HSBC review: Everything you need to know

HSBC is one of the largest banks in the world, with a long history and a global presence in more than 60 countries.

In the US, it offers a mix of personal, business, and international banking products, with a particular focus on customers who move or send money across borders. In this HSBC review, we’ll break down its main accounts, fees, and services so you can determine if it’s the bank for you.

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HSBC: general overview

HSBC, short for the Hong Kong and Shanghai Banking Corporation, is one of the biggest names in global banking. Founded in 1865, it serves over 40 million customers across more than 60 countries.¹

In the US, HSBC has a smaller footprint than domestic giants like Wells Fargo or Chase. Its focus on international banking makes it popular with expats, frequent travelers, and anyone managing money across borders.

HSBC offers the standard mix of checking, savings, CDs, credit cards, mortgages, and loans. It also has investment and wealth management services for longer-term planning. What sets it apart is the international access, including easier cross-border transfers and global account perks.

If you need a bank that connects local US services with international reach, HSBC is often one of the first names to consider.

HSBC checking account reviews

HSBC’s main checking product for US customers is the Premier Checking account. It’s designed for people who want premium perks, global banking access, and family benefits in one package.

With Premier, you’ll get no HSBC fees on everyday transactions, a Mastercard® debit card with no foreign transaction fees, and access to global transfers between HSBC accounts. You can also share Premier status with up to four family members and tap into wealth management services if you need them.

The trade-off is the high balance requirement. To avoid the $50 monthly fee, you’ll need at least $100,000 in combined deposits/investments, $5,000 or more in monthly direct deposits, or an eligible HSBC US mortgage.²

If you already bank across borders or want access to global services, Premier may be worth the requirements. But if you’re mainly looking for a low-cost everyday account, other US banks often have less demanding options.

HSBC savings account reviews

HSBC offers the Premier Relationship Savings account for US customers who already have a Premier checking account. It’s designed to reward activity by giving you a higher APY when certain conditions are met.

When you first open the account and link it to a Premier checking account, you automatically earn the Relationship APY for the rest of that month and the next three months. After this introductory period, you need to qualify each month to keep the higher rate.

You can do that in a few ways, including spending $500 or more with your HSBC debit card, making $500 or more in payments toward an HSBC credit card, receiving $5,000 or more in direct deposits, holding an HSBC mortgage, or maintaining Premier Elite status.³

If you don’t meet any of these conditions, your account earns the Standard APY instead.

All balances earn interest starting from $1, and deposits are FDIC insured up to legal limits. The account also counts toward your monthly Premier relationship requirement, which makes it a natural fit if you already use HSBC for everyday banking.

HSBC CD

HSBC offers Online Certificates of Deposit to Premier customers who want a safe way to lock in returns. With a fixed rate, you’ll know exactly what you’ll earn for the full term, and your money is FDIC insured up to legal limits.

You can choose from 6, 12, or 24-month terms, with a minimum deposit of $1,000. Rates are competitive for short- to mid-term savings, though you’ll face an early withdrawal penalty if you take money out before maturity.⁴

When your CD matures, you can renew it, switch to a different term, add funds during the grace period, or transfer the balance to another HSBC account.

HSBC also occasionally offers promotional “New Money CDs” with higher APYs if you fund the account with deposits that aren’t already at HSBC. These offers change frequently, so it’s best to check the latest rates before applying.⁵

HSBC customer experience

HSBC customers in the US can manage accounts online, through the mobile app, or in person at select branches. The bank also provides global support, which can be useful if you travel or relocate frequently.

The HSBC app is available on iOS and Android, offering features such as mobile check deposit, debit card controls, and money transfers. You can also access international accounts through Global View and Global Transfers if you have relationships with HSBC in other countries.

HSBC overdraft fees

HSBC US does not charge a standard overdraft fee for consumer checking accounts. If you make a debit card or ATM transaction that would overdraw your balance, it’s typically declined unless you’re a Private Banking client.

For checks or ACH transactions, HSBC may choose to cover the amount, but it does so under its discretionary overdraft policies rather than with a fixed fee.

HSBC comparison

Not sure if HSBC is the right fit for your savings? Here’s how it stacks up against similar products from other major US banks. You can also click through on the provider links to see more details before deciding where to put your money.

Frequently asked questions about HSBC

Thinking about opening an account with HSBC? Here are some of the most common questions people ask before deciding if it’s the right fit.

Is HSBC a good bank?

HSBC is a strong option if you need international access or want premium services through its Premier program. Customers who travel or move abroad can benefit from global account access and linked services.

That said, the higher eligibility requirements and fees may make it less appealing if you’re after a simple, low-cost account.

What is the rating for HSBC?

HSBC gets mixed reviews from customers. On Trustpilot, some users mention concerns with service and fees, while others value its international network and mobile tools.

NerdWallet gives it 3.3 out of 5 stars, citing global reach as a positive but noting that US savings rates are not as competitive as those from online banks.¹⁴

Is HSBC a safe bank?

Yes. HSBC is FDIC-insured in the US, so deposits are protected up to $250,000 per depositor, per account category.¹⁵ Security features include fraud monitoring, multi-factor authentication, and encryption to help protect accounts.

With one of the largest global footprints of any bank, HSBC is considered financially stable, though it’s always smart to review account terms closely.

HSBC is best suited for customers who want international banking access and don’t mind higher balance requirements to unlock perks. Its Premier program gives you global access, preferred rates, and the ability to manage finances across countries, which sets it apart from many US-focused banks.

On the other hand, fees and qualification rules can be a hurdle if you’re just looking for everyday banking.

Before deciding, it’s worth comparing HSBC with modern alternatives.

Learn more about Wise

Sources

1. Board Infinity – Company HSBC
2. HSBC – Premier Checking
3. HSBC – Relationship Savings
4. HSBC – Certificate of Deposit
5. HSBC – New Money CD
6. HSBC – Online Disclosures
7. Bank of America – Account details and fees
8. Chase – Savings account
9. Chase – Consumer Deposit Rates
10. Chime – High-Yield Savings Account
11. Citibank – Savings Accounts
12. PNC Bank – Standard Savings
13. TD Bank – Savings Account
14. NerdWallet – HSBC Rating
15. HSBC – Keep your money protected and secure

Sources checked 09/26/2025