Pros Explained

• Minimum deposit of $1 for checking or savings account: Customers can open a new account online with just a $1 deposit. The minimum initial deposit drops to $0 if you go to a branch and have a bank representative open the account for you.
• Minimum balance of $1 to earn annual percentage yield (APY): HSBC's interest-bearing checking accounts only require a $5 balance to earn interest.
• Bonuses available for new customers and referrals: As of this writing, HSBC is offering a limited-time welcome bonus of up to $2,500 for new customers opening an interest-bearing checking account, as well as a referral bonus of up to $5,000 for successfully referring a friend to open a qualifying account.
• International banking options: HSBC has branches and ATMs in close to 60 countries. U.S. customers can access any HSBC ATM in the world, as well as count on service and support at HSBC branches wherever they are located. 

Cons Explained

• Present in only six states and the District of Columbia: HSBC is a multinational bank, but its presence in the U.S. is somewhat limited. You can find physical branches in only six states: CA, FL, NJ, NY, VA, WA, and the District of Columbia. And there are less than 150 branches in those locations.
• Low APYs on interest-bearing checking accounts: Customers cannot expect 澳洲幸运5官方开奖结果体彩网:annual percentage yields (APYs) to be high anywhere right now; however, HSBC’s starting rate of 0.01% APY on both the Premier and Advanced checking accounts is a low rate even under current circumstances.
• Overdraft protection possibly more than insufficient funds fees: HSBC offers something called “Select Credit,” a personal line of credit, as a method of overdraft protection. If you choose to sign up for this 澳洲幸运5官方开奖结果体彩网:overdraft protection, you will pay up to 17.99% 澳洲幸运5官方开奖结果体彩网:annual percentage rate (APR) on overdrafts, in addition to a transaction fee equal to the amount transferred to cover the overdraft up to a $10 maximum per day. This is compared to an insufficient fund fee of $35. While using Select Credit as overdraft protection may be cheaper for customers who can quickly repay the line of credit, it is expensive protection, and finding the details of these costs takes a little sleuthing on the site.
• HSBC and HSBC Direct unconnected online: Despite both being under the umbrella of HSBC as a multinational bank, the HSBC U.S. website is separate from the HSBC Direct website, with no clear navigation between the two. Customers must know that each site exists to be able to find products from both.
• Number of ATMs not listed on website: While you can search for an ATM near you on the HSBC website, it does not list the full number of ATMs available in the United States. There is a $2.50 out-of-network ATM fee, and considering that it is unclear just how many in-network ATMs exist, new customers may not be able to make an informed choice about the convenience of an HSBC account.

Who Is HSBC Bank Best for?

HSBC B🌞ank is well suꦅited to customers with robust savings accounts and those who may have international banking needs. In particular, you’ll find HSBC works great for you if you:

• Wish to bank with a large multinational institution with a long history
• Reside in CA, FL, MD, NJ, NY, PA, VA, WA, or the District of Columbia
• Travel internationally on a regular basis
• Want to open a savings account with no minimum balance requirement or monthly maintenance fee
• Can receive regular direct deposits
• Want a generous welcome bonus and have the necessary means to qualify for it
• Want to receive generous referral bonuses

What Does HSBC Offer?

HSBC Bank customers have accꩲess to a full suite of deposit accounts and services, which include:

• Savings accounts
• Checking accounts
• 澳洲幸运5官方开奖结果体彩网:Certificates of Deposit (CDs)
• Credit cards
• Banking experience
• Customer service

Savings Accounts

HSBC Premier Savings accounts require an HSꩲBC Premier Checking account to qualify. To avoid a $50-per-month maintenance fee, you must meet one of the following requirements:

• Have monthly recurring direct deposits equaling at least $5,000 total to your HSBC Premier Checking account
  
• Carry an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
• Hold HSBC Jade customer status, available to customers who maintain a balance of $1 million in qualifying accounts.

Customers can qualify for an HSBC Premier Relationship Savings ac🍸count and a higher APY by also spending at least $500 each month on a debit card linked to a Premier 🐼Checking account.

The APY for those who meet HSBC Premier Relationship🐻 eligibility requirements is 3.70% as of May 21, 2025. Otherwise, the APY is 0.05%.

Checking Accounts

HSBC Premier Checking requires you to have the above interest-bearing checking account in order to open an account. Expect to pay a $5𒐪0 monthly maintenance fee unless you either maintain a $75,000 minimum balance in all of your HSBC accounts, have monthly recurring direct deposits totaling $5,000 or carry an HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000.

There are some pretty impre🦹ssive benefits available to Premier Checking customers, including paying no foreign transaction fees when you make purcha🐈ses with your HSBC Premier Debit World Mastercard and ability to open an overseas account before moving or working abroad.

The downside of this checking account is its currently low-interest rate. As with Advance Checking, you will only earn 0.01% APY on your balance🌼s above $5. The higher requirements for this account do not translate into a higher APY, at least not now. The APY may increase when the Federal Reserve raises rates again.

Certificates of Deposit

HSBC offers customers three Online CDs and four New Money CDs with terms ranging from six months to 24 months.

Credit Cards

HSBꦆC offers two credit cards under the Mastercard umbrella with varying perks and benefits.

• HSBC Premier World Mastercard: HSBC Premier Checking or Savings account holders can get this card with no annual fee; all others will pay a $95 one. This card offers 60,000 bonus points for signing up, provided you spend $4,000 in the first three months. You also get 3X Points on gas and groceries, 2X Points on travel, and 1X Point on all other spending.
• HSBC Elite Mastercard: This card has a $495 annual fee, but HSBC Premier Checking or Savings account holders can get this card with no annual fee. In return, you receive 60,000 bonus points for signing up, provided you spend $4,000 in the first three months. You will also receive 5X Points on travel, 2X Points on dining, and 1X Pointson all other spending. The card comes with some primo travel perks, such as a $400 travel credit per year, travel protection, access to airport lounges, and application fee statement credit for Global Entry or TSA Precheck.

Other Financial Products Offered By HSBC Bank

In addition to the above pr꧋oducts and services, HSBC also offers the following:

• Purchase mortgages
• Refinance mortgages
• Home Equity Lines of Credit (HELOCs)
• Individual retirement accounts (IRAs)
• Self-directed trading
• Managed investment portfolios
• Private banking
• Financial advisors
• Business loans

HSBC Customer Service

The customer service phone line is reachable from 7 a.m. to 12 a.m. EST, seven days a week, at 1-800-975-4722. In addition, you can interact with live chat 24/7. Surprisingly, the bank also invites customers to tweet questions or concerns to the customer care X (formerly Twitter) account for its local handlಌes.

HSBC’s mobile app, 4.5 stars on Google Play and 4.6 stars on iTunes, offers some forward-thinking security features, such as fingerprint ID on Android and facial recognition on iOS, in particular. ဣHaving a mobile app is even more important for this bank, considering the small number of HSBC branches in America.

How to Bank With HSBC

HSBC makes it very easy to open accounts online, even if you do not reside in one of the eight states served by less than 150 bank branches. Once you have opened an account, both the online banking portal and mobile app make it easy to handle all your transactions, even if you can’t make it to a brick-and-mortar branch. However, you 🔯may find it’s a little difficult to find fee-free ATMs, so you may need to do someꦓ reconnaissance to access your cash if you do not live near an HSBC branch.

Methodology

Investopedia is dedicat🦂ed to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decisi෴on for their savings and banking needs.