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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 $240 Cash Bonus - Learn More

Read HSBC Review

SPECIAL OFFER
High Yield Savings - 0.75% APY - Learn More

Read Synchrony Bank Review

 

Benefits and Features

SavingsHSBC Direct Savings: 0.50% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking.0.75% 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
CD0.50% to 0.60% APY. Terms of 6 months, 1 year, or 2 years. 12-month CD APY of 0.60%. Minimum deposit of $1,000 to open.0.25% to 0.90% 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 $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 0.50% APY. No monthly service fee and no minimum deposit.
Customer Service
24/7
Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (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 0.25% to 0.90% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.
IRA Money Market 0.50% 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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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.

Synchrony Bank: Pricing information from published website as of 09/23/2020.

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


Articles on Synchrony Bank


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