There are three HSBC Bank CD options available to those who open a CD account online, over the phone or in-person at a branch. HSBC CD rates may increase the longer the account is open. The minimum deposit to open a HSBC CD is standard or lower compared to other CD terms from comparable banks.
HSBC Bank CD accounts are not available to business customers. You’ll need a minimum of $1,000 to open a CD account with HSBC Bank.
HSBC Bank earned a 3.9 out of 5 in Bankrate’s overall rating of the bank.
HSBC Bank CD rates
HSBC Bank only offers three types of CD accounts, and they’re all pretty similar except for the terms: 24 months, 12 months and 6 months. The only difference is that the 6-month APY is slightly lower, at 0.60 percent compared to 0.70 percent for the 24-month and 12-month HSBC Bank CD accounts.
|Account name||Term||APY||Minimum deposit|
|Online CD||6 months||0.60%||More than $0|
|Online CD||12 months||0.70%||More than $0|
|Online CD||24 months||0.70%||More than $0|
NOTE: The APYs (annual percentage yield) shown are current as of July 30, 2020. The APYs may vary by region.
How HSBC Bank compares to top-yielding banks
HSBC Bank has less choice and lower CD rates compared to top-yielding banks. For example, Quontic Bank currently offers a 1.11 percent APY on a 24-month account, and the minimum deposit is only $500, compared to the minimum deposit of $1,000 with HSBC Bank. Marcus by Goldman Sachs offers a 1.00 percent APY on a 12-month CD with a minimum deposit of only $500.
Unless you’re a loyal HSBC Bank customer, you may be able to earn more with a CD from another bank. It can pay to compare CD rates.
Other savings options at HSBC Bank
HSBC Bank has other savings account options, with only a $1 minimum requirement to open any savings account.
One is the Premier Savings account. This type of account has three APY tiers. The minimum balance to obtain an APY of 0.15 percent is $100,000 to $250,000 or more. The minimum balance to obtain an APY of 0.10 percent is $25,000 to $99,999.99. The minimum balance to obtain an APY of 0.01 percent is $0 to $24,999.99.
Another option is the Advanced Savings account. This type of account has two APY tiers. The minimum balance to obtain an APY of 0.05 percent is $15,000 to $75,000 or more. The minimum balance to obtain an APY of 0.01 percent is $0 to $14,999.99 or more.
The other savings account from HSBC Bank is the Everyday Savings account. This account has one APY, at 0.01 percent, with a minimum balance of $1 or more to obtain the APY.
HSBC’s Premier Checking and Advance Checking accounts also offer an APY of 0.01 percent, which is a unique feature because not all banks’ checking accounts offer an APY.
Featured image by YAKOBCHUK VIACHESLAV of Shutterstock.