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Financial Rates:
5.0
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Customer Service:
4.5
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Website Experience:
4.0
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Bank Fees:
5.0
Pros:
- Options of personal deposit accounts
- Low required opening amounts
- Business accounts available
- Variety of other products offered
Cons:
- Checking accounts have a monthly fee
- Low-interest rates on accounts
- Amount required to waive fees is high
- Tiered interest rates
What You Need to Know
Each type of personal deposit account has more than one option. There are four different checking accounts and three different savings accounts offered. This allows you to find the account to fit your needs best. There are only three different term lengths of CDs offered. A six-month, one-year, and two-year terms.
The HSBC savings accounts all require only $1 to open. The checking account does not have an amount required when you open the account. The HSBC CDs require $1,000 to open.
There are a wide variety of different business accounts offered through HSBC. Savings accounts, checking accounts, and CDs are all available through HSBC. There are loans and credit cards for businesses. There are options for corporate accounts. Different cash management options are also available.
Along with business accounts, HSBC offers a wide variety of other products. That includes credit cards and insurance. They offer options for investing and retiring. There are also different loan options to meet your needs.
HSBC checking accounts have a monthly fee. The fees range from $3 to $50 each month. Most of the fees can be waived by meeting certain requirements. One checking account only allows eight checks or withdrawal slips to be written. After those eight you are charged for each check you write.
Interest rates on HSBC accounts are not competitive. They are much lower than other online-only accounts. Their rates are competitive with other brick and mortar banks.
The amounts required to keep in HSBC checking accounts to waive the fees are high. The amounts range from $1,500 to $100,000, depending on which account you open. Some accounts allow the fee to be waived if you have a direct deposit into the account of certain amounts. Know the fees and requirements to waive the fees before you open an account.
To receive the highest interest rates offered on HSBC accounts you must have a large balance. The savings accounts require $100,000 to earn the best rates offered. Lower amount still earn interest, just a lower rate.
Cool Things
Money Management Tools
HSBC offers digital tools to help with your finances. With this online tool, you can have a complete view of your accounts. You can track your spending and set savings goals. You can create a budget. This program is available through the website or the app.
History
HSBC started in 1865. It opened to offer financial trade between Europe and Asia. The first branch opened in Hong Kong. Within the first ten years, HSBC was in seven different countries. It financed the export of silk, cotton, sugar, and rice. In the next few years, HSBC would also finance the railroads.
In 1935, a new head office opened in Hong Kong. Due to the Second World War the bank faced challenges. Many of the banks staff became prisoners of war. Only a few branch locations continued to fully operate. After the war, HSBC helped rebuild Hong Kong and grow businesses. In 1992, the headquarters for HSBC moved to London.
Today, HSBC has over 38 million customers in 67 different countries. They have 3,900 offices around the world with 229,000 employees.
Awards and Recognition
- "President's Volunteer Service Award" by Junior Achievement USA in 2018
- "World's Best Bank" by Euromoney in 2017
Giving Back
HSBC pledged $750,000 to the nonprofit Virtual Enterprises International. This allows high school students to run their own virtual business from the classroom. Mentors from different companies help students along the way. They help them develop a business plan and learn to pay employees and taxes. This program has been in over 500 schools since it began in 1996.
A $250,000 grant was awarded to Waterkeeper Alliance. This nonprofit focuses on keeping critical local water in cities across the United States clean and protected.
HSBC awarded a $1.5 million grant to Horizons Learning. This money will help bring the learning programs to new communities. This program serves low-income children across the United States. HSBC matched the first $100,000 in public donations to this charity.
Frequently Asked Questions
Yes. HSBC is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
ATM or debit cards, electronic transfers, bill pay, or visiting a branch location.
Yes. With the app you can transfer money and view accounts. You can pay bills and upload checks. You can set up login as a touch ID or face ID.
HSBC offers a wide variety of accounts to fit your needs. The interest rates are not competitive with other online-only accounts. There are branch locations across the U.S. and the world.
Most all HSBC accounts have a monthly maintenance fee. There are requirements that if met will waive the monthly fee. The requirements vary depending on the account. Know the requirements to avoid the fees.
HSBC offers protections that follow federal regulations. They offer $0 Liability, Online Guarantee. This means you are not liable for any unauthorized online bill payments or fund transfers. This applies to personal internet banking and the HSBC credit cards.
The interest rates are similar to your typical brick and mortar rates. HSBC interest rates are not competitive with other online-only accounts.
Yes. There are checking and savings accounts. CDs, loans, and credit cards are available. There are options for small business banking as well as corporate banking.
It is not different. The interest rates are similar to your typical bank rates. Everything for your account is online.
HSBC checking account earns interest, but the rates are low. They are similar to your typical brick and mortar bank rates.
Through email, mail, phone, online chat, Twitter, or by visiting a branch location.
Yes. Free bill pay is available with checking accounts from HSBC accounts.
Yes, at a local branch.
Wire transfers set before a specific time will fund that day. After the set time it will fund the following business day.
Yes. Having money directly deposited can waive some account fees. Each account accepts direct deposit, except CDs. The requirements to waive the fees vary between each account.
Bank Contact Information
HSBC Bank USA, N.A.P.O. Box 2013
Buffalo, NY 14240
800-975-4722
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.