HSBC Bank doesn’t charge foreign transaction fees on Premier accounts.
HSBC; Alyssa Powell/Business Insider
The bottom line: HSBC Premier Checking Account ($500) (Member FDIC) offers competitive rewards to qualifying customers, such as a $500 welcome bonus and high interest rate on your savings account. You might like HSBC if you can keep $75,000 in bank/investment accounts, receive $5,000 in direct deposits each month, or take out a mortgage of at least $500,000. Then you’re eligible to waive monthly fees and earn high rates.
Overall bank rating
FeatureInsider rating (out of 5)Savings3.75Checking3.75CD3.75Trustworthiness3.5Total3.75
Pros and cons
ProsCons
Low minimum opening deposits
You may qualify to earn a high savings interest rate
No ATM or foreign transaction fees
Eligible for $500 sign-up bonus for the Premier checking account if you meet requirements
Only suited for relatively wealthy customersHigh monthly fees if you don’t qualify to waive themInterest compounds monthly, not daily
HSBC Bank Premier Relationship Savings Account
The HSBC Bank Premier Relationship Savings Account is a good option if you qualify for the highest interest rate, because you’ll earn more than you would with many brick-and-mortar banks. To earn the top rate each month, complete one of the following:
Spend at least $500 with your debit cardReceive $5,000 in direct depositsHave a residential mortgage through HSBC with an original amount of at least $500,000Have Jade customer status (you’ll be a Jade member if you have a Premier Checking Account and have a combined total of $1 million in HSBC bank and investment accounts)
HSBC Premier Checking (Member FDIC)
HSBC Premier Checking (Member FDIC) is a strong account if you qualify to earn the $500 sign-up bonus by February 15, 2023. To get the bonus, you must open an account online and make qualifying direct deposits of $10,000 or more for the first 3 consecutive months after opening it.
HSBC Bank Certificate of Deposit
You’re able to open and maintain an HSBC Bank Certificate of Deposit if you’re a Premier customer. However, the HSBC Bank Premier Relationship Savings Account may a better interest rate than some CD terms.
How HSBC Bank works
HSBC Premier Checking ($450 Welcome Deposit) is starting to focus on serving wealthier customers. In February 2022, Citizens Bank took HSBC’s US operations on the East Coast, and Cathay Bank took over on the West Coast. Existing customers’ accounts have been converted into Citizens or Cathay accounts.
You can open Premier accounts with HSBC. Premier accounts are geared toward customers who maintain relatively large balances in bank and investment accounts, take out at least $500,000 in a mortgage with HSBC, and spend or receive a certain amount each month.
There are Premier Checking and Savings accounts. You can open and maintain CDs with HSBC if you qualify for Premier status.
The HSBC US mobile app has 4.6 out of 5 stars in the Apple store, and 4.1 out of 5 stars in the Apple store.
Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts. This means your money is safe even if HSBC shuts down.
HSBC Bank trustworthiness and BBB rating
HSBC Bank does not have any recent public scandals.
The Better Business Bureau measures consumer trust. The BBB gives HSBC Bank a B- rating because the bank hasn’t resolved all of the customer complaints on the BBB website.
A BBB grade doesn’t guarantee you’ll have a good or bad experience with a bank, though. You may want to ask friends and family about their experiences with HSBC, or read online customer reviews of the Premier accounts.
How HSBC Bank compares
We’ve compared HSBC with some banks that have similar perks: Chase and Bank of America.
HSBC
Chase Bank, Member FDIC
Bank of America
Savings APY
HSBC Bank Premier Relationship Savings Account
Savings APY
Chase Premier Savings℠ Account
Savings APY
Bank of America Advantage Savings Account
HSBC Premier Checking ($450 Welcome Deposit)Chase Total Checking®Bank of America Advantage Plus Checking Account
If you want to work with an in-person bank, you’ll probably prefer Chase or Bank of America. Each one has thousands of locations around the country, while HSBC will only have around two dozen wealth management centers as of spring 2022.
If you qualify for the highest interest rate on the HSBC Bank Premier Relationship Savings Account, HSBC could be the best choice. You’ll earn significantly more than with the other two banks.
But Chase and Bank of America both have a few checking accounts to choose from, whereas HSBC only has one. The checking accounts that have similar perks as HSBC Premier Checking (Member FDIC) only have a $25 monthly fee instead of HSBC’s $50 fee. (You may be able to waive the fee with any of the three banks, though.)