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HSBC Bank: Checking, savings and CDs

Top international account perks and money transfers, but you must meet strict deposit requirements to open.

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Our verdict

HSBC stands out as one of the longest-serving banks in the digital world, with over 170 years of experience. It covers all your checking and savings needs, and we love its competitive CD rates that help you grow your savings.

For those who bank internationally, its accounts work well for transferring money to an international HSBC account. You also get access to international ATMs and its debit card comes with no foreign transaction fees.

But to open an account, you must meet strict eligibility requirements based on criteria like a high minimum balance, direct deposits, debit card purchases or an HSBC mortgage.

Best for: High-net-worth individuals needing international perks.

Pros

  • Quick money transfers to international accounts
  • Multicurrency account available
  • International ATM network
  • CD rates with up to 3.75% APY

Cons

  • Strict requirements to open most accounts
  • Mixed customer reviews

Is HSBC Bank right for you?

HSBC Bank accounts are best for customers who can keep a high balance in their accounts. To open HSBC’s only personal checking account option, you must meet high deposit requirements like have at least $75,000 total in deposit or investment accounts, at least $5,000 in direct deposits or hold a $500,000+ HSBC mortgage.

HSBC is also best for high-net-worth individuals who need international services and perks.

You get access to HSBC-branded ATMs abroad with no fees and debit cards with $0 foreign transaction fees. Plus, you have the option of opening HSBC Global Money, a multicurrency account that lets you convert money to eight different currencies, and either hold it there or transfer it to your own or another HSBC customer’s account — not to an external bank.

How HSBC Bank stacks up

HSBC is one of the longest-standing banks in the digital world, raising it above newer fintechs that don’t yet have a track record. Its internationally-friendly accounts make it ideal if you travel or make international transactions on the regular, and it’s one of the only banks to offer its own multicurrency account.

However, you have to work for its relationship savings APY, and requirements to open accounts or avoid monthly fees are strict. If you need an account with international perks, you’ll find ones with no minimum balance requirements or monthly fees that still offer competitive interest rates.

HSBC’s personal banking products

Account nameBest forOpening depositMonthly feeAPYFeatures
HSBC Premier Checking
High-net-worth individuals who travel abroad
$0
$50 or $0 when you meet specific deposit requirements
0.01% APY on balances $5 or more
  • Extend Premier status to 4 family members
  • Free international HSBC ATM transactions
  • 5 monthly out-of-network ATM reimbursements
  • No foreign transaction fees
HSBC Global Money
Money transfers to international HSBC accounts
$0
$0
N/A
  • Transfer money in different currencies
  • Transfer to your or another person’s HSBC account
  • Access account via app only
  • Must link to another HSBC account for funding
HSBC Premier Savings
Those wanting a Premier Checking and Savings account
$0
$0
  • 0.01% APY on balances less than $25,000
  • 0.10% APY on balances between $25,000 and $99,999
  • 0.15% APY on balances $100,000 or more
  • 5 out-of-network ATM fee rebates/mo.
  • Must have a Premier Checking account
  • Must meet strict eligibility criteria
HSBC Premier Relationship Savings
High-net-worth individuals wanting high savings rates
$0
$0
  • Earn the following interest rates on balances $1+
  • 0.05% APY
  • 3.45% if you also have a Premier checking account and meet the eligibility requirements
  • Earn relationship APY if you qualify
  • Premier relationship grants access to wealth management services
HSBC Online Certificates of Deposit
Premier banking customers looking for high yields
$1,000
$0
  • 3.5% APY for a 6-month CD
  • 4.75% APY for a 12-month CD
  • 3.75% APY for a 24-month CD
  • Available to Premier customers
  • 3 terms: 6, 12 and 24 months
  • Top-of-market APYs

HSBC Premier Checking

You’ll get the most out of this account if you travel or make transactions abroad regularly. The account comes with free international ATMs, plus five ATM fee reimbursements per month if you use an out-of-network ATM and incur a fee. HSBC also lets you open accounts in different countries for easy transfers between accounts.

