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  HSBC Direct Savings

HSBC Direct Savings

in Savings Accounts from HSBC Bank USA · 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.

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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%
APY Minimum Balance $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
  • Higher than average APY. HSBC Direct Savings has an annual percentage yield of up to 0.15%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $1.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • 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
APY Minimum Balance $1
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit Starting at $1

What APY does HSBC Bank USA 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?

In most cases, the answer is yes. 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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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

APY Minimum Balance $1
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit Starting at $1
Bank Teller Fee $0
Monthly Fee $0
Paper Statement Fee $0
Early Account Closure $25
Returned Deposit Fee (Domestic) $10
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $35
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $35
Account Features
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Protection
  • IRAs
  • Branch Access
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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