HSBC Advance Checking Review

HSBC Advance Checking is offered by HSBC Bank USA, a bank founded in 1865 and based in New York, NY. HSBC Advance Checking is available in 50 states (and Washington, DC).

• $200 Bonus offer. Open a new account and you can get up to $200 (see terms and conditions for more details).
• Low APY. The maximum annual percentage yield for this account is only 0.01%.
• Charges a monthly fee. This account charges a monthly maintenance fee of up to $25, but the fee is waived if you keep a minimum balance of $5,000, have a monthly direct deposit of $5,000, or $10,000 combined balance accross eligible accounts..
• $1 minimum deposit. This account requires a higher minimum initial deposit than most of the accounts we track.
• No ATM fees. HSBC Advance Checking does not charge fees on ATM transactions.
• Hard credit pull. HSBC Bank USA may require a hard pull on your credit report to open a checking account.

Are checking accounts from HSBC Bank USA federally insured?

Yes, your HSBC Bank USA checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57890). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What APY does HSBC Advance Checking offer?

HSBC Advance Checking offers an APY of 0.01% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $5.

What are the account minimums for HSBC Advance Checking?

HSBC Advance Checking requires a minimum initial deposit of $1 to open an account.

What fees does HSBC Advance Checking charge?

This account charges a monthly maintenance fee of up to $25.

What features and perks does HSBC Advance Checking offer?

This account includes the following features:

• Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
• Signup Bonus - Open an account and you will receive a signup bonus of up to $200.
• Check images with statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks.
• Fraud monitoring - HSBC Advance Checking monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
• Mobile Banking Services - HSBC Advance Checking allows you to manage your money online. This includes depositing checks in your account with your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.