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HSBC Bank vs Bank of America

HSBC Bank is a large full-service global bank. How does it compare to Bank of America? Read our comparison chart below.

HSBC Bank 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.

While Bank of America is one of the largest banks in the U.S. with over 5,000 locations and 16,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

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

 HSBC Bank
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HSBC Bank

Bank of America

SPECIAL OFFER
HSBC Direct Savings - 2.30% APY - Learn More

Read HSBC Bank Review

SPECIAL OFFER
Business Advantage - $450 Bonus - Learn More

Read Bank of America Review

 

Benefits and Features

SavingsHSBC Direct Savings: 2.30% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking.0.03% APY (up to 0.06% if enrolled in Preferred Rewards). $8 monthly maintenance fee, unless you have 1) daily balance of $500, 2) are a Bank of America Preferred Rewards Client, or 3) link your Rewards Savings Account to your Interest Checking Account. Minimum deposit of $100.
CD0.75% to 1.30% APY. Terms of 6 months, 1 year, or 2 years. 12-month CD APY of 0.95%. Minimum deposit of $1,000 to open.Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.80% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $10,000.
CheckingBasic Banking: no minimum requirements; $3 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 $10,000 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.
 
Customer Service
24/7
Mon-Fri: 8am - 11pm(ET)
Sat-Sun: 8am - 8pm (ET)
ATMsAny HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates.Approximately 15,900 ATMs around the country.
IRA CD Standard Term CD: 0.03% - 0.75% APY. Terms of 28 days to 10 years. Minimum deposit of $1,000. Featured CD: 0.07% - 1.80% APY. Terms of 12, 13, 25, and 37 months. Minimum deposit of $2,000.
LocationsHSBC - 240+ branches, mostly on the West and East coasts
HSBC Direct - online only
4600 retail financial centres around the country and brances in more than 40 other countries.
 

CreditDonkey® Reviews

 HSBC Bank
Savings
Checking
Customer Service
CD
Mobile App
Pros & ConsPros:
  • Global presence
  • High online savings APY
Cons:
  • Not in every state
Pros:
  • National availability
  • Extended customer service hours
  • Full service bank
Cons:
  • No free checking option
  • Low interest rates
  • Many misc. banking fees
Bottom LineLarge full-service global bank... Read full reviewNational bank with widespread accessibility and wide range of services... 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.

    HSBC Bank: Information including rates, fees, terms, and benefits was obtained on July 17, 2019 from published websites and is believed to be accurate, but not guaranteed.

    Bank of America: Pricing information from published website as of 7/17/2019 based on 91107 zip code.

    Which is Better: HSBC Bank or Bank of America?

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

    In short: HSBC Bank's savings and checking are impressive.


    Articles on HSBC Bank

      HSBC Bank Review

      HSBC Bank offers a full array of services for different needs, including a high-yield online savings and several checking options. But there are downsides. Read on for the pros and cons.

      HSBC Online Savings

      Are you tired of abysmal interest rates on your savings accounts? Maybe you've even abandoned the thought of a savings account because it just doesn't seem worth it anymore.

      HSBC Advance Checking

      Are you tired of not earning interest on your checking account? Maybe you want more than just check writing privileges in exchange for depositing your money. HSBC Advance Checking may make you look at banks in a different light.

      HSBC Premier Checking

      Are you looking for a checking account that does more than allow you to write checks? If you are a high net worth individual, the HSBC Premier Checking account may be what you need. This top-of-the-line checking account offers access to a personal Relationship Manager.

    Articles on Bank of America


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