Do HSBC Bank money market accounts live up to their names by offering the best money market rates, low fees, and few requirements? Read the rest of this bank review and find out!

HSBC Bank offers its clients two options when it comes to money market accounts. HSBC has labeled these accounts “Premier Investor Savings” and “Premium Money Market Plus”. Do not let the name of the first one fool you, it is a money market account. At HSBC, opening a money market account is a package deal with having an HSBC checking account. All accounts are FDIC-insured.

Premium Money Market Account

This account may be opened with an initial deposit of only $1, but remember that you also have to open a checking account as well. Thankfully there are no monthly fees associated with this account. As a client, you also will receive free personal internet banking. You can apply for this account online using HSBC Banks online banking services.

Rates

The other nice perk of this money market account is that there is no minimum balance required to receive the stated APY rate. The online money market account is also tiered so that you do receive a higher APY rates for bigger balances.

I feel compelled to point out that the rates for this account are disappointingly low.

Premier Investor Savings

What would I need to get started?

In order to open this high yield money market account (this is HSBC’s description not mine), you only need $1; however, you need a qualifying balance of $25,000 or more to earn the better APY rate (according to their website). If you look at their rate chart, that detail is not very clear. Another requirement to access HSBC Bank’s highest yield money market account, is to apply for a “premier” relationship with HSBC.

Here are the qualifications:

1. Open an HSBC Premier Checking Account
2. Maintain $100,000 in combined US personal deposit and investment balances
3. Business owners may use their commercial balances to qualify for personal HSBC Premier Relationship
4. You will be charged a monthly fee of $50 if you do not maintain the minimum balance requirements

You can apply for a premier relationship with HSBC using their online banking services. The application process takes about 10 minutes. The problem is that you then have to wait for your approval or you can simply cut to the chase in the beginning by calling a HSCB Banker on the phone.

Rate information

Rates for the premium investor savings account are also tiered so your balance matters.

Here again, I respectfully point out that even with the premier relationship and a balance of $250,000, the best money market rate you will receive is only 0.55%. This is only an average return for a large amount deposited and several requirements.

Summary of HSBC Money Market Accounts

In summary, HSBC Money Market Accounts really do not offer the best money market rates and there are several requirements that must be fulfilled in order to even open an account. If all I want is a money market account, I am not going to be happy about the requirement to open a checking account that I do not need. Honestly, you would be much better off rate wise to open an HSBC savings account as opposed to either of these two money market accounts. If you are really set on a money market account, check out Ally Bank which has no minimum requirements and boasts an APY rate of 1.00%. Doing your homework as an investor really pays. To their credit HSBC Bank is a solid financial institution which has a large customer base. If you would like to learn more about HSBC bank in genera,l you can read Bank Truth’s bank review page for HSBC.