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  HSBC Direct Savings
HSBC Direct Savings
in Savings Accounts from HSBC Bank USA · Member FDIC
Claimed

HSBC Direct Savings

Claimed
in Savings Accounts from HSBC Bank USA · Member FDIC
Net Recommendation Score -100  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

0 users recommend
0 users are unsure
1 user doesn't recommend
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Highlights
Community Rating

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Monthly Fee $0
APY (Annual Percentage Yield) 0.15%
Minimum Balance to Earn APY $1

HSBC Direct Savings Review

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

Key Takeaways

  • Bonus offer. Open a new account and you can get
  • Low interest rate. The maximum annual percentage yield for this account is only 0.15%.
  • $0 monthly fee. This account does not charge any monthly account fees.
  • Small minimum initial deposit. You only need $1 to open an account.

HSBC Direct savings Pros & Cons

Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to physical branches.
  • Access to a nationwide network of ATMs.
  • No signup bonus.
  • Does not come with a debit card
  • Higher than average wire transfer fees.

HSBC Direct savings FAQ

Are savings accounts from HSBC Bank USA federally insured?

Yes, your HSBC Bank USA savings 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.

Does HSBC Bank USA offer a signup bonus?

HSBC Direct savings has a signup bonus of $0.

What is the minimum initial deposit for HSBC Direct savings?

The minimum deposit to open a HSBC Direct savings is $1.
HSBC Direct Savings Minimums
Description
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Balance to Earn APY $1
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee Starting at $0
Minimum Opening Deposit Starting at $1

What APY does HSBC Direct Savings offer?

HSBC Direct savings offers an APY of 0.15% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does HSBC Direct savings charge?

HSBC Direct savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.

  • Outgoing domestic bank transfers come with a $35 fee.
  • Incoming domestic bank transfers come with a $15 fee.
  • Outgoing international bank transfers come with a $35 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
  • Incoming international bank transfers come with a $15 fee.
  • HSBC Direct savings charges a $25 fee for an early account closure. Contact HSBC Direct savings for more details on what is considered an early closure.

What features and perks does HSBC Direct savings offer?

This savings account includes the following features:

  • Mobile Banking Services - HSBC Direct savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to HSBC Direct savings?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for HSBC Direct savings?

The customer support email for HSBC Direct savings is hsbcusahelp@us.hsbc.com.

How do people rate the customer service and user experience of HSBC Direct savings?

Overall, HSBC Direct savings is strongly not recommended based on community reviews that rate customer service and user experience.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

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

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Balance to Earn APY $1
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee Starting at $0
Minimum Opening Deposit Starting at $1
Monthly Fee $0
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $35
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $35
Paper Statement Fee $0
Bank Teller Fee $0
Returned Deposit Fee (Domestic) $10
Early Account Closure $25
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Identity
  • Proof of Residence
  • Government Issued Photo ID
  • U.S. Tax Identification Number
  • Social Security Number
Account Features
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Protection
  • IRAs
  • Branch Access
Signup Bonus Starting at $0
APY (Annual Percentage Yield) 0.15%

HSBC Direct Savings Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly not recommended by SuperMoney users with a score of -100, equating to 1 on a 5 point rating scale.

-100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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