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HSBC Direct Bank Review 2022

Updated November 15, 2022
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.8 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 3.3 stars out of 5

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Overview

HSBC Direct is a great option for savers looking for a digital bank that pays decent yields on short-term CDs.

Highlights

  • 24/7 Customer Service
  • No Monthly Fees
  • Top CD Rates
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

HSBC Direct CDs offer decent APYs, and its checking account doesn’t charge a monthly maintenance fee.

Pros

  • Checkmark

    The checking account doesn’t charge a monthly maintenance fee.

  • Checkmark

    The bank doesn’t charge monthly service fees on its savings account.

  • Checkmark

    The HSBC app receives high ratings from iOS and Android device users.

Cons

  • The APY on its savings account is not competitive compared with some other online banks.

  • HSBC Direct offers only three CD terms.

  • The checking APY is the same for all balance tiers.

HSBC Direct bank products

3.3
Rating: 3.3 stars out of 5
Bankrate Score

HSBC Direct savings overview

The HSBC Direct Savings account used to offer one of the best yields in the country. The APY is still higher than the national average, but savers searching for a high-yield account will want to shop around for other options.

On the plus side, the account requires only $1 to open and doesn't charge a monthly maintenance fee.

Pros

  • Checkmark

    The HSBC Direct Savings account has no monthly maintenance fee.

  • Checkmark

    Only $1 is needed to open an account.

Cons

  • The APY is above the national average, but it's easy to find higher rates at some other online banks.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.1 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

HSBC Direct personal banking customers can call a bank representative  seven days a week from 7 a.m. to midnight Eastern time. HSBC Mobile Banking app customers can chat using a mobile device. Customers without the mobile app can get in touch using Web Chat using a desktop or laptop computer, and Apple device users who don't have the HSBC Mobile Banking app can use Apple Business Chat.

Banking customers can also take advantage of HSBC Direct’s money management tools, for help with budgeting and creating savings goals. Non-HSBC accounts can be linked, allowing users to see their entire financial picture in one place.

About HSBC Direct

HSBC Direct accounts are through HSBC Bank USA and are offered online in all 50 states. HSBC Direct offers a checking account, three terms of certificates of deposit and a savings account.

Big changes are afoot for HSBC Direct, however, as HSBC Bank USA plans to shed its national online deposit business to focus on globally connected high-net-worth individuals. HSBC Direct will be acquired by Citizens Access, the digital, online-only division of Citizens Bank, and its customers will become customers of Citizens Access. The acquisition is 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.