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.
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HSBC Bank | Synchrony Bank | |
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HSBC $450 Premier Checking Bonus - | High Yield Savings - 0.40% APY - | |
Benefits and Features | ||
Savings | HSBC Direct Savings: 0.15% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking. | 0.40% 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 |
CD | 0.20% to 0.30% APY. Terms of 6 months, 1 year, or 2 years. 12-month CD APY of 0.30%. Minimum deposit of $1,000 to open. | 0.15% to 0.80% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. |
Checking | Basic 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. | |
Money Market | 0.35% APY. No monthly service fee and no minimum deposit. | |
Customer Service | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) | |
ATMs | Any 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 | 0.15% to 0.80% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. | |
IRA Money Market | 0.35% APY. | |
Locations | HSBC - 240+ branches, mostly on the West and East coasts HSBC Direct - online only | |
CreditDonkey® Reviews | ||
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Pros & Cons | Pros:
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Bottom Line | Large full-service global bank... | Good online bank offering high interest rates... |
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. HSBC: Data points including rates, fees, terms, and benefits was obtained on December 20, 2020 from published websites and is believed to be accurate, but not guaranteed. Synchrony Bank: Pricing information from published website as of 4/17/2021. |
Which is Better: HSBC or Synchrony Bank?
Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing HSBC or Chase.
In short: Synchrony Bank's savings is excellent.