HSBC Bank Review 2020

Published February 2020 by Matthew Goldberg

AT A GLANCE
3.9
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Bankrate Score

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User Profile

24/7 Customer Service

Money

Low Fees

HSBC Direct shines for offering a savings account with a very competitive APY.

  • Savings
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    5.0
  • Checking
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    3.6
  • CDs
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    3.2
  • MORE HIGH-YIELD OPTIONS

    Overall

    3.9

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

    What we like

    • Competitive yield on savings account.

    • Checking account doesn’t charge monthly maintenance fees.

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

    What we don't

    • 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 doesn’t offer checks.

    • $25 fee for closing an account within 180 days of opening (applies to checking and savings accounts).

    Savings accounts

    5.0

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    Bankrate Score

    The HSBC Direct Savings account offers a top-tier APY and only requires a minimum opening balance of $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 you monthly maintenance fees.

    What we like

    • The HSBC Direct Savings account earns a top-tier APY.

    • Only a $1 minimum balance to open an account.

    • The HSBC Direct Savings account has no monthly maintenance fee.

    What we don't

    • 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.

    Checking accounts

    3.6

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    Bankrate Score

    HSBC Direct Checking is technically an interest-bearing account from HSBC. However, 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 Direct Checking doesn’t offer checks for this account either.

    What we like

    • The 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 $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 checks.

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

    • The account's APY is low.

    CD rates

    3.2

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    Bankrate Score

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

    What we like

    • Relatively high APY.

    • Relatively low minimum deposit requirement.

    What we don't

    • Other banks pay higher yields.

    • You only have three CD terms to choose from.

    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 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 only 384 ATMs.

    About HSBC Bank

    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 65 countries and territories.

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

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.