Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
0.15%(Verified 06/21/2024)
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Minimum Opening Deposit
Starting at $1
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 are available in 50 states and Washington, DC.
Key Takeaways
- Low interest rate. The maximum annual percentage yield for this account is only 0.15%.
- No monthly maintenance fees. 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
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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). 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 bonus of $0 .
What is the minimum initial deposit for HSBC Direct savings?
The minimum deposit to open a HSBC Direct savings is $1.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | Starting at $1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Combined Balance to Avoid Monthly Maintenance Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Hours of Operation
Sunday
Closed
Monday
10:00AM - 4:00PM
Tuesday
10:00AM - 4:00PM
Wednesday
10:00AM - 4:00PM
Thursday
10:00AM - 4:00PM
Friday
10:00AM - 4:00PM
Saturday
9:00AM - 1:00PM