts
- Have recurring direct deposits from a third party totaling at least $5,000 to HSBC Premier checking account every month
- Have any HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
There is a $50 monthly service fee if the requirements are not met.
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.
- Spend $500 on your debit card each 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
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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 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. You need either $75,000 in combined balance or $5,000/month in monthly direct deposits. - 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
- 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, a CreditDonkey partner, 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 700 branches. So it could be a better choice if you're mainly located in the US. It has a variety of checking packages to choose from, including a basic banking account. Whereas HSBC only offers a premium account.
If you also live/work overseas, you can get the premium Citigold® Checking account with the International Account Package. It offers global banking plus personalized financial advice and wealth management services.
This account has higher requirements than the HSBC Premium Account. You need $200,000 in combined balances to qualify.
HSBC vs Bank of America:
Bank of America is one of the largest banks in the US with over 4,300 branches 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 settings. You can switch between the settings 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]
- Chase coupon for National Bank
- Discover Bank offer code for Checking
- Citibank promotions for Checking + Savings
You might also consider:
Citi Priority Account - Earn up to $2,000 Cash Bonus
Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities. Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds. Maintain a minimum balance for 60 consecutive calendar days from the 21st day. If your balance falls to a lower tier at any point during the maintenance period, the bonus changes. Bonus will be paid within 30 days after you successfully complete all required activities.
| Balance Levels | Maximum Bonus |
|---|---|
| $10,000 - $29,999 | $200 |
| $30,000 - $74,999 | $500 |
| $75,000 - $199,999 | $1,000 |
| $200,000 - $299,999 | $1,500 |
| $300,000 and above | $2,000 |
Chase Secure Banking℠ - $100 Bonus
- New Chase checking customers enjoy a $100 checking account bonus when you open a Chase Secure Banking℠ account with qualifying transactions. Open online or at any Chase branch.
- Set up direct deposit and you may get your money up to two business days early - exclusively for Chase Secure Banking℠ customers.
- No minimum deposit to open an account and get started.
- No overdraft fees with a Chase debit card that helps you stay within your balance.
- Get more for your money. Chase Secure Banking℠ customers told us they save an average of $50 a month on fees after opening their account.
- No paper checks to track and no Chase fees on money orders or cashier's checks.
- Pay bills, cash checks and send money with Zelle® all for a $4.95 monthly service fee.
- Bank from anywhere with access to more than 16,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app and Chase Online℠.
Chase Business Complete Banking℠ - $300 Bonus
- Earn $300 when you open a new Chase Business Complete Checking℠ account. For new Chase business checking customers with qualifying activities.
- Multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
- Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
- Same-day deposits with QuickAccept. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
- Alerts to help you stay on top of your account activity.
- Easy account management through Chase Business Online and the Chase Mobile® app.
- Unlimited electronic deposits, ACH and Chase QuickDeposit℠
- Convenient access to more than 16,000 ATMs and more than 4,700 branches.
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
- ^ HSBC Premier Terms & Charges Disclosure. Retrieved 8/22/22
- ^ HSBC ATMs. Retrieved 8/18/22
- ^ HSBC. Savings accounts, Retrieved 8/27/2022
- ^ HSBC. Certificates of Deposit (CDs), Retrieved 8/27/2022
- ^ HSBC Securities (USA) Inc. What types of accounts does HSBC Securities offer? , Retrieved 5/10/2022
- ^ HSBC Securities (USA) Inc. HSBC Securities Commission and Fee Schedule: Retirement Accounts, Retrieved 5/10/2022
- ^ HSBC. Personal Loans, Retrieved 8/27/2022
- ^ HSBC. Are there any fees for using an ATM? , Retrieved 5/10/2022
- ^ HSBC. Open HSBC Account, Retrieved 8/27/2022
- ^ 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
- ^ Bank of America. International ATM Partners, Retrieved 8/27/2022
- ^ Charles Schwab. Do I pay ATM fees?, Retrieved 8/27/2022
- ^ Charles Schwab. Investment Management Fees and Minimums, Retrieved 5/10/2022
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 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℠ - no overdraft fee 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*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
CIT Bank Savings Connect - 4.05% APY
- Earn 12x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
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, in the Discover App or by phone. Enter Offer Code CY323 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 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
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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