HSBC Bank
Blueprint Rating
Products
Checking, savings, CDs, credit cards and home loans
Fees
Monthly maintenance (if certain requirements aren’t met), international transfer
ATM network
55,000
What you should know
HSBC is a global banking and financial services organization that supports around 39 million customers worldwide. Its products are streamlined — there’s only one checking and savings account — but its comprehensive international support stands out.
If you qualify for the HSBC Premier status, you’ll have free global transfers and overseas service, plus you won’t pay foreign transaction fees on your debit card — making this a potentially ideal bank choice for those who travel often or live abroad.
Pros
- Global banking support.
- Highly-rated mobile app.
Cons
- Limited product offerings.
- High minimum balance requirement to avoid fees.
HSBC Bank basics
- Checking accounts: HSBC Premier checking.
- Savings accounts: HSBC Premier Relationship Savings and HSBC Premier Savings.
- Money market: N/A.
- Certificate of deposit (CD): HSBC Bank Online certificates of deposit.
- Other Accounts: Credit cards, home loans, personal loans.
- Bank branches or online only: Bank branches.
Account details and annual percentage yields (APYs) are accurate as of January 8, 2024.
About HSBC Bank
Founded in Hong Kong in 1865, HSBC today has a presence in 62 countries and territories across Europe, Asia, the Middle East and Africa, North America and Latin America. The organization offers a typical range of banking services through their three main divisions: wealth and personal banking, commercial banking, and global banking and markets.
In the U.S., it’s covered by the Federal Deposit Insurance Corp. (FDIC), which protects up to $250,000 of your deposits.
HSBC Premier checking
This checking account has a monthly maintenance fee of $50 which can be waive by maintaining a balance of $75,000 in combined U.S. consumer and qualifying commercial U.S. dollar deposit and investment accounts, having monthly recurring direct deposits totaling at least $5,000 from a third party, having an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000 or by maintaining maintain Private Bank status.
Having this account grants you — and up to four of your family members — Premier status, which comes with some additional perks, such as higher savings rates and no foreign transaction fees on your debit card.
HSBC Premier Relationship Savings
Alone, HSBC’s standard Premier Relationship Savings account has an extremely low yield at just 0.05% APY. However, if you link your Premier Relationship Savings account to a HSBC Premier checking account, you can qualify for an impressive 4.50% APY.
You’ll need to meet at least one of these requirements to qualify for the Relationship APY, in addition to linking your account to an eligible Premier checking account:
- Spend $500 or more on purchases per month with the HSBC Debit Card associated with your linked HSBC Premier checking account.
- Receive $5,000 in qualifying direct deposits per month.
- Have a HSBC U.S. residential mortgage loan with an original amount of at least $500,000.
- Hold Premier Elite status.
HSBC Bank Online certificates of deposit
Once you are a Premier checking account holder, you can qualify for HSBC CDs, which have competitive yields and feature terms of six-, 12- and 24-months. You must make a minimum deposit of at least $1,000 and the CD term you choose will impact how much interest you earn:
- Six months: 4.50% APY.
- 12 months: 5.00% APY.
- 24 months: 4.00% APY.
HSBC other products
- Credit cards: You can choose between two HSBC credit cards — the HSBC Premier World Mastercard® credit card*The information for the HSBC Premier World Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. and the HSBC Elite World Elite Mastercard® credit card*The information for the HSBC Elite World Elite Mastercard® credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.. Both cards come with enticing welcome bonuses, the ability to earn rewards points on select purchases and offer free travel perks.
- Home loans: Whether you need a brand new mortgage loan, want to refinance an existing loan or plan to borrow against your equity with a home equity line of credit (HELOC) — HSBC supports a variety of home borrowing needs.
All information about HSBC Premier World Mastercard® credit card and HSBC Elite World Elite Mastercard® credit card has been collected independently by Blueprint.
How HSBC Bank stacks up
HSBC Bank vs. Barclays Bank
If you’re looking for a bank with strong yields, Barclays Bank could be a good fit, but it’s not able to serve all of your financial needs in one place. It doesn’t offer a checking account, loans or credit cards. Instead, you can earn an APY of 4.35% with the Barclays Online Savings account and Barclays Online certificates of deposit rates go as high as 5.30% APY.
Its savings account is also free, with no maintenance fees that you must either pay or jump through hoops to avoid.
At the end of the day, however, HSBC provides customers with a more varied range of financial products and services and a focus on global customer service, which you may not mind paying for.
HSBC Bank vs. Santander Bank
Santander Bank has a product lineup that is more similar to that of HSBC. Alongside checking, savings and CD products, Santander Bank also offers personal loans, money market accounts, credit cards and investment planning support.
When it comes to savings account rates, you can earn a very unimpressive APY of 0.03% with the Santander® Savings account. The HSBC Premier Relationship Savings account offers a similarly low APY initially (0.05%) but makes it possible to earn a 4.50% yield if you meet certain requirements.
HSBC Bank vs. BMO Bank
If you like to manage multiple areas of your financial life in one place, you will likely appreciate the wide variety of products that BMO offers — especially when it comes to loans. You can apply for personal loans, boat and RV loans, auto loans, student loans and lines of credit. If you need help building your credit score, it even offers a credit builder loan.
