HSBC Bank’s checking accounts

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HSBC Bank offers a suite of checking accounts ranging from a service-focused professional support offering to a no-frills basic option that only require you to deposit $1 to open. As a Federal Deposit Insurance Corp.-insured bank, you can relish in the peace of mind that your funds are protected.

While HSBC operates nearly 250 branches across the U.S, you may not have a nearby branch location to visit because the bank only has brick-and-mortar locations in 10 states and the District of Columbia. If you prefer to bank in person, then make sure that you have a location close by before moving forward and doing business with this bank.

Account name APY Minimum deposit Monthly fee
HSBC Premier 0.01% $1 $50
HSBC Advance 0.01% $1 $25
Choice Checking None $1 $15
Basic Banking None $1 $1

HSBC Direct, HSBC Bank’s online-only brand, also offers a checking account: HSBC Direct Checking.

Here are more details about HSBC Bank’s main checking accounts.

    1. HSBC Premier
    2. HSBC Advance
    3. Choice Checking
    4. Basic Banking

HSBC Premier

With HSBC Premier, you’ll have access to personalized attention from a HSBC banker, as well as preferred banking products, such as an HSBC U.S. residential mortgage loan with preferential rates.

You’ll be able to earn a small APY on your checking account funds through this option. That can come in handy if you prefer to keep a substantial amount of money in your checking account and want to generate some income. Plus, you’ll have access to Global View and Global Transfers if you have Personal Internet Banking set up with HSBC.

HSBC Premier Fees

The $50 monthly maintenance fee is a steep price to pay. However, there are ways to waive the monthly fee including:

  • Maintaining a $75,000 balance.
  • Recurring direct deposits of at least $5,000 monthly.
  • Carrying an HSBC U.S. residential mortgage loan with an original balance of $500,00 or more.

If you need to use an ATM, there are HSBC ATMs available for free. But with this account, you don’t need to go through the trouble of tracking them down. Instead, you’ll enjoy unlimited rebates on non-HSBC ATM third-party surcharges in the U.S. Additionally, you won’t have to worry about foreign transaction fees.

HSBC Advance

Although the HSBC Advance checking account is technically a step-down from the Premier option, it still merits consideration. The account offers several tools to help you manage your cash flow and build savings.

A more unique feature of the account is the Select Credit option. You’ll be able to apply for this personal line of credit that can act as a safety net in case you overdraft your account or borrow funds for other reasons as needed.

With this account, you enjoy the interest-bearing component. However, the APY is relatively low.

HSBC Advance Fees

In order to avoid the $25 monthly maintenance fee, you’ll need to:

  • Maintain a $5,000 minimum balance across your deposit and investment accounts.
  • Hold any HSBC U.S. residential mortgage loan.
  • Set up a third-party direct deposit on a monthly basis.

Some of the other fees you need to be aware of with the HSBC Advance Checking account include:

  • Foreign transaction fee of 3 percent
  • Insufficient funds fee of $35.
  • Account closing fee of $25 if you close the account within 180 days of opening it.
  • Cashier’s check fee of $10.

You should also note that you will not have unlimited ATM fee reimbursement. You will only be reimbursed for four third-party ATM fees per statement cycle. After that, you will be responsible for any  additional ATM fees at non-HSBC banks.

Choice Checking

The HSBC Choice Checking account offers a functional spot to store your funds. You’ll have the opportunity to easily waive the monthly maintenance fee and take advantage of free online banking options. The account also offers overdraft protection through Select Credit.

Although some of the checking accounts offered by HSBC provide APYs, the Choice Checking account does not. But it still offers enough features to make this an option to consider.

The Choice Checking account has a student option that could allow you to skip monthly maintenance fees altogether. The student offer has several perks, such as an online-only high-yield personal savings account and unlimited access to financial tools that can help you make important personal finance decisions.

Choice Checking Fees

If you’re considering this account, be aware that the monthly maintenance fee is $15. However, you can have that waived by meeting one of the following requirements:

  • Have a recurring direct deposit set up on a monthly basis
  • Maintain a $1,500 minimum balance across your deposit and investment accounts

Beyond the maintenance fee, you might encounter these other fees:

  • $35 insufficient funds fee
  • $2.50 ATM fee for withdrawals at non-U.S. HSBC ATMs
  • 3 percent foreign transaction fee
  • $30 stop payment fee
  • $12 cashier’s check fee
  • $15 per incoming wire transfer

If you move forward with this account, make sure you’re comfortable with the fees you might incur.

Basic Banking

The final checking account option offered by HSBC is the Basic Banking account. As the name implies, there are very few special features with this basic checking account. You won’t enjoy any interest-bearing options, either, but you can use the account to conduct your banking online.

The standout feature of this account is that you can use the Select Credit personal line of credit as overdraft protection.

Basic Banking Fees

The basic checking account has a number of fees.  Although the standard features are included in your monthly maintenance fee of $1, there are others that you’ll need to pay for. Watch out for these fees:

  • $35 insufficient funds fee
  • 3 percent foreign transaction fee
  • $2.50 ATM fee for withdrawals at non-U.S. HSBC ATMs
  • $20 balance verification letter fee
  • $25 account closing fee (if closed within 180 days of opening)

As you navigate this account, make sure that you’re aware of these fees and avoid them when possible.

HSBC Checking Account Features

Banking with HSBC allows you to access a wide range of customer service options. No matter which checking account you open, you’ll have international services and support in more than 30 countries. Plus, the bank offers a global network of ATMs you can use.

Additionally, you’ll have access to online and mobile banking that will allow you to manage your funds more easily. With 24/7 options, you can manage your funds anywhere at any time.

HSBC checking account promotions and bonuses

If  you’re interested in working with HSBC, then you should take advantage of their Welcome Deposit offer. You’ll be able to score up to $475 when you sign up for a new checking account.

In order to qualify for the full $475 welcome deposit, you’ll need to open an HSBC Premier Checking account before June 29, 2020. After that, you’ll need to make recurring monthly direct deposits of at least $5,000 for three months. Once you meet those requirements, you’ll receive the bonus.

If that direct deposit requirement is too steep, there’s another option. You can sign up for an HSBC Advance Checking account by June 29, 2020, to secure a $225 welcome bonus. You’ll need to make recurring monthly direct deposits of at least $500 for three months. After that, you’ll be able to enjoy your extra spending cash.

Alternatives to HSBC checking accounts

The checking accounts offered by HSBC provide a wide range of options for your banking needs. However, you may not feel that this bank is the right fit.

If you’re looking for more in-person options, then you might want to consider a bank with more physical locations, such as Wells Fargo. If you aren’t impressed by the APY offered on these HSBC checking accounts, then you might want to consider other options that offer higher APYs,  like the Ally Interest Checking Account.

For even more options, check out Bankrate’s list of best banks for checking accounts.

Featured image by Jer123 of Shutterstock.