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HSBC has been a part of the global banking community for more than 150 years. Although its origins can be traced back to 1865, when it opened its first branch in Hong Kong, HSBC has since expanded internationally, with branches worldwide, including the U.S.
HSBC Bank is a multinational bank with Hong Kong roots and a London headquarters. It has been present in the United States ever since 1980. The banking giant has branches across eight states and the District of Columbia. HSBC Direct, the bank’s online-only entity, offers customers branch-free banking.
This is a detailed HSBC Bank reviews Bank’s products and how they compare with other banks.
About HSBC Bank
First on our HSBC Bank reviews is a about HSBC Bank, HSBC is one of the world’s largest financial services and banking organizations. Our global businesses, including Wealth and Personal Banking, Commercial Banking, and Global Banking & Markets, serve around 40 million customers. Our network includes 64 countries and territories across Europe, Asia, Africa, North America, Latin America, and the Middle East.
Their purpose is to open up a new world of opportunities. This is why they exist. Our unique capabilities, knowledge, breadth, and perspectives will help us open new opportunities for our customers. We bring together people, ideas, capital, and capital that foster progress and growth. This helps create a better world for their customers, investors, communities, and the planet.
How to Bank With HSBC
Also on our HSBC Bank reviews is how to bank With HSBC, HSBC makes opening an account online easy, even if your location is not in one of the 150 branches.
To open account in HSBC or Open an account in HSBC, CLICK HERE
After opening a HSBC accounts, you can use the online banking portal or mobile app to manage all transactions. You may have to search for fee-free ATMs if you don’t live near one. This is a very important HSBC reviews.
To locate a HSBC Bank near you, CLICK HERE
Who Is HSBC Bank Best For?
Also on our HSBC Bank reviews is who Is HSBC Bank best for?, Customers with strong savings accounts and customers who have international banking requirements will find HSBC Bank a great choice. Especially if you have:
- You would like to bank with a multinational institution with a long history.
- You can reside in C.A., FL or M.D., NJ. N.Y. P.A. V.A. W.A.
- Regularly travel internationally
- You can open a savings account without a minimum balance requirement and monthly maintenance fee.
- Can receive regular direct deposits
- You are eligible for a generous bonus and have the means to receive it.
- Refer a friend to get a generous bonus
Accessing HSBC Bank
Also on our HSBC Bank reviews is accessing HSBC bank, Customers of HSBC Direct and HSBC Direct have many ways to access their bank accounts. Customers can access their funds and accounts with Personal Internet Banking. You can view account information, pay bills, and transfer funds from one bank to another.
HSBC customers can also use mobile banking with the mobile app available for iOS and Android. Mobile users can deposit checks remotely via the app and send secure messages directly to customer service. Android users can access the app using Fingerprint ID. Apple users can use Touch ID or Face ID.
HSBC’s App Store rating is 3.6 out of 5, and the Google Play Store rating is 3.3 out of 5.
Most HSBC checking accounts come with an HSBC Mastercard debit card and access to the HSBC ATM network. Customers can contact HSBC customer service via phone, email, Twitter, local branches, or secure messages using online and mobile banking.
How HSBC Bank stacks up
On our HSBC Bank reviews is how HSBC bank stacks up, HSBC Direct offers a variety of banking products, but they are generally average compared to other banks. Although fees are common to most offerings, there are ways to waive them if you meet certain criteria. Some requirements are more difficult than others. Premier and Advance accounts are the most difficult for average customers to maintain.
HSBC is a complete-service bank that offers more than checking and saving accounts. If you are looking for an international bank, HSBC is a great choice. Unless you live near an HSBC branch, treating HSBC as an online bank is almost better. There are only nine states with local banks.
Is HSBC Bank reliable Or Is HSBC A Good Bank?
On our HSBC Bank reviews is a question “Is HSBC Bank reliable?”. HSBC Bank has not been involved in any public scandals. The Better Business Bureau measures consumer confidence. The BBB rates HSBC Bank a C for not resolving all customer complaints via the BBB website.
However, a BBB rating does not guarantee that you will have a positive or negative experience with a bank. Ask your family and friends about their experience with HSBC. Or, read customer reviews online about Premier accounts.
