HSBC Bank Review 2024: US Banking With Multi-Currency Options

4.6

GBR RATING

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GOBankingRates Score

Quick Take: HSBC Bank makes the latest GOBankingRates Top 100 Banks list due to its size and offerings. It's best for anyone looking for a traditional banking experience with a global reach. The company operates in more than 60 countries and territories worldwide, including the U.S.  You'll find that many banks have international operations but account holders rarely have access to its foreign branches. HSBC Bank is unique, making it possible to bank in multiple currencies. This HSBC review will provide you with an overview of how the financial institution works.

HSBC Bank Overview

HSBC, short for Hongkong and Shanghai Banking Corporation, got its start in Hong Kong in 1865 as a way to facilitate and finance trade between Europe and Asia. In 1980, it purchased a controlling interest in Marine Midland Bank, which was based in Buffalo, New York, and later acquired the rest.

Today, HSBC Bank USA offers traditional, in-person banking as well as online banking for personal, corporate and business needs.

HSBC Offers by Account Type

HSBC Bank offers a variety of services including accounts, loans, credit cards, retirement planning and more. Here’s more information on the main banking products HSBC provides.

Checking Accounts

HSBC offers two different types of checking account for U.S. customers: HSBC Premier and Global Money. Each comes with a Mastercard debit card that is unique to the specific account type.

Before choosing an account, compare its rates and features to some of the best financial institutions’ checking accounts. There are no minimum balance requirements to open the checking accounts. As for monthly maintenance fees, it’s a steep $50 per month. In order to apply for a Premier account, you’ll need at have at least $75,000 in total deposits or investments, at least $5,000 in total direct deposits per month, or a U.S. residential mortgage with an original loan amount of at least $500,000.

If you plan on buying a home or rely on your bank for a vehicle or personal loan, a Premier checking account could give you relationship banking perks such as preferred mortgage rates and access to higher-yield savings accounts.

The Global Money account is ideal for international travelers or U.S. residents with family or financial interests outside of the country. The account allows you to bank in multiple currencies through a mobile-only account that supports eight currencies including the Euro, Canadian Dollar, British Pound, Hong Kong Dollar and Singapore Dollar.

Savings Accounts

HSBC offers Premier and Premier Relationship savings accounts. All earn interest that ranges between 0.01% and APY. You can open an account online or at an HSBC branch. There are no minimum opening balances required, but you’ll need to have or open a matching Premier checking account. Compare the features and rates to the best financial institutions’ saving accounts before signing on with HSBC.

HSBC Premier is ideal if you plan on regularly contributing to your savings. The account raises the interest rates as your balance grows, so the more money you keep in the account, the higher your interest earned.

CD Accounts

Certificates of deposit are a good way to earn extra savings by growing your money with higher APY yields. HSBC CD rates vary on the term length and are currently 3.90% for six months and 3.80% for 12-month CDs and for 24-month CDs. A minimum of $1,000 is required to open a CD.

You’ll need to be a Premier customer before you can open a CD with HSBC.

Don’t forget to compare rates by checking the best CD rates available now after you read this HSBC bank review.

Credit Cards

HSBC offers two credit cards: HSBC Premier credit card and HSBC Elite credit card.

The HSBC Premier credit card offers a 35,000 point bonus after you spend $3,000 In the first three months from account opening. You’ll also earn two points for every dollar spent on travel and one point per dollar on all other purchases. Plus, you get an $85 statement credit to cover a TSA Precheck application.

The HSBC Elite credit card offers a 50,000 point bonus when you spend $4,000 in the first three months from account opening. You’ll also earn three points for every dollar spent on travel, two points for every dollar spent on dining, and one point on all other purchases. Plus, you’ll get access to over 1,500 airport lounges.

Loans and Mortgages

HSBC offers mortgages. As of writing, the bank no longer offers personal loans in the U.S.

