HSBC Bank Review 2019

HSBC Bank Review 2019 Logo


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 Direct's savings account offers a competitive APY, while its checking account doesn’t charge monthly maintenance fees.

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Bankrate's overall ratings for financial institutions comprise weighted averages up to five stars of five main categories: customer service, savings accounts, checking accounts, money market accounts (MMAs) and certificate of deposit (CDs).

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About HSBC Bank Review 2019

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 39 million customers worldwide, and its worldwide network covers 66 countries and territories.

HSBC Direct began offering accounts in March 2018. It offers a checking account and savings account. The HSBC Direct Savings offers a competitive yield at 22 times the national average.


  • Competitive yield on savings account.
  • Checking account doesn’t have monthly maintenance fees.
  • You can deposit checks with the HSBC Mobile Banking app.


  • Savings account doesn’t have an ATM card or debit card for ATM access.
  • HSBC has branches in only nine states and D.C.
  • Checking account is called a limited service product and doesn’t offer checks.
  • $25 fee for closing an account within 180 days of opening (applies to checking and savings accounts).

HSBC Bank Review 2019 Services

Savings Rating


The HSBC Direct Savings account offers a top-tier APY and requires a minimum opening balance of only $1. The account doesn't have tiered APYs, so customers can earn the top APY with even a small balance. The account also doesn't charge monthly maintenance fees. If you have an HSBC Direct Savings account and are near a U.S. HSBC retail location, you can make a deposit or withdrawal at one of these branches.


  • The HSBC Direct Savings earns a top-tier APY.
  • $1 minimum balance to open an account.
  • The HSBC Direct Savings has no monthly maintenance fee.


  • There are still a few banks that offer a higher APY.
  • ATM card isn’t available for the HSBC Direct Savings account.
  • There’s a $25 fee if you close your account within 180 days of opening.

Savings accounts available from other banks

Checking Rating


HSBC Direct Checking is technically an interest-bearing account from HSBC. However, the APY offerings are quite low across the board. You can open an account online with as little as $1, and there is no monthly minimum balance requirement. The HSBC Direct Checking is called a limited service product, and HSBC doesn’t offer checks for this account. As of September 2019, HSBC Direct did not offer any other checking options.


  • The HSBC Direct Checking doesn’t have a monthly maintenance fee.
  • You need only $1 to open an account.
  • The account is interest-bearing on balances of at least $1.
  • HSBC doesn’t charge a fee for withdrawing money from a non-HSBC ATM.


  • Checks aren’t offered for the HSBC Direct Checking.
  • $25 fee for closing the account within 180 days of opening.
  • The account's APY is low.

Checking accounts available from other banks

Bank Experience Rating


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 also link non-HSBC accounts. In doing so, you can see your whole financial picture in one place. However, access to free ATMs is limited, compared with other bank options. HSBC Direct offers 384 ATMs.

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