To open an account with HSBC Overseas or to open HSBC account Overseas, CLICK HERE
Pro and Cons Of HSBC Bank
One part of our HSBC Bank reviews is the Pro and Cons of HSBC bank.
- The minimum deposit is $1 for a checking or saving account. Customers can open an account online with a $1 deposit. If you visit a branch, a representative will open your account for you and lower the minimum deposit to $0.
- HSBC charges $15 per month for its Choice checking account: This is a non-interest-bearing account. This fee can be waived if there is a minimum $1,500 balance or a monthly direct deposit.
- To earn an annual percentage yield (APY): a minimum balance of $1 is required. HSBC has an interest-bearing checking account that only requires a $5 balance to earn interest.
- There is no minimum balance or monthly fee for Everyday Saver Account: These accounts don’t have any maintenance fees, and there is no minimum balance.
- Referrals and new customers: HSBC offers a limited-time bonus of up $475 to new customers who open an interest-bearing checking or savings account. In addition, HSBC will offer a $2,000 referral bonus for friends who successfully refer a friend to open a qualifying account.
- International banking options: HSBC has ATMs and branches in over 64 countries. Customers from the United States can access any HSBC ATM anywhere in the world. They also have access to support and service at HSBC branches everywhere.
- HSBC is a multinational bank in 10 states and the District of Columbia. However, its presence in the United States is limited. There are only eight states where physical branches can be found: C.A., FL. M.D., NJ. N.Y. P.A. V.A. W.A. And the District of Columbia. There are only 150 branches at these locations.
- Low APYs for interest-bearing checking accounts: Customers can’t expect annual percentage yields (APYs) to be high right now. However, HSBC’s initial rate of 0.01% APY on the Premier and Advanced checking account is a low rate under current circumstances.
- Overdraft protection may be more than insufficient fund fees. HSBC offers “Select Credit” as a personal credit line. You will be charged a total of 17.99% APR for overdrafts. There is also a transaction fee equaling the amount transferred to cover the overdraft, up to $10 per day. This compares to a $35 insufficient fund fee. Select Credit may seem cheaper to customers who can repay the line of Credit quickly, but it’s still expensive protection. You can find the details on the site.
- HSBC, HSBC Direct unconnected online Despite being both under the umbrella of HSBC as a multinational bank, the HSBC USA website is distinct from the HSBC Direct website. There is no clear navigation between them. To find products on both sites, customers must be aware that they exist.
- No ATMs are listed on the website. While the HSBC website allows you to search for ATMs near you, it doesn’t list all the ATMs in the United States. A $2.50 fee applies to out-of-network ATMs. New customers might be unable to make informed decisions about whether an HSBC account is right for them.
Basics of HSBC Bank’s Account
One part of our HSBC Bank reviews is the basics of HSBC bank’s account.
Our HSBC Bank reviews include HSBC Bank offers which are a wide range of checking account options. Let’s take a look at each account.
Direct Checking is the only checking account under the HSBC Direct umbrella. It’s an online account that can be used for everyday banking. There are no monthly maintenance charges, and HSBC requires a $1 deposit to open an account.
Direct Checking is an interest-bearing account that earns a 0.01% annual yield regardless of the account balance. A debit card includes a Direct checking account and fee-free ATM access at U.S.-based ATMs within the HSBC network. Direct Checking does not offer paper checks. It is the only checking account offered by HSBC Direct and HSBC Direct that does not allow for check-writing privileges.
Choice Checking from HSBC is an everyday checking account. This account has a $15 monthly maintenance charge. However, it can be waived if you meet one of its requirements.
- Minimum one monthly third-party direct payment
- Minimum balance $1,500
Choice Checking includes an HSBC debit card and free access to HSBC ATMs throughout the U.S.
Students can choose to have HSBC Choice Checking as their checking account. When applying for an account, students need to list their occupations. Approved student accounts don’t have to be opened for more than six years. There are no monthly maintenance fees, and there is no minimum deposit.
HSBC Basic Banking is a low-cost checking account that offers no fees. The account has access to an HSBC debit card and no minimum balance requirements. There is a $1 monthly maintenance charge and $0.35 per withdrawal/check after eight checks.
