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You might like HSBC Bank (Member FDIC) 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. Otherwise, you may want to consider some of the best online banks, which 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 $75,000 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 checking account
- Have an HSBC U.S.-based residential mortgage with HSBC with an original amount of $500,000 or more (this does not include a combined loan amount from multiple mortgages or home equity products)
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. The highest possible BBB rating is A+ but HSBC has an A- because several customer complaints on the website have not been resolved.
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
HSBC is a trusted bank overall. It has a high Better Business Bureau grade and a 3.9 out of 5 on its Consumer Affairs profile, based on over 900 customer reviews. Of those reviews, 73% were either a 4 or 5.
Yes, HSBC is a credible bank with FDIC insurance.
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 shut down.
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 3.75%
$0, or $1 if opened online
- High interest rate if you meet the qualifications for a relationship rate
- No minimum opening deposit ($1 if you open the account online)
- Must have a Premier Checking Account
- Low standard interest rate
- $50 monthly maintenance fee if you don't meet qualifications for waiving the fee
- Waive $50 service fee each month that you maintain a $75k minimum balance in a combination of eligible bank/investment accounts OR receive direct deposits of at least $5k OR have an HSBC residential mortgage with a minimum original loan amount of at least $500k
- Qualify for the highest interest rate each month that you spend $500 with your debit card OR receive $5k in direct deposits OR have an HSBC residential mortgage with a minimum original loan amount of at least $500k OR have HSBC Jade customer status
- Interest compounded monthly, paid monthly
- Member FDIC
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
- 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
- Unlimited out-of-network ATM fee reimbursements
- No foreign transaction fees
- Access to a Premier Savings Account
- Preferential mortgage rates for Premier customers
- $1 opening deposit, and $5 to earn interest
- $50 monthly maintenance fee if you don't meet qualifications for waiving the fee
- Low interest rate
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.
- Start an HSBC Premier relationship today. You’ll enjoy premium banking with both local and global benefits and access to wealth solutions offered through HSBC Securities, (USA), Inc*.
- Discover what HSBC Premier can offer you
- - 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.
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
4.25% to 5.40%
$1,000
- Higher interest rates than many brick-and-mortar banks on longer terms
- Low to standard early withdrawal penalties
- Minimum $1,000 deposit
- 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 high rates on CDs, but it only has four terms to choose from: six months, eight months, one year, and two years. If you're looking for one of these term lengths, it's a good 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 earn higher savings and CD rates.
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, 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.