In terms of mortgages, you can find fixed-rate, adjustable-rate and jumbo loan options. Here’s a look at the options:

• HSBC Select Mortgage. If you don’t have a relationship with HSBC, you’ll need to put 20% down on mortgages of up to $2 million with a $250 closing cost credit.
• HSBC Preferred Mortgage. Customers with between $10,000 to $75,000 in assets with HSBC can qualify for a Preferred mortgage. This allows you to put down 20% on mortgages up to $3 million with $750 in closing cost credit and financing available for investment properties.
• HSBC Deluxe Mortgage. Customers with between $75,000 to $1 million in assets with HSBC can qualify for a Deluxe mortgage. This allows you to put down 20% on mortgages up to $5 million with $1,000 in closing cost credit and financing available for investment properties.
• HSBC Elite Mortgage. Customers with over $1 million in assets with HSBC can qualify for an Elite mortgage. This allows you to put down 20% on mortgages up to $5 million with $1,500 in closing cost credit and financing available for investment properties.
• HSBC Summit Mortgage. Customers with a private banking relationship with HSBC can qualify for a Summit mortgage. This allows you to put down 20% on mortgages up to $10 million with financing available for investment properties.

HSBC Fees and Charges

Like all financial institutions, HSBC has fees to be aware of. Take a look below.

Account Maintenance Fees

The HSBC Premier checking account has a $50 monthly maintenance fee. But the fee is waived if you have at least $75,000 across your HSBC accounts, a monthly recurring deposit of at least $5,000, or hold an HSBC U.S. residential mortgage with an original loan amount of at least $500,000.

ATM Fees and Network

Within the U.S., you can tap into over 43,000 fee-free ATMs through the Allpoint network. If you go out of network, expect an ATM withdrawal fee of up to $2.50.

HSBC Interest Rates and APYs

Savvy savers always take a look at APYs before moving forward with a particular bank. Explore current rates below.

Checking and Savings Account Rates

HSBC doesn’t offer an interest-bearing checking account. But the savings accounts available through the bank have some attractive APYs in the mix.

HSBC’s Premier Relationship savings account comes with a standard rate for APY. But if you qualify for the relationship rate, it’s APY. To qualify for a relationship rate, you’ll need to hit one of the following points each month: spend at least $500 on your debit card, receive $5,000 in direct deposits, have a $500,000 HSBC mortgage, or hold Premier Elite status.

The HSBC Premier Savings account offers APY on balances of $0 to $24,999.99, APY on balances of $25,000 to $99,999.99, and APY on balances of $100,000 or more.

CD Rates

HSBC offers three different CD options. These include:

• Six-month CD with a APY
• 12-month CD with a APY
• 24-month CD with a APY

Loan and Mortgage Rates

HSBC mortgage rates vary based on your situation. But these rates start at the following:

• 6.968% APR for a 30-year fixed-rate mortgage
• 6.257% APR for a 15-year fixed-rate mortgage
• 6.738% APR for a CommunityWorks mortgage

HSBC Promotions and Bonuses

The right bonus can go a long way. Below is a look at some of the bonus opportunities.

New Account Bonuses

HSBC’s credit cards with welcome bonus opportunities

The HSBC Premier credit card offers a 35,000 point bonus after you spend $3,000 In the first three months from account opening. The HSBC Elite credit card offers a 50,000 point bonus when you spend $4,000 in the first three months from account opening.

If you open a Premier checking account before Nov. 22, 2024, you could earn a $1,500 or $2,500 cash bonus. Earn the $1,500 cash bonus by adding between $100,000 to $249,999 of new money to the eligible account within 20 days of opening the checking account and maintaining the balance for three consecutive months. Earn the $2,500 cash bonus by adding more than $250,000 of new money to the eligible account within 20 days of opening the checking account and maintain the balance for three consecutive months.

Referral Programs

HSBC offers a bonus of up to $5,000 when you invite friends and family to HSBC Premier. When someone signs up, you’ll get $500. You can refer up to 10 people and score up to $5,000 per year.

If your friend opens an HSBC Premier checking account, they’ll earn a bonus of up to $2,500 when they complete qualifying activities. The current offer runs until Nov. 22, 2024.

Seasonal Promotions

The HSBC Premier checking account has come with some seasonal promotions in the past, like a $500 bonus opportunity in February 2023. But as of writing, there aren’t any seasonal bonuses available.

HSBC Wealth Management Services

HSBC Bank provides a variety of services for a full financial solution. Global transfers and international payments are possible. HSBC also offers loans, credit cards, wealth management, insurance products and more.

Beyond banking products, you can tap into Wealth Management Services through HSBC. The financial professionals can help you navigate your financial situation throughout your life. Some key points they can help you with include planning for education, career transitions and retirement.

