HSBC Bank Services & Features Review: Is HSBC a Good Bank for You?

FT Contributor  | 

It’s important to ensure you choose the right bank for your financial situation so you can earn as much interest as possible and avoid costly account fees. Switching to a financial institution you trust allows you to feel comfortable knowing your money is safe in the bank and that you’re getting the best rates and service.

Review the information provided below to learn more about HSBC Bank and the services it offers. By reviewing the bank’s features, pros, and cons, you can decide if you want to switch your accounts to this financial institution or continue searching for another bank that works better for you.

HSBC Bank Services and Features

HSBC Bank was founded in 1865 by The Hongkong and Shanghai Banking Corporation Limited. Now, it serves more than 40 million global customers and focuses on connection.

The financial institution prides itself on offering dependable services with open communication across all cultures. HSBC Bank’s network expands across 64 countries and territories and includes:

  • Personal banking.
  • Commercial banking.
  • Global banking.
  • Insurance.
  • Investing and retirement.
  • Loans and mortgages.

Checking Accounts

With HSBC Bank, you can open a checking account with no minimum balance through the Basic Banking account. You’ll incur a $1 monthly maintenance fee for this simple account. The bank’s three other checking account options are as follows:

  • Choice: Avoid the $15 per month maintenance fee with a recurring direct deposit or at least a $1,500 minimum account or investment balance.
  • Advance: Avoid the $25 monthly maintenance charge with a recurring direct deposit or at least $5,000 in investments and accounts.
  • Premier: Avoid a $50 monthly maintenance fee with a $75,000 minimum balance, $5,000 in recurring deposits each month, or a residential mortgage loan with HSBC for at least $500,000. Earn interest on the money you keep in your account.

Students may qualify for the Choice Checking Student Account offer with no maintenance fees for six years and no minimum balance if they’re new banking customers with HSBC.

Savings Accounts

If you’re focused on implementing a savings plan, it’s important to have the right account. HSBC Bank has three types of savings accounts, which include:

  • Everyday: Earn up to 0.01% annual percentage yield (APY) when you have at least $1 in your account. Set up automatic savings transfers to stay on track with your goals.
  • Advanced: Earn up to 0.05% APY with at least a $15,000 minimum balance and connect the account to your checking accounts, even if they’re with other banks.
  • Premier: Earn up to 0.15% APY with at least $100,000 in your account.

Credit Cards

HSBC Bank offers several types of credit cards through MasterCard. They’re associated with different rewards programs that may allow you to earn travel miles or cashback. Depending on the HSBC Bank card you qualify for, it may include additional features, such as:

You can pre-qualify for the HSBC Bank Gold or Cash Rewards using a simple online form. The bank determines your eligibility and provides an overview of potential rates and terms available with each card.

HSBC Branch & ATM Locations

While HSBC Bank serves customers around the world, it only has 200 branch locations in the U.S., most of which are on the east and west coasts. You can find HSBC branch locations in:

  • Washington, D.C.
  • California.
  • Connecticut.
  • Delaware.
  • Florida.
  • Maryland.
  • New Jersey.
  • New York.
  • Pennsylvania.
  • Virginia.
  • Washington.

Use the online HSBC branch and ATM locator to find a location near you.

HSBC Online Options

As an HSBC Bank customer, you can sign into your account on the bank’s website or in the mobile app. The app and site allow you to complete online banking activities, such as checking past transactions, paying bills, applying for new accounts, moving money between accounts, and making loan payments.

Pros and Cons of HSBC

As with any financial institution, customers have reported both pros and cons to banking with HSBC Bank.

Pros

Global Accessibility

While HSBC doesn’t have extensive branch locations in the U.S., they’re located in several different countries. If you’re a frequent international traveler, it’s easier to access an HSBC ATM or branch to manage your accounts and avoid fees.

Different Account Options

HSBC Bank offers several checking and savings account options. By taking the time to choose the account that meets your needs, you’re likely to avoid account fees.

Better Loan Rates for Customers

If you have a Premier or Advance checking account, HSBC may offer you better loan rates through its mortgage or loan programs than if you weren’t a customer. The rates you’re offered depend on your financial situation and credit history.

Cons

Low-Interest Rates

Unless you have a high savings or checking account balance, you may only qualify for a low-interest rate. You could earn more interest at a different bank.

Checking Account Fees

Checking account maintenance fees are generally higher than other banks. There are many ways to waive these fees, but they can add up if you don’t meet one of these requirements.

Minimal U.S. ATM and Branch Locations

Unless you live near an HSBC Bank branch, you may find it hard to perform in-person banking transactions since there isn’t an extensive network of locations. However, the bank does offer online and mobile banking.

Is HSBC Right for You?

If you qualify for a checking account with waived fees and you don’t mind doing most of your banking online, HSBC Bank may be right for you. With limited branches and ATMs, it’s important to be comfortable performing banking transactions or opening new accounts online. The bank also has several credit card options and you may get better loan or mortgage rates as a customer.

How to Open an Account With HSBC Bank

To open an account with HSBC Bank, you can visit your local branch and speak with a representative about your options. If you’re not close to an HSBC branch, you can open an account online.

First, choose the type of account you want, then choose to “Apply Online.” The system asks you questions about your household, financial situation, and contact information. Once complete, you’re prompted to create an online account that allows you to view and manage your accounts at any time.

HSBC Bank offers a variety of accounts, credit cards, and loans. Before you open an account with the financial institution, review the checking account fees, savings account interest rates, and bank branch locations to ensure it’s right for you.


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