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HSBC Bank vs Synchrony Bank

HSBC is a large full-service global bank. How does it compare to Synchrony 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 Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. There is no minimum deposit. Their CDs require a $2,000 minimum deposit to open. There are no service fees for any products.

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

 HSBC Bank
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HSBC Bank

Synchrony Bank

SPECIAL OFFER
HSBC Advance Checking - Up to $350 Cash Back - Learn More

Read HSBC Review

SPECIAL OFFER
High Yield Savings - 1.70% APY - Learn More

Read Synchrony Bank Review

 

Benefits and Features

SavingsHSBC Direct Savings: 2.00% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking.1.70% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle
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.0.75% to 2.15% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 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 $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.
 
Money Market 1.20% APY. No monthly service fee and no minimum deposit.
Customer Service
24/7
Mon-Fri 7am - 12am (ET); Sat-Sun 8am - 5pm (ET)
ATMsAny HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates.Any ATMs with Plus or Accel logos
IRA CD 0.75% to 2.15% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.
IRA Money Market 1.20% APY.
LocationsHSBC - 240+ branches, mostly on the West and East coasts
HSBC Direct - online only
Online Only
 

CreditDonkey® Reviews

 HSBC Bank
Savings
Checking
Customer Service
Money Market
Pros & ConsPros:
  • Global presence
  • High online savings APY
Cons:
  • Not in every state
Pros:
  • Savings with ATM card
  • High APY
  • All balance tiers receive same rate
Cons:
  • No checking account
  • $2,000 minimum deposit for CDs
  • Limited customer service hours
Bottom LineLarge full-service global bank... Read full reviewGood online bank offering high interest rates... 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 January 16, 2020 from published websites and is believed to be accurate, but not guaranteed.

    Synchrony Bank: Pricing information from published website as of 01/22/2020.

    Which is Better: HSBC or Synchrony 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.


    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 Savings Account

      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 Synchrony Bank


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