HSBC Bank Review

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.

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.

Member FDIC

HSBC Premier

Start an HSBC Premier relationship when you open a Premier checking account

• Easily open an account online, from the comfort of your home.
• Manage your banking needs across different time zones, with 24/7 support.
• Manage your money around the world - from global transfers to multi-currency needs.
• New to the U.S.? Build your U.S. credit history with one of our credit cards. Or, if you're buying a new home, you can use your international credit history to apply.
• Go beyond banking with special offers, referrals for tax advice, relocation services, and more.

Includes products and services offered by HSBC Securities (USA) Inc.

• Global opportunities: We provide market views and insights from around the world to help you make more informed investment decisions.
• Wealth products, insights and advice from an HSBC Wealth Relationship Manager
• Investment support: Your HSBC Wealth Relationship Manager is available to discuss your portfolio and financial goals

Click Here to Learn More

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

Compare Checking Account Promotions

Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

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Expires 6/30/2025

• The $300 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 06/30/2025.
• 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.
• *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
• Bank of America, N.A. Member FDIC.

Member FDIC

Chase Total Checking® - $300 Bonus

Open an Account

Expires 7/16/2025

• New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking^® account with qualifying activities
• Chase Mobile^® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere.
• 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*
• Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
• Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
• With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
• Open your account online now
• Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.

Member FDIC

Discover® Cashback Checking - Up to $30/Month Cashback

Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.

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Wells Fargo Everyday Checking Account - $325 Bonus

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Expires 7/8/2025

• Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
• Wells Fargo Bank, N.A. Member FDIC

Member FDIC

BMO Smart Advantage Checking account - Earn $400 Cash Bonus*

$400 cash bonus* when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening between 5/5/25 - 9/8/25. *Conditions Apply. Accounts are subject to approval and available in the U.S. by BMO Bank N.A. Member FDIC

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Expires 9/8/2025

Member FDIC

Key Smart Checking® - $300 Bonus

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Expires 10/17/2025

Earn $300 after qualified activities until 10.17.25 with the no-monthly-maintenance-fee Key Smart Checking®.

• Open a Key Smart Checking® account online by October 17, 2025.
• Make the minimum opening deposit of $10, plus a total of $1,000 or more in eligible direct deposits within the first 90 days of account opening.
• Your $300 cash bonus will be deposited into your account within 60 days of meeting requirements. Account must not be closed at the time of gift payment.

Eligibility and How to Waive the Monthly Fee

$50 monthly maintenance fee, unless eligibility criteria is met:

• 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.
• Consumers who maintain Private Bank status

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

© CreditDonkey

• 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

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]

You might also consider:

Member FDIC

Business Checking Account - $400 Bonus

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Expires 9/30/2025

• Open a new Truist Simple Business Checking or Dynamic Business Checking account online, via phone, or in a branch from 4/1/2025 through 9/30/2025 and earn $400 by making Qualifying Deposits* of $2,000 or more into your new account within 30 days of account opening. Must be a new Truist business checking client, Terms Apply.
• Enrollment in the promotion is required at the time of account opening using promo code SB25Q2BIZAFL to be eligible for a promotion reward. Refer to the Account Opening & Promotion Enrollment sections below for instructions.
• *Qualifying Deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.

Terms and Conditions

Terms and Conditions for the Small Business Checking Affiliate Q2 &Q3 2025 Offer: SB25Q2BIZAFL

Offer Information: Open a new Truist Simple Business Checking or Dynamic Business Checking account online, via phone, or in a branch from 4/1/2025 through 9/30/2025 and earn $400 by making Qualifying Deposits* of $2,000 or more into your new account within 30 days of account opening.

Enrollment in the promotion is required at the time of account opening using promo code SB25Q2BIZAFL to be eligible for a promotion reward. Refer to the Account Opening & Promotion Enrollment sections below for instructions.

*Qualifying Deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.

