HSBC Premier Review

Advantages Over Traditional Banks

HSBC Premier Checking gives you access to all of HSBC’s traditional banking features with the ease of managing your money on the go. Manage your money around the world with smarter, faster ways for moving funds, from transferring on a global scale to multi-currency needs. There are no fees for Global Transfers between eligible HSBC accounts worldwide.

Cutting-Edge Banking Services

With international services and benefits tailored for global citizens, you can seamlessly manage your worldwide finances with HSBC.

With HSBC Mobile Banking App, you can easily pay bills, transfer money, deposit checks, or chat with HSBC from your phone or computer. These features position HSBC among the best online banking companies, providing comprehensive services for managing your finances globally.

Traditional Banking Services

As a longstanding traditional bank, HSBC offers everything you’d expect. If you decide to open a stocks and shares ISA, you can invest in funds across the market. You can also get insurance and mortgage loans from HSBC. There are no U.S. HSBC ATM fees worldwide.

Eligibility Requirements

To apply for an HSBC Premier checking account you need to:

• Have at least 18 years of age
• Provide account information for funding your new account
• Be currently located in one of the countries** with HSBC Account Opening Availability locations

**Countries subject to change. Please see HSBC page for full details.

In addition, for Premier checking accounts opened before August 29, 2024, you must have at least one of the following:

• Balances of $75,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts
• Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
• HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000, not an aggregate of multiple mortgages. Home Equity products are not included.

For Premier checking accounts opened on or after August 29, 2024, you must have at least one of the following:

• Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment accounts
• Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
• Any HSBC U.S. residential mortgage loan serviced by HSBC.  Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included.

Interest Rates and Fees 

HSBC offers the following:

• No fees for Global Transfers between eligible HSBC accounts worldwide
• No foreign transaction fees using your Premier debit or credit card
• No U.S. HSBC ATM fees worldwide
• No HSBC fees* on everyday banking transactions
• No HSBC incoming or outgoing wire transfer fees
• No U.S. HSBC ATM fees worldwide

*A monthly maintenance fee may apply

Restrictions may apply see page for full details.

Minimum Balance to avoid monthly maintenance fees:

For Premier checking accounts opened before August 29, 2024, maintain:

• Balances of $75,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment2 accounts; OR
• Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s); OR
• HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000, not an aggregate of multiple mortgages. Home Equity products are not included.

For Premier checking accounts opened on or after August 29, 2024, maintain:

• Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment2 accounts; OR
• Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s); OR
• Any HSBC U.S. residential mortgage loan serviced by HSBC.  Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included. "

Customer Service and Online Experience

The HSBC website is easy to use and has a comprehensive help section where you can find advice on a wide range of topics, including using the online banking service and how to improve your financial fitness.

The site has 24/7 hybrid support: Talk to our staff anytime, anywhere for client support when you need it, and multi-language support including English, Chinese, Spanish.

Mobile App  

The HSBC Mobile Banking App is available for both iOS and Android and gives you the power to manage your money on the go. With HSBC Mobile Banking App, you can pay bills, transfer money, deposit checks, or chat with HSBC from your phone or computer.

Security

HSBC has a strong focus on security. There’s 24/7 monitoring of your accounts for any unusual activity. If anyone does access your account and take money, HSBC will refund you (with certain limitations). The bank can also help you improve your security with helpful advice. 

There’s a dedicated phone line if you have concerns about fraud. You will need to use your Digital Secure Key when logging into your online banking via browser or app. You can also use biosecurity (fingerprint or face recognition) on your mobile. 

Summary

HSBC is a very well-established international bank offering a wide range of traditional banking services, from checking accounts and mortgages to wealth solutions and financial planning  HSBC Premier Checking offers a wide range of benefits towards global citizens and makes it easy to manage finances worldwide.

Methodology

We compiled this review using the HSBC website and mobile banking app and interacting with chat support.