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HSBC Review

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Reviews 7

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Chris Muller
May. 03, 20214 min read

HSBC Premier summary

HSBC is a large, international financial institution with more than 200 branches across the country. HSBC also offers a lot of value in the online banking world - primarily through HSBC Direct, which includes checking, savings, and CDs. Below is a review of HSBC as a whole including some of the benefits you’ll get by banking online with them.


  • Multiple account type options
  • 24/7 customer service
  • Perks for repeat customers


  • Low rates compared to competitors
  • Limited innovative solutions
HSBC Premierat a glance

Editorial score


Most products are fee free; foreign transaction fees



FDIC insured, SSL/AES encription and supports 2 factor and biometric authentication


Customer service

Early morning, evening and weekend service with multiple communication options and a dedicated fraud team


Online experience

User friendly site with full online banking capabilities


Mobile experience

User friendly mobile app that offers most mobile banking features, may not be available on all devices



Advantages Over Regular Bank

Since HSBC is such a big bank, they’re able to have the resources to offer several advantages that other, more traditional banks can’t with their online banking features. 

Here are just a few of the advantages HSBC offers over regular banks:

  • More favorable rates on loans. HSBC rewards its current customers with superior rates. For instance, people who have a Premier checking account may qualify for lower rates on specific loan products. Those who might need something like a home loan or personal loan now or in the future will benefit from this perk. 
  • Bonuses for brand-new customers. HSBC will offer a sign-up bonus to new clients for opening a checking account. As an example, they're offering a welcome bonus of up to $450 on the Premier Checking account for a limited time. 
  • Overdraft protection on all checking accounts. Every one of HSBC's checking accounts comes with overdraft protection. It's an optional feature, but it can help cover you from overdraft fees. The overdraft protection functions as a line of credit that you use as needed. So if you spend more than is in your checking for any reason, you'll be covered.

Cutting-Edge Banking Services

HSBC also has the means to be more cutting-edge than traditional-only or online-only banks. While not all of their products are cutting-edge, they do have some excellent features for you to be aware of.

Here are some of the more advanced banking services HSBC offers:

  • Zero ATM fees across the world. HSBC doesn’t charge any ATM fees anywhere in the world, as long as you’re using one of their many ATMs. One downside here, though, is that they don’t reimburse out-of-network ATM fees since their own network is so vast.
  • Access across the world. Since HSBC is an international financial institution, they have a footprint outside of the United States, in places like Asia, Europe, and the Middle East. What’s nice about this is if you travel a lot, there’s a good chance you’ll have access to your bank, or at least ATMs and online/mobile support.

Traditional Banking Services

Checking Accounts

Based on your needs, HSBC has several different checking accounts to choose from. Each one of them comes with a debit card, ATM access around the globe, optional overdraft protection (as I outlined above), and free online banking. 

  • The HSBC Basic Banking checking has no minimum balance requirement and is geared toward those who keep a low balance, though there is a $1 monthly fee. 
  • The HSBC Choice Checking account waives the $15 a month fee if you keep at least $1,500 between deposits and investments with HSBC, and you get unlimited check writing with this account.
  • HSBC Advance takes up a level, giving you access to exclusive credit cards and better loan rates. There is a $25 monthly fee that can be waived if you keep at least $5,000 in deposits or investments with HSBC (or if you have a recurring direct deposit into the account).
  • HSBC Premier is the top-tier checking account and is probably best for those with large deposits since there’s a $75 monthly fee (this is waived if you carry at least $75,000 in deposits and investments with HSBC). This account features no foreign transaction fees when using the debit card internationally.

Savings Account

There are three savings account options available with HSBC, each with different requirements and APYs:

  • The HSBC Everyday Savings offers a 0.01% APY on balances over $1 and is a basic savings account with no frills.
  • The HSBC Advance Savings allows you to connect your account with as many checking accounts as you want (HSBC or not) and you can earn up to 0.05% APY with $15,000 - $75,000 or more in balances (otherwise it’s 0.01% APY).
  • The HSBC Premier Savings gives you tiered interest rates based on your deposits (more on this below) and access to HSBC’s comprehensive global banking and investment solutions.


HSBC also offers CDs through its HSBC Direct area. The minimum required on their CDs is $1,000, but there are no service fees. You can get a 6, 12, or 24 month CD, and the APY is fairly reasonable compared to market rates. Oddly enough, though, right now you get a higher APY with HSBC’s savings account, which doesn’t lock your money up and has a lower balance requirement.