Offer Eligibility: You must be a new Truist business checking client. To be considered a new business checking client, the business cannot have an existing Truist business checking account or have closed a Truist business checking account within 180 days of the promotion start date (i.e., on or after 10/3/2024), with the same Taxpayer Identification Number (TIN), including but not limited to an Employer Identification Number (EIN). The business account holder must be 18 years or older at time of account opening. The account holder cannot be a non-resident alien. The business account holder must have a valid U.S. TIN. The business's physical address must be located in one of the following states: AL, AR, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC.

Reward Processing: The reward will be deposited to the new business checking account within 4 weeks after the qualification requirements have been met and verified. In order to receive the reward, the new business checking account must be open, not restricted, and in good standing with a balance of at least $0.01 at the time of Truist verification and at the time of payout. An account is considered restricted if it has a temporary or permanent block that prevents credits from posting to the account. Truist verification will occur one time after the qualification requirements are initially met. Promotion is only applicable once per client and for one new qualifying business account. Truist may report the value of any offer reward received to the IRS as required by law. Any appliable taxes are the responsibility of the recipient.

Reward Forfeiture: Reward forfeiture will occur if: (1) the new business checking account is changed to an account type not included in this offer prior to payout, (2) the new business checking account has a $0.00 or negative available balance or is restricted at the time Truist verifies the qualification requirements have been met or, (3) the new business checking account is closed or restricted at the time of payout.

Other Terms: Minimum opening deposit is $100. A monthly maintenance fee is applicable for Truist Dynamic Business accounts whose combined average relationship ledger balance is less than $5,000; the monthly maintenance fee is waived for accounts with a combined average relationship ledger balance of $5,000 or more. See Truist's Business Deposit Accounts Fee Schedule for additional information.

The offer is non-transferable and may not be combined with any other offers. This offer is subject to change and may be discontinued at any time. Truist reserves the right, in its sole discretion, to disqualify any account if Truist suspects accounts are being opened for the purpose of exploiting this promotional offer. All promotional payouts will be processed no later than 3/31/2026, at which point this promotion and any related disbursements will be considered final, and no further disbursements will be made.

Online Account Opening & Promotion Enrollment Instructions: During the online application process, ensure the promo code SB25Q2BIZAFL is entered into the Promo Code field and accept the offer when presented. Accounts opened online without the Promo Code will not be eligible to participate in the offer.

Branch Account Opening & Promotion Enrollment Instructions: Visit your local Truist branch or call a Small Business representative and ask to open an eligible account and enroll you in the Truist Small Business Checking Affiliate Q2 & Q3 2025 Offer using promo code SB25Q2BIZAFL. Once enrolled in the promotion, clients may receive promotional updates via the email address provided or by calling 800-709-8700.

Truist Bank, Member FDIC. ©2025, Truist Financial Corporation. Truist, Truist Purple and the Truist Logo are service marks of Truist Financial Corporation

Version 1 02282025 SB25Q2BIZAFL

Member FDIC

Chase Secure Banking℠ - $100 Bonus

Get $100 Coupon

Expires 7/16/2025

• 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 plus no overdraft fees with a Chase debit card that helps you stay within your balance.
• No need to worry about overdraft fees - Chase Secure Banking℠ allows you to spend only the money you have available.
• Chase Secure Banking℠ customers told us they save an average of more than $60 per month on fees after opening their account.
• Pay bills, cash checks and send or receive money with Zelle^® with a Chase Secure Banking℠ account.
• Bank from anywhere with access to more than 15,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile^® app and Chase.com.
• JPMorgan Chase Bank, N.A. Member FDIC.

Member FDIC

Chase Business Complete Banking® - Up to $500 Bonus

Get Coupon

Expires 7/17/2025

• Earn up to $500 when you open a new Chase Business Complete Checking^® account. For new Chase business checking customers with qualifying activities.
• Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink^® Business credit card.
• Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions.
• Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle^®, Online Bill Pay, wire transfers and ACH payments.
• Convenient access to payment processing. Process all major debit and credit cards with QuickAccept^®. It's a built-in feature with your Business Complete Checking account.
• Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business
• Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology.
• Associate Debit and Employee Deposit Cards available upon request

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