You can also open checking accounts, a money market account and a few savings products — such as the BMO Savings Builder Account and CDs.
HSBC still stands out, however, if you have an international lifestyle.
Frequently asked questions (FAQs)
HSBC offers a standard checking account and both a high-yield savings and standard savings account. You also have the option to invest in a CD or open a new credit card account.
You can manage your HSBC accounts online via a desktop computer or by using the bank’s mobile app. You can e-deposit checks, keep an eye on your investments, review loan statuses, transfer funds and pay bills easily from wherever you are.
For the HSBC Premier checking account, you need to have at least $75,000 in total deposits and/or investments with the bank, at least $5,000 in total direct deposits per month or a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000. For both savings accounts, you’ll need to maintain an HSBC Premier checking account.
Yes, it has a presence in 62 countries and territories across the world, focusing on Europe, Asia, the Middle East and Africa, North America and Latin America. HSBC makes international money transfers easy, making this an ideal bank account choice for those who travel a lot.
*The information for the HSBC Elite World Elite Mastercard® credit card and HSBC Premier World Mastercard® credit card has been collected independently by Blueprint.The card details on this page have not been reviewed or provided by the card issuer.
I am an expert and enthusiast-based assistant. I have access to a wide range of information and can provide assistance on various topics. I strive to provide accurate and reliable information by using search result snippets as evidence. Let's dive into the concepts mentioned in the article you provided.
HSBC Bank
HSBC Bank is a global banking and financial services organization that supports around 39 million customers worldwide. It offers a range of products, including checking accounts, savings accounts, certificates of deposit (CDs), credit cards, and home loans.
Products
HSBC Bank offers various products, including:
- Checking accounts: HSBC Premier checking.
- Savings accounts: HSBC Premier Relationship Savings and HSBC Premier Savings.
- Money market: N/A.
- Certificate of deposit (CD): HSBC Bank Online certificates of deposit.
- Other Accounts: Credit cards, home loans, personal loans.
Fees
HSBC Bank charges a monthly maintenance fee for certain accounts if specific requirements are not met. Additionally, there may be fees for international transfers.
ATM Network
HSBC Bank has an ATM network of 55,000 locations.
Pros and Cons
Some pros of HSBC Bank include global banking support and a highly-rated mobile app. However, it has limited product offerings and a high minimum balance requirement to avoid fees.
HSBC Bank Basics
- Checking accounts: HSBC Premier checking.
- Savings accounts: HSBC Premier Relationship Savings and HSBC Premier Savings.
- Money market: N/A.
- Certificate of deposit (CD): HSBC Bank Online certificates of deposit.
- Other Accounts: Credit cards, home loans, personal loans.
- Bank branches or online only: Bank branches.
About HSBC Bank
HSBC Bank was founded in Hong Kong in 1865 and has a presence in 62 countries and territories across Europe, Asia, the Middle East and Africa, North America, and Latin America. It offers a range of banking services through its three main divisions: wealth and personal banking, commercial banking, and global banking and markets. In the U.S., it is covered by the Federal Deposit Insurance Corp. (FDIC), which protects up to $250,000 of deposits.
HSBC Premier Checking
HSBC Premier checking is a checking account offered by HSBC Bank. It has a monthly maintenance fee that can be waived by meeting certain requirements, such as maintaining a balance of $75,000 in combined U.S. consumer and qualifying commercial U.S. dollar deposit and investment accounts, having monthly recurring direct deposits totaling at least $5,000 from a third party, having an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000, or maintaining Private Bank status. Having this account grants you and up to four family members Premier status, which comes with additional perks such as higher savings rates and no foreign transaction fees on your debit card.
HSBC Premier Relationship Savings
HSBC Premier Relationship Savings is a savings account offered by HSBC Bank. It has a low yield of 0.05% APY. However, if you link your Premier Relationship Savings account to an eligible Premier checking account, you can qualify for a higher yield of 4.50% APY by meeting certain requirements, such as spending $500 or more on purchases per month with the HSBC Debit Card associated with your linked HSBC Premier checking account, receiving $5,000 in qualifying direct deposits per month, having an HSBC U.S. residential mortgage loan with an original amount of at least $500,000, or holding Premier Elite status.
HSBC Bank Online Certificates of Deposit
Once you have a Premier checking account, you can qualify for HSBC Bank Online certificates of deposit (CDs). These CDs have competitive yields and feature terms of six, 12, and 24 months. The APY varies depending on the term chosen, with rates ranging from 4.00% to 5.00% APY.
HSBC Other Products
HSBC Bank also offers credit cards, including the HSBC Premier World Mastercard® credit card and the HSBC Elite World Elite Mastercard® credit card. These cards come with welcome bonuses, rewards points on select purchases, and free travel perks. Additionally, HSBC supports various home borrowing needs, including mortgage loans, refinancing, and home equity lines of credit (HELOC).
HSBC Bank vs. Other Banks
The article also compares HSBC Bank to other banks, such as Barclays Bank, Santander Bank, and BMO Bank, highlighting the differences in product offerings and services.
Frequently Asked Questions (FAQs)
The article includes some frequently asked questions about HSBC Bank, such as the types of accounts offered, online banking capabilities, and eligibility requirements for the Premier checking account.
Please note that the information provided is based on the search result snippets and may not cover all aspects of the concepts mentioned in the article.
