HSBC Premier Checking Review

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HSBC Premier Checking
• Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.
• Open your new HSBC Premier checking account online by August 31, 2018; and
• Deposit a minimum Qualifying Balance of $100,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
• Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
• You will automatically receive the $750 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
• Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Click Here to Get Deal
Expires 8/31/2018

HSBC is one of the largest banks in Europe, but it also has a large presence in the United States as well.

They offer personal and business accounts that cater to individuals just starting out as well as high net worth individuals looking for more out of their bank accounts.

How It Works

The HSBC Premier Checking account is the top dog at HSBC. It's a checking account with check writing privileges and an HSBC Debit Mastercard. It also offers online bill pay and access to HSBC ATMs throughout the world.

In order to use this account, though, you need at least $100,000 in the account. That's why we said it's for high net worth individuals. In exchange for this large balance, you get things like:

• Priority customer service
  
• ATM access even when there isn't an HSBC ATM nearby
  
• Access to the best interest rates on a variety of other programs
  
• Financial support while traveling abroad
  
• Unlimited check writing privileges

Why We Like HSBC Premier Checking

• You may be provided with a personal Relationship Manager. Your Relationship Manager can help you reach financial goals, set up other accounts, or make financial decisions.

• You have access to customer support representatives 24/7. Customer service around-the-clock can be a valuable service when you find yourself pouring over your financial statements during non-business hours. Not only do you have 24/7 access, though—you also get priority service, which means shorter hold times.

• You may be able to use non-HSBC ATMs and get the fees reimbursed. If you use a non-HSBC ATM, HSBC will credit your account for the third-party surcharges on the first of the month following the fee. For this account, there is no limit to the number of refunds you can get.

• You'll receive an HSBC Premier Savings account along with your checking account. This savings account offers the highest interest rates out of the other products that HSBC offers. The money you have in this account can count towards the $100,000 minimum you must carry in your account. Plus you get the bonus of having both your checking and savings in one place.

• You can use your account in other countries. You may even be able to avoid foreign transaction fees with your HSBC Debit Mastercard. HSBC also offers emergency financial support at any of their HSBC branches located around the world.

• You may qualify for the best mortgage rates through HSBC. As a Premier Checking account holder, you may qualify for lower mortgage rates than other clients, assuming you have the credit to qualify for it.

• You may qualify for closing cost credits on your mortgage through HSBC. For its best customers, HSBC offers $1,500 in closing cost credits. The amount you receive may vary based on your qualifications.

• You can earn interest on your checking account. It won't make you rich, but any interest on a checking account is better than nothing. It may help offset the money you lose by having your funds sit in a checking account rather than being invested.

• You can write an unlimited number of checks. Some checking accounts limit the number of checks you write per month. If you go over that amount, you may have to pay a per-check fee. With the Premier Checking account, you won't run into this issue.

• You can use your commercial accounts to help you reach the minimum $100,000 balance. If you own a business, the balance in those accounts also helps you achieve Premier status and reap the benefits of this program.

Reasons You May Want to Look Elsewhere

• You need a minimum balance of $100,000 to avoid the monthly fee. If your combined balance between HBSC deposit and investment accounts is less than $100,000 for any given month, you'll pay a $50 monthly service fee. $50 can be rather costly to let your money just sit in a checking account when you could choose to invest it elsewhere.

• You have to pay $25 to close your account. If you decide to close your account at some point, you may have to pay to close it.

• You aren't a high net worth individual. If it's a struggle for you to come up with $100,000 that you can leave untouched, even combined between several accounts, this isn't the account for you. Without that minimum, it could cost you $600 a year just for the benefits.

How It Compares

HSBC Advance Checking

HSBC Advance Checking
• Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities.
• Open your new HSBC Advance checking account online by August 31, 2018; and
• Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking and savings accounts within 30 calendar days of account opening; and
• Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
• You will automatically receive the $350 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.
• Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Click Here to Get Deal
Expires 8/31/2018

HSBC Advanced Checking requires a minimum balance of $10,000 to waive the monthly service fee and earn interest. HSBC offers up to four refunds of payment for the use of non-HSBC ATMs per month, and special access to lower interest rates on mortgages with HSBC.

Citi Gold
Citi Gold requires a minimum combined balance of $200,000 in deposit and investment accounts. In exchange for this large balance, you'll have access to a Citigold Relationship Manager, refunds for fees paid for non-Citi ATMs, and preferred pricing on loans and lines of credit.

Common Questions

• Is HSBC Premier Checking safe?
  Your deposits are protected by FDIC insurance with HSBC. They also offer a $0 Liability Online Guarantee. This helps protect you should you have unauthorized transactions on your account, and you may not be responsible for the charges. HSBC also uses two-factor authentication to help keep your accounts safe.

• Where is HSBC located?
  HSBC has 230 locations throughout the United States. They are mostly located on the East and West Coasts. In total, HSBC has 3,900 offices throughout the world.

• Does HSBC have mobile banking?
  Yes, HSBC has a mobile app, which you can download on your Apple or Android device. The app allows you to conduct your banking business as you would online from anywhere that you have an internet connection.

Bottom Line

If you are a high net worth individual, the HSBC Premier Checking account may be worth checking out. If you don't easily have $100,000 sitting in a liquid account, though, there are other checking account options you can use that provide the benefits without the cost.

HSBC Premier Checking
• Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.
• Open your new HSBC Premier checking account online by August 31, 2018; and
• Deposit a minimum Qualifying Balance of $100,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
• Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
• You will automatically receive the $750 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
• Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Click Here to Get Deal
Expires 8/31/2018