Advance Checking is another checking account that HSBC offers. This checking account has unique features such as:
- Free HSBC Advance Checks
- You have the option of applying for a credit line
- Maximum four rebates per calendar month on ATM charges not covered by HSBC
An annual maintenance fee of $25 is charged to Advance Checking accounts unless one of the following requirements is met:
- A minimum $5,000 balance
- One monthly direct deposit from a third party
- A residential mortgage loan from HSBC U.S
Premier Checking is a top-of-the-line checking account offered by HSBC Bank. It is a premium account that offers access to exclusive features.
- An HSBC Relationship Manager
- Access to ATMs at HSBC ATMs around the world is free of charge
- Access to an HSBC Premier Savings Account
- Services for home financing
- Services in international banking
- Global-View and Global Transfers
- There are no foreign transaction fees for debit card purchases
Premium services have more stringent requirements to avoid monthly maintenance fees of $50. Premier Checking customers have to maintain a minimum of $75,000 in HSBC personal or investment accounts and at least $5,000 per month in third-party direct deposit.
With qualifying activities, new customers can receive a welcome deposit.
Our HSBC Bank reviews include HSBC Bank offers HSBC Bank in their savings accounts. These savings options are available to personal banking customers.
Direct Savings is part of HSBC Direct. It is a high-yield savings plan that currently offers 0.50% APY. This account does not have a monthly maintenance fee and requires only a $1 deposit to open it.
Savings accounts with high yield are the best place to save for your financial goals or maintain an emergency fund. Customers can access their Direct Savings account online and via their mobile devices.
An Everyday Savings account sounds exactly like it does: It is basic savings account that earns minimal interest at 0.01% APY. An Everyday Savings account comes with very few benefits and no fees. Customers can set up an automatic transfer to maximize their savings over time.
HSBC Advance Savings offers greater interest-earning opportunities. An Advance Checking account must be opened or maintained to open an account. You will also need to meet the qualifications of that account. Advance Savings accounts earn 0.05% interest on balances above $15,000 and 0.01% for balances below that amount.
The Advance Savings account does not have a monthly maintenance fee. It allows automatic transfers between savings and checking accounts.
With Premier Savings accounts, customers can earn tiered interest up to 0.15% APY. Access to internet banking and bill payment services are included in the account.
To be eligible for a Premier Savings account, you will need to either open a Premier checking account or transfer funds from an existing account. To be eligible for an account, customers must also meet the eligibility requirements of their Premier checking accounts.
To know more about HSBC account opening requirements, CLICK HERE
Both HSBC Direct and HSBC Bank offer CD accounts. They are almost identical. Both HSBC Direct C.D.s and HSBC Online C.D.s offer three terms: 6, 12, or 24 months.
To open either CD option: a $1,000 minimum deposit must be made. These are the current rates for both HSBC Online C.D.s and Direct C.D.s.
The terms of the Direct C.D.s or Online C.D.s may allow for interest to be paid at maturity, monthly, quarterly, semi-annually, annually, or annually. The following penalties apply to the withdrawal of principal funds from an Online CD or Direct CD:
- Terms of 369 Days or less: 30 Days of simple interest
- Terms between 370- 733 days: 90-day simple interest
- Terms of 734 Days or more: 180 days of simple interest
Other Financial Products Offered By HSBC Bank
Our HSBC Bank reviews also include HSBC offers these additional services in addition to the products and services mentioned above:
- Purchase mortgages
- Refinance mortgages
- Home Equity Lines of Credit (HELOCs)
- Individual retirement accounts (IRAs)
- Self-directed trading
- Managed investment portfolios
- Private banking
- Financial advisors
- Business loans
HSBC Customer Service
You can reach the customer service telephone line at 1-800-975-4722, seven days a semaine, from 7 a.m. until 12 a.m. Eastern Standard Time. You can also chat live 24/7. Surprisingly the bank invites customers to tweet their concerns and questions to the customer service Twitter account between 6 a.m. and 9 p.m. Eastern Standard Time (EST) Monday through Friday and 8 a.m. until 7:30 p.m. E.T. Saturday.
HSBC’s mobile application, 4.5 stars on Google Play and 4.6 stars on iTunes, has innovative security features such as fingerprint I.D. and facial recognition on iOS. This is especially important considering the limited number of HSBC branches across America.