Interest Rates and Fees

While the fees will vary based on the product you have and how much you have in deposits, the interest rates with HSBC are pretty clear cut (albeit, somewhat disappointing). Here are the three core products - checking, savings, and CDs, along with their APYs and account minimums to get those APYs:

ProductAPYMin. Balance for APY
Advance Checking0.01%$5
Premier Checking0.01%$5
Everyday Savings0.01%$1
Advance Savings0.01%$0
Advance Savings0.05%$15,000
Premier Savings0.01%$0
Premier Savings0.10%$25,000
Premier Savings0.15%$100,000
6-month CD0.60%More than $0
12-month CD0.70%More than $0
24-month CD0.70%More than $0

Customer Service 

HSBC offers 24/7 phone-based customer service (at 800.975.4722), and you can also contact them through chat, Twitter (@HSBC_US; Monday through Friday 6 AM to 9 PM EST and Saturday 8 AM to 7:30 PM EST), or mail (P.O. Box 2013, Buffalo, NY 14240).

Mobile Apps

HSBC has two mobile apps - one for customers based in the United States and one for international users. Both apps allow you to check balances, move money, send money, deposit checks, as well as other basic features you’d expect from a mobile app.


HSBC states that they take security and protecting your information very seriously. They use physical, technical, and procedural safeguards to secure your information and protect it against unauthorized use. You can read more about their security measures here.


HSBC is more of a traditional bank than a true hybrid since they still cater heavily toward people who want to do in-person banking at branches and their rates don’t really compete with online-only banks.

That said, if you’re someone who wants a bank that can offer you all of your financial needs in one (or at least most of them), HSBC might be a fit. They have investment solutions, credit cards, and loans that I didn’t cover here. But just don’t expect jaw-dropping rates or innovative tech solutions that you’d find from a more modern, only-only bank.

Written byChris Muller

Chris has an MBA with a focus on advanced investments and has been writing about all things personal finance since 2015. He’s also built and ran a digital marketing agency, focusing on content marketing, copywriting, and SEO, since 2016. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

HSBC Premier
HSBC Premier
AverageReviews 7
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Trustpilot reviews

See what some costumers are saying about HSBC Premier
HSBC Premier
AverageReviews 7
  • author
    Nairn Skipper
    Sep 11, 2021
    Diabolical service.

    Diabolical service. Need to change from one account within HSBC to another, but Inverness Branch “Not Authorised” to set it up. Informed could be done on line, but On-Line chat said it could only be done via phone, gave me 03457 606060 but they referred me to 03455 873540, no one answers then call cut off 5 times ! Asked Chat agent to register formal Ombudsman Complaint, but Chat agent refused, said he was not authorised. I think non acceptance of Complaint breaches Banking Ombudsman’s rules. Avoid HSBC if you can


  • author
    Jul 19, 2021
    HSBC Credit card? No thanks!

    After I have repeatedly reported HSBC to the BBB, Amy Wilkinski who is the customer relations manager of this bank, sent me an email stating that she is going to send me a gift to my post office box mail. After waiting 2 weeks I received a cup of coffee. I tried to email her back, but could not find her email because she had already hurried to delete it, aware of her discriminative mocking abuse and foul play. I cancelled my credit card with HSBC because of their unprofessional misconduct that caused me worries, time waste and lot of hassle as they kept charging me online fictitious amount of money hoping I would not pay attention and pay them. Instead of spending her energy finding a cup mocking my age and being sarcastic, Wilkinski could have used it to find a solution to our disagreement and restore peace between us. My claim was a monetary compensation, NOT A CUP OF COFFE. Worst customer service and nonstop foul play. I am writing this review to make other clients aware of the unethical unprofessional behavior and of this customer relations manager and her bank. Read online some reviews about HSBC and you will understand which kind of service they offer!


  • author
    Daniel C Conley
    Oct 26, 2020
    Reduced quality of service

    I've used HSBC for quite a while and they do have some advantage for international customers. However today, their usefulness significantly reduced. I tried to do a direct deposit for a very clearly written check which was well photographed and they rejected it because their crappy programme could not interpret xx/00 as no cents. Instead of giving me the option to have a customer service rep review the check, they told me to post it in. Post today from the EU to the USA, is not a comforting prospect and HSBC is now less convenient


  • author
    Scot Shapiro
    Jun 27, 2019
    Sharp stick in the eye is better than HSBC