Otherwise, HSBC Premier Checking is a straightforward bank account with a low 0.01% APY and no opening deposit or insufficient funds fees. But to qualify for the Premier Checking account and waive its $50 monthly fee, you must meet one of these criteria:

  • $75,000 in total HSBC deposits or investments
  • $5,000 in direct deposits per month
  • $500,000+ in a US mortgage loan
Where it shines
  • Available for US and international customers
  • Extend Premier benefits to up to four family members
  • Five ATM fee rebates monthly
  • Unlocks relationship banking for a competitive interest rate if you also open Premier Relationship Savings account
Where it falls short
  • Steep deposit requirements to waive $50 monthly fee
  • Low interest rate
  • Strict account eligibility requirements

HSBC Premier Elite status

Once you open an HSBC Premier account, you can achieve Elite status if you keep a $1 million total balance among all your HSBC accounts for two months. Elite status gets you specific perks and privileges, including:

  • Priority customer service
  • Wealth management and financial advisor
  • Annual fee waiver for HSBC Elite credit card

HSBC Premier Savings

This account is a standard savings account with no monthly maintenance fee or opening deposit to worry about. You’ll earn tiered APYs between 0.01% and 0.15% — not competitive compared to the market. Because of its basic features, this account works best if you need a place to tuck away extra money but don’t qualify for HSBC’s relationship savings account.

Where it shines
  • No monthly fee or opening deposit
  • Five out-of-network ATM reimbursements every month
Potential drawbacks
  • Must have a Premier Checking account
  • Tiered interest rates below the national average

HSBC Premier Relationship Savings

This account offers a competitive APY up to 3.45% — if you qualify. You’ll need to open a Premier checking account first. Then, meet any one of these criteria each month to earn the highest APY:

  • $500 in debit card purchases
  • $5,000 in direct deposits
  • $500,000 in an HSBC mortgage
  • HSBC Premier Elite customer

The account is worth opening if you know you’ll meet these qualifications. Otherwise, you’re better off opening a high-yield savings account with fewer requirements to earn interest.

Where it shines
  • Earn up to 3.45% APY
  • Access to investing and wealth management tools
Potential drawbacks
  • Must have a Premier Checking account
  • Must qualify each month to earn relationship APY

HSBC certificates of deposit

HSBC offers some of the most competitive CD rates we’ve seen, up to 3.75% with its highest term length. However, HSBC only offers six-, 12- and 24-month terms. Other banks offer a wide range of terms up to 60 months.

Where it shines
  • Earn up to 3.75% APY
Potential drawbacks
  • Only three term options
  • Must have a Premier checking account

Other products

  • Credit cards. Qualify for the HSBC Elite or Premier credit cards, which offer cash back for international brands.
  • Insurance. Protect yourself with insurance products for auto, life, long-term care planning and homes worth under $1 million.
  • Investments. HSBC offers investment portfolios for different needs from planning for education and retirement to helping you open a self-directed brokerage account.
  • Mortgages. Buy or refinance your home or tap into your home’s equity to fund your goals.
  • Personal loans. Get a personal loan and use its online banking to pay and keep tabs on your loan.

Compare HSBC with leading bank accounts

Compare accounts by monthly fee, opening deposit and APY. Select Compare to see up to four accounts side-by-side.

1 - 5 of 20
Product USFSA-CHK Finder Score Fee Minimum deposit to open Annual Percentage Yield (APY) Bonus offer
SoFi logo
Finder score
$0 per month
$0
Up to 3.80%
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.
Chime logo
Finder score
$0 per month
$0
N/A
Step Black Card
Step logo
Finder score
From $0 per month
$0
4.00% on balances of $0 to $1,000,000
Acorns logo
Finder score
From $3 per month
$0
N/A
Current logo
Finder score
$0 per month
$0
4.00% on balances of $0.01 to $2,000
Get a $50 referral bonus by inviting your friends to join Current. Once the person receives the invite link and makes qualifying deposits of at least $200 within 45 days of opening the account, you and the referred friend each earn $50
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What is the Finder Score?

