HSBC Direct Bank Review 2022
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At a glance

CDs
Checking
Savings
About Bankrate Score
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
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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The checking account doesn’t charge a monthly maintenance fee.
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The bank doesn’t charge monthly service fees on its savings account.
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The HSBC app receives high ratings from iOS and Android device users.
Cons
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The APY on its savings account is not competitive compared with some other online banks.
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HSBC Direct offers only three CD terms.
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The checking APY is the same for all balance tiers.
HSBC Direct banking products
HSBC Direct savings overview
On the plus side, the account requires only $1 to open and doesn't charge a monthly maintenance fee.
Pros
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The HSBC Direct Savings account has no monthly maintenance fee.
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Only $1 is needed to open an account.
Cons
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The APY is above the national average, but it's easy to find higher rates at some other online banks.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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.