    I opened my HSBC account with $10k that was supposed to earn me a welcome bonus of $350 after 90 days. To actually get in touch with their abysmal customer service takes endless phone trees and a lifetime listening to horrid muzak only to be helped by someone who is essentially helpless as they cannot do a thing, just request information which takes a considerable amount of time to get (think days...) and then they still don't know. Well after the 90 days were up I repeatedly inquired about the welcome bonus and after being told that I meet the qualifications I was told (multiple phone calls through their archaic and awful system) that since I didn't use their link to set up the account I wouldn't be getting my bonus. I then withdrew all the funds I had in the account and left the .45¢ in interest for them to choke on. Little did I know that they would charge me $25 for every month my account was under a certain balance and after receiving a collections notice I once again got on the phone to deal with the worst bank in the universe, well, maybe the galaxy. You can imagine my great delight that it only took 5 calls to finally close my account. It is breathtaking how poorly managed this bank is, and wherever I am in the world, I will never use an HSBC ATM, or have anything good to say about this company.


  • author
    Jan 26, 2019
    HSBC has the worst customer service hands down!!!!!

    I work with most of the major banks in the US and No other bank come even close to HSBC. Here are just to name a few 1. HSBC has a very crapy online banking website and mobile app ( I can talk about this point all day long) 2. HSBC missed some of my information so they put a hold on my account then I couldn't make any payments so they start charging me all sort of different fees. Now I am supposed to call their security department to fix it. the funny part is they have a long wait time. I waited 1 hour and 45 minutes yesterday until their working our ended SMH!!!! 3. When they charge you a fee and its bank fault they can only waive one of the late fees. 4. Very long waiting times for customer service 5. I Got a promotion to open a credit card to get 150$ bonus but after a year still, haven't got it ( they were supposed to pay it the first 3 months). Just Awful


  • author
    J Jen
    Jan 23, 2017
    New online banking is a total MESS.

    What on earth are HSBC thinking about? They have changed their online banking pages from a perfectly good and clear system, where everything was easily marked and could be read at a glance, to an unbelievably bad mess. Nothing is clearly marked, it takes longer to find what you are looking for than it did to do 5 or 6 transactions on the old system and it keeps freezing when it tries to gather information. How much have their IT department been paid for such an atrocious, confusing website? Please HSBC, go back to the old system, at least until the new one is usable.


  • author
    Howard Paul Shore
    Jan 12, 2017
    HSBC Bank Credit Card Customer Service Really Sucks Big Time!

    Back on Monday, January 9, 2017, I called up my HSBC Mastercard Credit Card Company at (888) 662-4722 because I needed to get a hold of the Disputes Department regarding the status of a Dispute. The hold time was beyond Disgusting, Ridiculous and Unacceptable. When I called them up, I did get to speak to somebody, however, the representative told ME that I would need to get a hold of the Disputes Department and over the phone I was told that she would get me the answers that I need. Well, I was on hold for at least 42 minutes and 30 seconds and sadly Not only did the representative Not come back to me on the phone, but she left me hanging there and then all of a sudden instead of holding for her, I ended up having the system take me back to the very beginning with a repeat of the same recorded message asking me to enter my credit card information all over again. At that point, I just hung up. Yes, I did file a complaint over this Horrible and Disgusting Situation, but all this Cheap, Selfish Company Can Do is write me back a Form Letter which I received back on Thursday, January 12, 2017 with Nothing, but Apologies and Excuses as to Why It Happened? Well, this does Not Solve My Problem in the Very Least and this Low Class Credit Card Provider could have at least Compensated Me For The Inappropriate Hold Time, Plus Being Let Go By The Female Representative, Plus Ending Up Not Getting The Answers To My Dispute Questions To Begin With. That Is Way Too Much To Go Through Coming From A Billion Dollar Company Who CAN Afford To Take Care Of Their Customers Properly, but just Does Not Care! Obviously. Enclosed, in the attachments, please find Screenshots Showing You Proof Of The Horrible Holding Time, plus HSBC's Illegitimate Response Letter for your reference and further review. Thank You. Do You Honestly Call This Good HSBC Premier Mastercard Credit Card Service? Hell No! Thanks, But No Thanks! Sincerely yours, Howard Paul Shore Executive Writer And Promoter For Google And Other Social Media Websites Angry And Upset HSBC Premier Mastercard Customer /HPS Enclosures: Please See The Attachments For The Proof Of The Horrible Holding Time, plus HSBC's Illegitimate Response Letter Back On Thursday, January 12, 2017 for your reference and further review. Thank You.


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