Skip to Main Content

HSBC Bank USA Review 2022

Updated December 2, 2022
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.2 stars out of 5

Checking

Rating: 3.9 stars out of 5

Savings

Rating: 2.8 stars out of 5

About Bankrate Score

Hover for more

Overview

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.

Highlights

  • 24/7 Customer Service
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 3.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 3.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 3.8 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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.

Pros

  • Checkmark

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

  • Checkmark

    It has a worldwide presence and ATMs around the globe.

  • Checkmark

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

Cons

  • 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.

HSBC Bank USA bank products

2.8
Rating: 2.8 stars out of 5
Bankrate Score

HSBC Bank USA savings overview

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.

Pros

  • Checkmark

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

  • Checkmark

    The account has no monthly maintenance fee.

  • Checkmark

    There is no minimum balance requirement.

  • Checkmark

    You can manage the account online.

Cons

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 3.8 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.