July 31, 2018

HSBC Premier Checking Review

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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.

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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.

If you're considering opening a personal checking account, you must check out these promotions.

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.

The online bill pay is super convenient, as well as having plenty of ATM's available. Who wants to pay extra to other banks and ATMs just to get your money out? Thankfully, HSBC's Premier Checking account has you covered.

In order to use this account, though, you need a combined balance of $75,000 in your HSBC deposit and investment accounts OR have a recurring direct deposits totaling at least $5,000 every month. 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 $75,000 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 balance. If you own a business, the balance in those commercial 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 $75,000 to avoid the monthly fee. To avoid the $50 monthly service fee, you'll need to maintain at least a combined balance of $75,000 in deposit and investment accounts OR have a recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account every calendar month OR have any HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000. $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.

If you're considering a bank account with a smaller minimum deposit, you should check out the HSBC Advance Checking. Read our in-depth review.

How It Compares

HSBC Advance Checking

HSBC Advanced Checking requires a minimum balance of $5,000 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 can get the monthly fee waived (by meeting the minimum balance or direct deposit requirements), the HSBC Premier Checking account is worth checking out.

Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 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.

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How to Open a HSBC Account

HSBC is one of the largest banks in the world, with physical branches all over the globe. It offers a full array of services for different needs, including a high-yield online savings and several checking options.

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