HSBC Bank Review 2024

May 2024 · 11 minute read

Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

How HSBC Bank products compare

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Editor's Rating

3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

0.05% to 4.50%

$0, or $1 if opened online

Editor's Rating

3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Editor's Rating

3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

4.25% to 5.40%

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

HSBC Bank Pros and Cons

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:

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

HSBC Bank Premier Relationship Savings Account

HSBC Bank HSBC Bank Premier Relationship Savings Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75/5

Fees

$50 monthly service fee

Annual Percentage Yield (APY)

0.05% to 4.50%

Minimum Deposit Amount

$0, or $1 if opened online

ProsConsProduct Details

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:

HSBC Bank Premier Checking Account

HSBC Premier Checking

HSBC HSBC Premier Checking Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks

Earn up to $4,000 when you open a new HSBC Premier checking account and complete qualifying activities (offer ends 3/27/24). Option to waive monthly fees* with an eligible direct deposit or $75,000 minimum balance

Fees

$50 monthly service fee*

Annual Percentage Yield (APY)

0.01%

Minimum Deposit Amount

$1

Bonus

up to $4,000

ProsConsInsider’s Take

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.

Product Details

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

HSBC Bank Online CD

HSBC Bank HSBC Bank Online CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75/5

Annual Percentage Yield (APY)

4.25% to 5.40%

Minimum Deposit Amount

$1,000

ProsConsProduct Details

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.

Chase Bank Review

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.

Bank of America Review

Why You Should Trust Us: How We Reviewed HSBC Bank

At Personal Finance Insider, we rate checking and savings accounts using our bank account methodology and certificates of deposit with our CD methodology.

For each account, we looked at HSBC's ethics, 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.

Personal Finance Reviews Editor

Compliance Associate

Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.

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