HSBC Bank USA Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
3.8

Bankrate Score

bank-logo

24/7 Customer Service

HSBC Bank USA is an FDIC member institution that is best for consumers who want a bank with a global footprint and a varied menu of products and services.

  • CDs
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    4.2
  • Savings
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    2.8
  • Checking
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    3.9
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.8

    Bankrate Score

    HSBC Bank USA is a subsidiary of HSBC, a London-based global bank founded in 1865 as the Hong Kong and Shanghai Banking Corp. It serves more than 40 million customers worldwide. Its U.S. headquarters are in McLean, Virginia.

    What we like

    • It offers a full menu of deposit accounts, loans and other products and services.

    • It has a worldwide presence and ATMs around the globe.

    • Customers have access to online, mobile, phone and ATM banking.

    What we don't

    • The bank is poised to exit its retail banking business in the U.S. to focus on serving high-net-worth individuals around the globe.

    • Any HSBC account(s) opened or applied for today will be transitioned to a new financial institution in the near future.

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    9mo

    Term

    $ 500

    Min. deposit

    HSBC Bank USA offers 20 terms of CDs, 17 of which must be opened in a branch. The six-month, 12-month and 24-month CDs are online accounts. The minimum deposit to open a CD is $1,000. The APYs are not competitive. It's easy to find much higher yields at online banks. All or a portion of the account balance can be transferred to another HSBC deposit account during the grace period, generally, the one to two weeks after the CD has matured. You can make a one-time deposit or withdrawal during the grace period without being assessed a penalty fee.

    What we like

    • You can make a one-time deposit or withdrawal from the account during the grace period without being assessed a penalty fee.

    • Three terms — 6 months, 12 months and 24 months — are online accounts and can be managed using a computer.

    • You can transfer all or a portion of the CD balance to another HSBC deposit account during the grace period.

    What we don't

    • APYs are not very competitive. It's easy to find online banks that pay better yields.

    • Seventeen of the CD terms must be opened in a branch.

    Savings accounts

    2.8

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    The HSBC Everyday Savings account requires only $1 to open and has no monthly maintenance fee or balance requirements. Customers can set up automatic deposits to the account. The APY is quite low and the account is not available to business customers.

    What we like

    • The minimum to open the Everyday Savings account is only $1.

    • The account has no monthly maintenance fee.

    • There is no minimum balance requirement.

    • You can manage the account online.

    What we don't

    • The interest rate is not competitive. Many online banks pay far higher APYs.

    Checking accounts

    3.9

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.01 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    HSBC's Choice Checking account has no minimum opening deposit. There is a hefty $15 monthly service fee unless you maintain a $1,500 balance in combined account deposits or investment balances or set up a recurring direct deposit. The fee for overdrafts or nonsufficient funds is $35, higher than the national average. There is also a $2.50 fee to use an out-of-network ATM. Choice Checking is not an interest-bearing account. The account comes with a debit MasterCard.

    What we like

    • Choice Checking has no minimum opening deposit.

    • The account comes with a debit card.

    • The monthly service fee can be avoided with a monthly direct deposit or by keeping $1,500 in combined account balances or investment balances.

    What we don't

    • There is a $15 monthly service charge unless you meet certain balance or deposit requirements.

    • The account is not interest-bearing.

    Bank experience

    HSBC Bank USA provides customer support to personal banking clients by phone seven days a week from 7 a.m. to midnight Eastern time. The HSBC mobile banking app for iOS and Android devices is not highly rated. The bank does not offer a person-to-person payment platform. HSBC is part of the Allpoint ATM network, which has 43,000 ATMs.

    About HSBC Bank USA

    HSBC Bank USA offers checking and savings accounts, CDs, credit cards and loans, as well as investing, retirement and insurance products and an array of international banking services.

    Big changes are afoot for the bank, which plans to shed most of its 148 retail banking branches in the U.S. and its national online deposit business, HSBC Direct, to focus on globally connected high-net-worth individuals. Citizens Bank will acquire most of the branches in the eastern U.S. and Cathay Bank will acquire branches in the western U.S. HSBC plans to repurpose 22 branches in New York, New Jersey, Virginia, Florida, California and Washington state, and the District of Columbia into HSBC Bank Wealth Centers.

    The transactions are expected to close in the first quarter of 2022.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.