You might like HSBC Bank (Member FDIC) if you can keep $100,000 in bank/investment accounts, receive $5,000 in direct deposits each month, or have an HSBC U.S.-based residential mortgage with HSBC. Then you're eligible to waive monthly fees and earn high rates. Otherwise, you may want to consider some of the best banks, which may make it easier to earn good rates and waive fees.
HSBC Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 3.75 |
| Checking | 4.25 |
| CD | 3.75 |
| Trustworthiness | 4.5 |
| Total | 4 |
HSBC Bank Pros and Cons
| Pros | Cons |
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About HSBC Bank
HSBC Bank now focuses on serving wealthier customers. In February 2022, Citizens Bank took over HSBC's U.S. operations on the East Coast, and Cathay Bank took over on the West Coast. Existing customers' accounts were converted into either Citizens or Cathay accounts.
HSBC offers what are called "Premier" accounts. To qualify for Premier status, you must open an HSBC Premier Checking account and meet one of the following requirements:
- Maintain a combined total of $100,000 in eligible U.S. consumer and commercial deposit and investment accounts
- Receive recurring monthly deposits of $5,000 from a third party to your HSBC Premier checking account
- Have an HSBC U.S.-based residential mortgage with HSBC. Home equity products, loans in foreclosure or bankruptcy, or loans for which servicing rights have been transferred will not count
- Maintain Private Bank status, which happens on an individual basis
The HSBC U.S. mobile app has 4.6 out of 5 stars in the Apple store, and 4.8 out of 5 stars in the Google Play 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.
Is HSBC Bank Trustworthy?
The Better Business Bureau evaluates companies' responses to customer complaints, honesty in advertising, time in business, and more. The BBB gives HSBC Bank USA an A+ rating.
In May 2023, First Citizens Bank sued HSBC. First Citizens acquired Silicon Valley Bank, and it's accusing HSBC of breaking federal law by stealing around 40 SVB employees. HSBC has not admitted to any wrongdoing, and the case is still ongoing.
HSBC Bank FAQs
Is HSBC a trusted bank?
HSBC is a trusted bank overall. It has a high Better Business Bureau grade, and it's FDIC-insured.
Is HSBC a credible bank?
Yes, HSBC is a credible bank with FDIC insurance.
How safe is my money with HSBC?
Your money is safe with HSBC because it is federally insured. HSBC is a Member FDIC bank, so your deposits are secured for up to $250,000 per account, per ownership category. Your money may only be unsafe at HSBC if you have more money with the bank than federal insurance covers. In this case, you would lose any uninsured money if the bank shuts down.
What are the disadvantages of HSBC Bank?
The main disadvantage of HSBC Bank is that it's primarily for higher earners. You must receive a relatively high amount in deposits, maintain high account balances, or have a $500,000 mortgage to qualify for its accounts.
HSBC Bank Account Reviews
HSBC Bank Premier Relationship Savings Account
$50 monthly service fee*
0.05% to 3.60%
$0
Pros
Cons
- Here's what you get with an HSBC Premier relationship
- - Access to wealth products, insights and advice from an HSBC Wealth Relationship Manager through HSBC Securities (USA) Inc.*
- - Easily open an account online, from the comfort of your home.
- - Manage your banking needs across different time zones, with 24/7 support.
- - Manage your money around the world - from global transfers to multi-currency needs.
- - New to the U.S.? Build your U.S. credit history with one of our credit cards. Or if you're buying a new home, you can use your international credit history to apply.
- - Go beyond banking with special offers, referrals for tax advice, relocation services, and more.
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 card
- Pay at least $500 from your linked HSBC Premier checking account to your HSBC credit cards
- Receive $5,000 in direct deposits
- Have a residential mortgage through HSBC with an original amount of at least $500,000
- Have Premier Elite Status (you'll be an Elite member if you have a Premier Checking Account and have had a combined total of $1 million in eligible HSBC bank and investment accounts for at least two consecutive calendar months)
HSBC Bank Premier Checking Account
$50 monthly service fee*
0.01%
$1
Pros
Cons
HSBC Premier Checking might be worthwhile if you meet the requirements to qualify for an HSBC Premier relationship. Otherwise, there's a $50 monthly service fee.
HSBC Premier Checking- Start an HSBC Premier relationship when you open a Premier checking account
- Easily open an account online, from the comfort of your home.
- Manage your banking needs across different time zones, with 24/7 support.
- Manage your money around the world - from global transfers to multi-currency needs.
- New to the U.S.? Build your U.S. credit history with one of our credit cards. Or, if you're buying a new home, you can use your international credit history to apply.
- Go beyond banking with special offers, referrals for tax advice, relocation services, and more.
- Includes products and services offered by HSBC Securities (USA) Inc.
- Global opportunities: We provide market views and insights from around the world to help you make more informed investment decisions.
- Wealth products, insights and advice from an HSBC Wealth Relationship Manager
- Investment support: Your HSBC Wealth Relationship Manager is available to discuss your portfolio and financial goals
HSBC Premier Checking is a worthwhile option for travelers because there are no foreign transaction fees, and you'll receive an unlimited amount in ATM reimbursements. HSBC's website advertises a $50 monthly service fee*, but it's easy to waive — the same requirements for opening an account also allow you to waive the fee.
HSBC Bank CD
3.50% to 3.90%
$1,000
Pros
Cons
- Over 200 branches in CA, CT, DC, FL, MD, NJ, NY, PA, VA, and WA
- Available terms are the 6-month, 8-month, 1-year, and 2-year terms
- Early withdrawal penalties: 30 days simple interest for terms of up to 369 days; 90 days simple interest for terms of 370 to 733 days; 180 days simple interest for terms of 734 days or longer
- When you open the account, the employee will tell you how often compounding is available for your term
- Member FDIC
HSBC Bank pays solid rates on CDs, but it only has three terms to choose from: six months, one year, and two years. If you're looking for one of these term lengths, it's a decent option.
How HSBC Bank Compares
HSBC Bank vs. Chase Bank
Chase Bank is a great option if you're looking for a national bank with a large presence, because it has branches in almost every U.S. state. It also doesn't specifically cater to high-net-worth customers.
But if you do qualify for HSBC's accounts, you might prefer the bank over Chase. It makes it easier to waive monthly fees, and you'll generally earn higher savings and CD rates. For example, Chase CD rates range from 0.01% to 4.00% (vary by location) APY, while the Chase Savings℠ account offers 0.01% APY.
HSBC Bank vs. Bank of America
Bank of America is another strong choice if you want a large brick-and-mortar bank. It has locations in 37 U.S. states and Washington, DC.
If you qualify for its accounts, HSBC could be the better choice for earning a high savings rate. The best option for a CD depends on a variety of factors — Bank of America offers more CD options, including a no-penalty CD. It also pays high rates on certain terms, with rates ranging from 0.03% to 3.75% APY, but CD rates vary by location.
Why You Should Trust Us: How We Reviewed HSBC Bank
At Business Insider, we rate checking and savings accounts using our bank account methodology and certificates of deposit with our CD methodology. We rate bank accounts on a scale of one to five stars.
For each account, we looked at HSBC's ethics, security, miscellaneous features, customer support, mobile app, and minimum deposit. Other factors considered depended on the type of account. For example, we looked at monthly fees for checking and savings accounts, and early withdrawal penalties for CDs.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
