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HSBC Bank USA

in Personal Bank Accounts

Unaffiliated Visit Site

HSBC Bank USA

Unaffiliated

in Personal Bank Accounts

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Overview

HSBC is one of the largest banks in the world. HSBC was founded in 1865 with the purpose of financing trade between Asia and the West. It has 48 million customers in 72 countries and 6,100 offices worldwide. HSBC has its world headquarters in London 

With $192.3 billion in assets and $174.2 billion in deposits, HSBC North America is the 8th largest bank in the US by assets. In the US alone it has 233 offices in 10 states and Washington DC. Bauer Financial gives HSBC four stars, and it has an A+ rating with the BBB.

What Are HSBC’s Checking and Savings Accounts Like?

Checking
HSBC has four main checking accounts in the US: HSBC Premier, HSBC Advance, Choice Checking, and Basic Banking.

Basic Banking is for people who only write a few checks a month and have modest banking needs. It doesn’t pay interest and there is a $3 monthly service fee. Customers can make up to 8 checks or withdrawals a month for free. Additional checks or withdrawals cost $0.35 per check. The account includes Bill Pay, online banking and a debit card. There is no minimum monthly balance.

Choice Checking has a $15 monthly fee but you can avoid it by setting up a direct deposit or maintaining a combined balance of $1,500. Choice Checking doesn’t pay interest, and the minimum balance is $1,500. As well as unlimited checks and withdrawals, customers receive online banking, Bill Pay, a debit card, and free access to HSBC ATMs.

HSBC Advance has a $20 monthly fee, which is waived if you maintain the $10,000 minimum balance. As well as the services offered by Choice Checking, HSBAC Advance includes rebates on up to three non-HSBC ATM fees. This account pays interest, but only 0.01% APY, regardless of the account balance.

HSBC Premier has a $50 monthly fee, which you can avoid if you maintain the minimum balance of $100,000. Customers receive all the services and perks of HSBC Advance plus unlimited ATM-fee rebates, a relationship manager, no foreign transaction fees on debit card purchases, and an HSBC Premier World Mastercard. The account yields a 0.01% APY, regardless of the balance.

Savings
HSBC has three savings accounts: HSBC Premier Savings, HSBC Advance Online Savings, and HSBC Everyday Savings.

HSBC Everyday Savings offer free online banking and a 0.01% APY. It has a $100 minimum balance. If your balance is below $1,000, there is a $0.75 fee per withdrawal after the third withdrawal.

HSBC Advance Online Savings offers tiered interest rates of up to 0.05% (balances over $10,000). There is no monthly fee as long as you have an HSBC Advance checking account and maintain the minimum balance.

HSBC Premier Savings has a tiered interest rate schedule that peaks at 0.15% for balances above $100,000. There is no monthly fee as long as customers have an HSBC Premier checking account and they maintain their minimum balance.

What Are the Advantages and Disadvantages of HSBC’s Checking and Savings Accounts?

We love this about HSBC:

  • No fee options for checking and savings accounts
  • World Bank with large ATM network
  • Complimentary savings accounts with customers with checking accounts
  • Competitive interest rates

We don’t like this about HSBC:

  • Low-interest rates
  • Minimum balances
  • Monthly service fees
  • Only large balances receive higher interest rates.
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Availability

Available in 50 States and Washington, DC
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required?
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
3-month APY
0.01%
Credit Bureau Reporting
  • Equifax
  • Experian
Account Features
  • Automatic Savings
  • Bauer Financial A+/A Rating
  • CDs
  • Check Images with Statement
  • Checking
  • Debit Card
  • FDIC Member
  • Fraud Monitoring
  • Free Bill Pay
  • Free Debit Card
  • Interest Bearing Account
  • IRAs
  • Mobile Banking
  • Mobile Check Deposit
  • Nationwide ATM Network
  • No ATM Fees
  • No Monthly Maintenance Fee
  • Savings
  • Soft Credit Pull
  • Visa/Mastercard
  • Zero Liability Policy
APY
0.01% - 0.01%
0% 0%
Savings Interest Rate
0.01% - 0.15%
0% 0%
Checking Interest Rate
0.01% - 0.01%
0% 0%

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