HSBC Bank Review 2024 (2024)

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You might like HSBC Bank (Member FDIC) if you can keep $75,000 in bank/investment accounts, receive $5,000 in direct deposits each month, or take out a mortgage of at least $500,000. Then you're eligible to waive monthly fees and earn high rates. Otherwise, you may want to consider some of the best online banks, which make it easier to earn good rates and waive fees.

HSBC Bank Review: Overall Rating

HSBC Bank Pros and Cons

About HSBC Bank

HSBC Bank now focuses on serving wealthier customers. In February 2022, Citizens Bank took over HSBC's U.S. operations on the East Coast, and Cathay Bank took over on the West Coast. Existing customers' accounts were converted into either Citizens or Cathay accounts.

HSBC offers what are called "Premier" accounts. To qualify for Premier status, you must open an HSBC Premier Checking account and meet one of the following requirements:

• Maintain a combined total of $75,000 in eligible U.S. consumer and commercial deposit and investment accounts
• Receive recurring monthly deposits of $5,000 from a third party to your HSBC checking account
• Have an HSBC U.S.-based residential mortgage with HSBC with an original amount of $500,000 or more (this does not include a combined loan amount from multiple mortgages or home equity products)

The HSBC U.S. mobile app has 4.6 out of 5 stars in the Apple store, and 4.8 out of 5 stars in the Google Play store.

Your deposits are FDIC insured for up to $250,000, or up to $500,000 for joint accounts. This means your money is safe even if HSBC shuts down.

Is HSBC Bank Trustworthy?

The Better Business Bureau evaluates companies' responses to customer complaints, honesty in advertising, time in business, and more. The BBB gives HSBC Bank USA an A rating. The highest possible BBB rating is A+ but HSBC has an A- because several customer complaints on the website have not been resolved.

In May 2023, First Citizens Bank sued HSBC. First Citizens acquired Silicon Valley Bank, and it's accusing HSBC of breaking federal law by stealing around 40 SVB employees. HSBC has not admitted to any wrongdoing, and the case is still ongoing.

HSBC Bank FAQs

HSBC Bank Account Reviews

HSBC Bank Premier Relationship Savings Account

The HSBC Bank Premier Relationship Savings Account is a good option if you qualify for the highest interest rate, because you'll earn more than you would with many brick-and-mortar banks. To earn the top rate each month, complete one of the following:

• Spend at least $500 with your debit card
• Receive $5,000 in direct deposits
• Have a residential mortgage through HSBC with an original amount of at least $500,000
• Have Premier Elite Status (you'll be an Elite member if you have a Premier Checking Account and have had a combined total of $1 million in eligible HSBC bank and investment accounts for at least two consecutive calendar months)

HSBC Bank Premier Checking Account

HSBC Premier Checking is a worthwhile option for travelers because there are no foreign transaction fees, and you'll receive an unlimited amount in ATM reimbursem*nts. HSBC's website advertises a $50 monthly service fee*, but it's easy to waive — the same requirements for opening an account also allow you to waive the fee.

HSBC Bank CD

HSBC Bank pays high rates on CDs, but it only has four terms to choose from: six months, eight months, one year, and two years. If you're looking for one of these term lengths, it's a good option.

How HSBC Bank Compares

HSBC Bank vs. Chase Bank

Chase Bank is a great option if you're looking for a national bank with a large presence, because it has branches in almost every U.S. state. It also doesn't specifically cater to high-net-worth customers.

But if you do qualify for HSBC's accounts, you might prefer the bank over Chase. It makes it easier to waive monthly fees, and you'll earn higher savings and CD rates.

Chase Bank Review

HSBC Bank vs. Bank of America

Bank of America is another strong choice if you want a large brick-and-mortar bank. It has locations in 37 U.S. states and Washington, DC.

If you qualify for its accounts, HSBC could be the better choice for earning a high savings rate. The best option for a CD depends on a variety of factors — Bank of America offers more CD options, including a no-penalty CD. It also pays high rates on certain terms, but CD rates vary by location.

Bank of America Review

Why You Should Trust Us: How We Reviewed HSBC Bank

At Business Insider, we rate checking and savings accounts using our bank account methodology and certificates of deposit with our CD methodology.

For each account, we looked at HSBC's ethics, customer support, mobile app, and minimum deposit. Other factors considered depended on the type of account. For example, we looked at monthly fees for checking and savings accounts, and early withdrawal penalties for CDs.