HSBC Bank USA Review 2021

Published January 2021 by Libby Wells

AT A GLANCE
3.8

Bankrate Score

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24/7 Customer Service

HSBC Direct shines for offering a competitive APY on CDs and a low minimum deposit to open.

  • CDs
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    4.2
  • Savings
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    2.8
  • Checking
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    3.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    Overall

    3.8

    Bankrate Score

    HSBC Direct accounts are available across the U.S. The accounts are through HSBC Bank USA, N.A. If you have an account, you can make a deposit or withdrawal at one of the HSBC locations in the U.S.

    HSBC CDs offer a competitive APY and the HSBC Direct Checking account charges no monthly maintenance fees.

    What we like

    • It pays a competitive yield on CDs.

    • The Direct Checking account has no monthly maintenance fee and pays some interest.

    • There are no fees to use HSBC ATMs in the U.S.

    • You can deposit checks with the HSBC mobile banking app.

    What we don't

    • The savings account doesn’t have an ATM or debit card.

    • HSBC has branches in only nine states and Washington, D.C.

    • The bank doesn't sell paper checks for its Direct Checking account.

    • There is a $25 fee for closing a checking or savings account within 180 days of opening.

    CD rates

    4.2

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.65 % APY

    9mo

    Term

    $ 500

    Min. deposit

    HSBC Direct offers a competitive rate on its CDs and requires a relatively low minimum deposit of $1,000 to open one.

    What we like

    • HSBC pays a competitive yield.

    • The minimum opening deposit is relatively low.

    What we don't

    • You can find banks that pay higher yields if you shop around.

    • There are only three CD terms.

    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 Direct Savings account requires a minimum opening deposit of $1, but the APY is far from competitive. The account doesn't have tiered APYs, so customers earn the same APY, even with a balance of $100,000. The account doesn't charge monthly maintenance fees.

    What we like

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

    • Direct Savings has no monthly maintenance fee.

    What we don't

    • There are many banks that offer a higher APY.

    • Direct Savings does not offer an ATM card. .

    • There’s a $25 fee if you close your account within 180 days of opening.

    Checking accounts

    3.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    HSBC Direct Checking is technically an interest-bearing account, but the APY is quite low. You can open an account online with as little as $1, and there is no monthly minimum balance requirement.

    The HSBC check vendor doesn't sell paper checks for the Direct Checking account.

    What we like

    • HSBC Direct Checking doesn’t have a monthly maintenance fee.

    • You only need $1 to open an account.

    • The account is interest-bearing on balances of $1 or higher.

    • HSBC doesn’t charge a fee for withdrawing money from a non-HSBC ATM.

    What we don't

    • The HSBC Direct Checking account doesn't offer paper checks.

    • There's a $25 fee for closing the account within 180 days of opening.

    Bank experience

    HSBC Direct offers several standout features. You can reach a bank representative 24 hours a day, seven days a week. You can also take advantage of HSBC Direct’s money management tools, which can help you budget and create savings goals. If you’re comfortable sharing data, you can link non-HSBC accounts and see your whole financial picture in one place.

    However, access to free ATMs is limited compared with other banks. HSBC has 217 ATMs.

    About HSBC Bank USA

    HSBC Bank USA has branches in California, Connecticut, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington and Washington, D.C. HSBC Direct accounts are through HSBC Bank USA, N.A. and are offered online in all 50 states.

    HSBC has more than 40 million customers worldwide, and its worldwide network covers 64 countries and territories.

    HSBC Direct began offering accounts in March 2018. It offers a checking account, certificates of deposit and savings account.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a contributing writer to Bankrate. Previously, she was Bankrate's chief copy editor. Libby has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications in South Florida. She spent most of her career at The Palm Beach Post and Palm Beach Daily News, but she also did a previous stint at Bankrate as the credit card reporter. Libby is a native of Kentucky and a graduate of the University of Kentucky, where she earned a bachelor's degree in journalism. She's an avid fan of the legendary UK Wildcats basketball team.