The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.

Read the full Finder Score breakdown

{"visibility":"visibilityTable","ctaLabel":"Calculate","tableCode":"savings_calculator_table","nicheCode":"USFSA","fields":[{"name":"PERIOD","value":"1","options":"","label":"Years to save","suffix":"","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":""},{"name":"INITIAL_DEPOSIT","value":"1000","options":"","label":"Initial deposit","suffix":"$","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":"Select Calculate to see your estimated total balance based on the current APY for each product below"}]}
1 - 6 of 23
Product USFSA Finder Score Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Bonus offer Estimated total balance
SoFi logo
Finder score
Traditional savings,Checking
Up to

3.80%

Up to $250,000
$0
$0
Get up to $300 cash bonus with qualifying direct deposit. Terms apply. This offer is available until January 31, 2026.
$1,038
American Express logo
Finder score
Traditional savings

3.70%

Up to $250,000
$0
$0
$1,037
Barclays Tiered Savings
Barclays logo
Finder score
Traditional savings
Up to

4.40%

Up to $250,000
$0
$0
Get a $200 Bonus when you deposit $25,000 or more within 30 days and maintain that balance for 120 days. Available to new bank customers.
$1,044
Uphold USD Interest Account
Uphold logo
Finder score
Savings app
Up to

4.40%

Up to $2.5 million
$1
$0
$1,044
Wealthfront logo
Finder score
Cash management account

4.00%

Up to $8M FDIC insurance
$1
$1
$1,040
Live Oak Personal Savings
Live Oak Bank logo
Finder score
Traditional savings

4.20%

Up to $250,000
$0.01
$0
Earn a $300 bonus. Open a new Live Oak personal savings account, deposit $20,000 or more by 3/31/25, and maintain that balance for 60 days. Terms and conditions apply.
$1,042
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What is the Finder Score?

The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.

To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.

Read the full Finder Score breakdown

1 - 6 of 16
Product USFSA-CDS Finder Score 6-month APY 1-year APY 5-year APY Minimum deposit to open Bonus offer
Western Alliance Bank 12 months CDs through Raisin
Raisin logo
Finder score
N/A
3.95%
N/A
$1
Raisin logo
Finder score
N/A
N/A
N/A
$1
Alliant Credit Union CDs
Alliant Credit Union logo
Finder score
4.10%
4.25%
3.65%
$1,000
Valley Direct Online CD
Valley Direct logo
Finder score
N/A
4.00%
N/A
$500
SkyOne FCU 48-month callable CD through Raisin
Raisin logo
Finder score
N/A
N/A
N/A
$1
Bask Bank CDs
Bask Bank logo
Finder score
4.45%
4.40%
N/A
$1,000
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What is the Finder Score?

The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.

Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.

If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.

Read the full Finder Score breakdown

Customer service experience

HSBC has been around for over 170 years, lending it stability and credibility in the banking world compared to other online-focused banks. HSBC holds a B rating with the Better Business Bureau due to unresolved complaints filed against it. It also sees an influx of negative reviews on Trustpilot.

Complaints center on unexpectedly frozen bank accounts that can lead to financial repercussions like added charges, or ineffective customer service when disputing a transaction. Some complaints report unknowledgeable customer support.

However, happy customers talk about solid experiences with specific bankers. Others enjoy easy transfers among their HSBC accounts in different countries.

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Written by

Writer

Sarah George is Staff Writer for Small Business Loans at BankRate and formally a personal finance writer at Finder focusing on all things banking and insurance. Her know-how has been featured in such publications as CBS, CNET and Reviews.com, and she was a panelist in Finder’s 2020 money-saving webinar. Sarah earned an English education degree and is a Certified Educator in Personal Finance. See full bio

Sarah's expertise
Sarah has written 28 Finder guides across topics including:
  • Car, motorcycle, home and life insurance
  • Insurance for specific car models
  • Analysis of industry reports
  • Insurance policy comparison

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