HSBC Online and Mobile Banking

The app provides many of the basic features you’d expect such as account activity, balance monitoring, the ability to pay bills and make mobile check deposits. In addition, account holders can work with multiple currencies and transfer money internationally to other HSBC accounts overseas.

A typical HSBC Bank review from customers references the ease and functionality of the mobile banking app. Download the app after reading some of the customer reviews:

• Google Play: 4.6 out of 5 stars, 9.84K votes
• Apple Store: 4.6 out of 5 stars, 43.8K votes

HSBC Customer Service and Support

You’ll have access to branches nationwide and globally. Unfortunately, U.S. branches are concentrated on either coast of the country. HSBC makes up for it by offering service in five ways:

1. Visiting an HSBC branch using the online locator
2. Calling a customer service representative at 800-975-4722
3. Tweeting @HSBC_US
4. Sending a letter to the HSBC customer service address, premier banking address or mortgages address
5. Conducting business and chatting with a customer service rep using your mobile app and online account

Pros and Cons of Banking with HSBC

Every financial institution has advantages and disadvantages. Below are some points to keep in mind.

Advantages

• International reach. A financial institution that prides itself in its global standing, you’ll find that sending or receiving money in multiple currencies and countries is possible — even for someone with a checking account — when they open a Global Money account. In addition, the mobile app is enabled for international transfers between HSBC account holders. Premier or Advanced account holders can view current exchange rates in real time through Global View.
• Robust ATM network. The Allpoint network gives you access to over 43,000 fee-free ATMs. Plus, the bank has additional locations and ATMs worldwide.
• Waivable monthly fees. The $50 monthly fee attached to the Premier checking account can be waived if you meet certain requirements.

Disadvantages

• Low base APYs. Unless you qualify for Premier Relationship rates, the APYs available across the savings accounts are relatively lackluster.
• High monthly maintenance fees. The $50 monthly fee attached to the Premier checking account is relatively high.
• Limited physical footprint. HSBC does offer some branches in the U.S. But with fewer than 100 spread across the country, it might be difficult to find a branch in your area.

Editor’s Favorite

The Global Money account, managed entirely from the robust smartphone app, may be HSBC’s standout feature. You’ll be able to manage your multiple currency funds in one place and make transfers and payments seamlessly.

Comparing HSBC to Competitors

HSBC Bank is uniquely positioned when compared to its competitors, especially for international banking services. Here’s how the bank compares.

HSBC vs. Citi®

If access to U.S. branches and ATMs is important to you, Citi’s wider network of domestic branches is best. Travelers that need international banking services while abroad would be better with HSBC over Citi.

HSBC vs. Chase

Both banks have plenty of financial services and account options. Choose Chase if you don’t need international banking and HSBC if banking while abroad and multi-currency support would be needed.

HSBC vs. Barclays

Barclays is limited to savings accounts within the U.S. For a full-service banking experience from an international bank, HSBC is the better choice.

How To Open an Account

Opening an account with HSBC is easy — especially if you do so online. The GOBankingRates guide to opening an HSBC account details the steps. The process takes about 10 to 15 minutes. Below is a closer look at the details.

Eligibility Requirements

In order to open an account, you must be at least 18 years old and have a Social Security number. Additionally, you’ll need a U.S. mobile number and a current U.S. residential address.

Step-by-Step Account Opening Process

Here’s how to open an HSBC account.

1. Find the account. If you want to apply online, start by selecting the account you want to open. Then choose ‘Apply Now.’ You can also apply for a new account at a physical branch.
2. Provide information. You’ll fill out an application with lots of personal information, like your name, Social Security number, and more. Be prepared to provide documents like a government-issued ID.
3. Wait for approval. Once you submit your application, all you can do is wait for approval.
4. Fund the account. After your account is approved, it’s time to fund it. You can do this with routing numbers from your current bank account.

Required Documentation

Opening an account is easier if you have the following information ready to go:

• Your name
• New login information
• Social Security number
• Government-issued photo ID
• Date of birth
• Address
• Employment information
• Bank routing and account number to make an electronic funds transfer to your new HSBC account

Final Take

Summing up this HSBC Bank review, the bank has it all — banking, investments and loans — with a domestic and international presence. The world is getting smaller and HSBC is working on making banking in one — or several — countries possible. If you’re a frequent international traveler or have funds in more than one currency, HSBC bank can make managing your money easier. Best of all, you can open an account in minutes online.

Sarah Sharkey contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 30, 2024.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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