As one of the largest banks in the world, HSBC Bank offers a wide variety of products so you can be sure to find one that fits your needs.
They offer traditional banking and investment services, in addition to their online operation which offers higher interest rates on its deposit accounts.
From high-yield online savings and several checking options, HSBC Bank has accounts for whatever you may be looking for.
Be sure to keep reading to find an in-depth review about HSBC Bank and all the accounts they offer.
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Checking Account Options
HSBC Bank offers several different checking accounts depending on your needs. All checking accounts offer a HSBC Debit Mastercard, access to HSBC ATMs worldwide, free online and mobile banking, and optional overdraft protection.
The HSBC Advance checking account gives you access to Advance relationship benefits, which includes perks such as better loan rates and access to exclusive credit cards. Additionally, you will be able to take advantage of 24/7 priority phone support, international benefits, online financial tools, and much more.
If you are a high net worth individual who requires global access, then HSBC Premier is best for you. Furthermore, you get a Relationship Manager who can help with all services that HSBC offers.
If you are a low balance customer, this basic checking account is great because it has no balance requirement. However, keep in mind that it does have a $3 monthly service fee.
Choice Checking offers convenience and value to your day to day banking needs! With this account, you will get unlimited free check writing as well as free online and mobile banking!
Savings Account Options
If you want to earn one of the highest interest rates on the market, check out HSBC Direct Online Savings. There is no monthly service fee, and the minimum opening balance is just $1.
This is essentially your basic savings account, however it is only available through HSBC Direct, which means you can only open it online.
CD Account Options
With Certificate of Deposits, you get a locked-in interest rate for a predetermined amount of time, however you must leave your money in the account for the entire term, or else you’ll receive a penalty fee.
With HSBC CD accounts, the minimum required to open an account is $1,000, and there are no service fees.
HSBC Bank offers 3 term CDs: 6-month, 12-month, and 24-month. The interest rate isn’t the best, so be sure to check out their online savings account to earn a higher interest rate.
Investment Services
In addition, HSBC Bank offers investment services, and their financial professionals can help you develop an investment strategy best for you.
HSBC Bank offers a variety of products from stocks, ETFs, options, no load mutual funds, and fixed-income securities! Plus there is no fee to open any of these!
Furthermore, you can choose from five asset allocation models! Their financial professionals can help you choose the best one that fits your goals and risk tolerance.
An investment advisor will help you customize a portfolio and come up with the best asset allocation for you!
Retirement Accounts
Check out these retirement accounts at HSBC Bank:
- Traditional IRA
- Roth IRA
- SIMPLE IRA
- SEP Retirement Plans
- 401(k) Retirement Plan
- 403(b) Retirement Plans
For IRAs, you are able to choose between a self-directed or a managed account. Additionally, the IRA has no maintenance or termination fee if you are an HSBC Premier client. For all others, the annual service fee is $35.
Reasons to Bank with HSBC
- New customer bonuses. HSBC frequently offers generous cash bonuses for new customers when they open a new checking account (and meet certain requirements). It’s worth it to wait until a bonus offer comes out. Check out the list of current HSBC promotions.
- Global access. HSBC is a global bank that operates in 67 countries across Europe, Asia, North America, the Middle East and Egypt. This is great if you travel often because you’ll be able to find your bank overseas, which makes it easier to withdraw from ATMs and get emergency financial support if you need it.
- No ATM withdrawal fees worldwide. You can use the debit card to access ATMs globally, most with no withdrawal fees. However, the ATM operator or network may charge a fee for ATMs located outside the U.S.
- High Savings APY. HSBC Direct’s online savings account offers one of the highest APYs on the market. Additionally, there is no monthly service fee and you only need $1 to open.
- Potential for better loan rates. If you have an Advance or Premier checking account, you may be eligible for preferred loan rates or special financing options. If you’re planning to take out a mortgage or need a personal line of credit, this can come in handy.
- Overdraft protection. All checking accounts come with an optional overdraft protection feature. You can get a personal line of credit that allows you to borrow money as you need it (up to your available credit limit). If you accidentally overdraft your checking account, this line of credit can be used to cover it.
Reasons Not to Bank with HSBC
- Fees. There are some pretty steep fees that come with HSBC’s checking accounts. There is a monthly service fee, unless you can meet direct deposit and/or balance requirements. The basic banking account doesn’t even have a way to waive this fee. If you want to avoid fees, there are online checking accounts that are completely free to maintain.
- Interest rates are not competitive. Their accounts offer low interest rates, except for HSBC Direct’s online savings account. If you have a lot of money to park in a bank, other online banks offer better deposit rates, so your money can grow faster.
HSBC Bank Information
- Routing Number: 021001088 – HSBC BANK USA, N.A.
- Customer Service:
- Personal Banking: 1-800.975.4722
- HSBC Premier Banking: 1-888.662.4722
- HSBC Advance: 1-866.584.4722
Conclusion
As one of the largest banks in the world, HSBC Bank offers many different accounts to satisfy your needs.
Although their interest rates aren’t the highest, they frequently offer generous bonus amounts when you open a new checking account, so I recommend you check those out.
In addition, you will be able to gain access to many great features with the account.
Additionally, be sure to check out our list of the best bank bonuses currently available to fit your banking needs!
Check back often to find new HSBC Bank bonuses, promotions, and offers!