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HSBC Bank vs Discover Bank

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

HSBC 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 Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.

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

 HSBC BankDiscover Bank
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HSBC Bank

Discover Bank

SPECIAL OFFER
HSBC Advance Checking - Up to $240 Cash Bonus - Learn More

Read HSBC Review

SPECIAL OFFER
Online Savings Account - Earn 0.95% APY - Learn More

Read Discover Bank Review

 

Benefits and Features

SavingsHSBC Direct Savings: 0.70% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking.
0.95% APY
CD0.60% to 0.70% APY. Terms of 6 months, 1 year, or 2 years. 12-month CD APY of 0.70%. Minimum deposit of $1,000 to open.0.25% to 1.05% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.90%. Minimum deposit of $2,500 to open.
CheckingBasic Banking: no minimum requirements; $1 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 $5,000 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.
Earn 1% cashback on up to $3,000 in debit card purchases each month
Money Market 0.80% APY under $100,000; 0.85% APY $100,000 or more. $2,500 minimum deposit.
Customer Service
24/7
24/7
ATMsAny HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates.
Over 60,000 no-fee ATMs
IRA CD 12-month CD APY of 0.90%. 24-month CD APY of 0.90%. 5-year CD APY of 1.05%.
LocationsHSBC - 240+ branches, mostly on the West and East coasts
HSBC Direct - online only
Online Only
 

CreditDonkey® Reviews

 HSBC BankDiscover Bank
Savings
Checking
Customer Service
Money Market
Mobile App
Pros & ConsPros:
  • Global presence
  • High online savings APY
Cons:
  • Not in every state
Pros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineLarge full-service global bank... Read full reviewSolid online bank with high APY rates and good customer service... 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: Information including rates, fees, terms, and benefits was obtained on May 4, 2020 from published websites and is believed to be accurate, but not guaranteed.

    Discover Bank: Pricing information from published website as of 5/29/2020

    Which is Better: HSBC or Discover Bank?

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

    In short: Discover Bank's customer service is outstanding.


    Articles on HSBC Bank


    Articles on Discover Bank


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