HSBC Bank Review: Checking, Savings and CDs

Learn about checking, savings and CD options from HSBC.

HSBC Bank, a major global bank, serves 38 million customers throughout 67 countries around the world. The American arm of the bank, HSBC Bank USA, serves customers in the U.S. through online products and at HSBC locations in many states and major cities across the country.

Take a look this HSBC review, which details accounts offered by the bank, including checking, savings and certificates of deposit. Then decide if HSBC is the best bank for you.

HSBC Personal Banking Products and Offerings

To its U.S. customers, HSBC offers a comprehensive array of banking products and tools that help customers manage and grow their money. In particular, HSBC checking, savings and CDs can be a smart pick for customers, depending on their needs.

Along with its deposit accounts, HSBC Bank USA also offers borrowing options with its credit cards and a robust mortgage and home loans department. Wealth management products including investment accounts, retirement and education savings options and insurance are also available.

HSBC Savings Accounts

HSBC savings accounts offer one very important feature: None of its savings products charge monthly maintenance fees. Additionally, HSBC savings accounts are accessible as they carry no minimum balance requirements and can be opened online with a starting deposit as small as $1.

See: Worst Fees in America — And How to Avoid Them

HSBC Savings Rates

HSBC Everyday and Premier Savings and HSBC Advance Online Savings accounts offer savings rates, ranging from 0.01% APY or higher, depending on the product, which help customers grow their money faster.

HSBC Checking Accounts

HSBC checking products offer services central to everyday money management — and more. A variety of HSBC checking products, ranging from basic to premier, are designed to meet a variety of needs. These products share several key features making it easy, simple and convenient to deposit and manage money from an HSBC checking account:

  • Online and mobile banking
  • Online bill pay
  • HSBC debit Mastercard
  • Check writing
  • Multiple deposit methods that include direct deposit, check or cash deposits at branches and ATMs and mobile check deposit through the HSBC mobile app
  • Overdraft protection option

Like its savings accounts, HSBC checking accounts offer low-fee options that help customers access important financial services and tools without facing high costs.

HSBC Basic Banking Checking Account

HSBC Basic Banking is a low-fee checking option for just $3 a month. No minimum balance requirement makes this checking account ideal for holders who tend to maintain lower balances.

Account holders should note that check writing is limited to eight checks per month, after which a $0.35 charge will apply to each additional check written.

HSBC Choice Checking Account

The other low-fee HSBC checking account is Choice Checking, which is free to use if the account holder meets one of two requirements:

  • Maintains combined balance of $1,500 or more in all HSBC deposit and investment accounts
  • Sets up at least one direct deposit transfer into account per month

For each month the requirement is unmet, a $15 maintenance fee will apply, but HSBC’s Choice Checking provides unlimited check writing.

HSBC Advance and HSBC Premier Checking

For individuals who tend to maintain high account balances or use a wide range of products, HSBC offers advance and premier checking accounts. Enjoy benefits like:

  • Preferred loan rates and other promotional offers.
  • Debit purchases with no foreign transaction fees.
  • Interest earned on account.

HSBC Advance and Premier checking accounts have higher minimum balance requirements to avoid fees.

HSBC CD Accounts

Some of the best HSBC interest rates are offered with the bank’s online CDs. They can be opened and managed entirely online with locked-in rates that will grow your savings faster.

HSBC’s CDs come in a range of terms to meet many needs, from six months to two years. All CDs require a minimum deposit of $1,000, with a guaranteed rate of return during the term of the HSBC CD.

Here are some of the best HSBC CD rates currently offered:

HSBC CD Rates
CD TermAPY
6 Months0.75%
12 Months0.95%
24 Months1.30%

HSBC might impose a penalty for early withdrawal of funds before the CD’s maturation date.

Find Out: How Often CD Rates Change

Opening an HSBC Bank Account

Opening an HSBC account is pretty straightforward; you can open an account online, by phone or in-person at an HSBC location. Filling out an account application will require you to provide:

  • Social Security or Tax ID number
  • Driver’s license or ID card issued by a state DMV or additional forms of acceptable identification
  • Information on current loans or mortgages
  • Existing bank account and routing numbers to fund account at opening

When considering a bank, HSBC might be the right choice for you if you’re seeking an option with convenience, global support and a solid offering of deposit accounts with low fees and fair rates. For more competitive rates or features, however, you might want to look elsewhere.

Keep Reading: How Many Bank Accounts Can You Have at One Bank?

Rates are accurate as of today. 

This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by HSBC.