HSBC Premier Checking Account Review 2024
Known as one of the largest banks in the world, HSBC offers an HSBC Premier Checking account. It’s different from an ordinary checking account as it comes with several unique perks, like free access to international ATMs and a dedicated relationship manager. However, it has strict requirements and is only accessible to select consumers.
Here’s what you need to know about the HSBC checking account.
HSBC Premier Checking Account At-a-Glance
Overall Impression of HSBC Premier Checking Account
The HSBC Premier Checking is a premium checking account with exclusive benefits you may not find with other accounts, such as international banking perks and personalized financial advice from a dedicated relationship manager.
However, you must be a high-net-worth customer or have a lot of money to deposit to take full advantage of it.
Easily Compare the Best Checking Accounts Online
Finding the bank with the best checking account to meet your needs is as simple as skimming the listing below. Compare checking accounts and find the best bonuses and lowest fees being offered today.
Pros and Cons of HSBC Premier Checking Account
Just like all other financial products, the HSBC Premier checking account comes with benefits and drawbacks to consider, including the following.
Pros
- Exclusive benefits: You can enjoy free financial advice, low mortgage rates, airport lounge access, and competitive pricing on other HSBC products. You’ll also be able to share these benefits with up to four family members.
- International perks: If you travel abroad often, you’ll be pleased to learn that the HSBC checking account offers access to fee-free international ATMs. You won’t have to worry about foreign transaction fees either.
- FDIC-Insured: The checking account is insured up to $250,000 per person. Your funds will be protected in the event of a bank failure.
- Large, nationwide ATM network: As a checking account holder, you’ll receive access to more than 43,000 Allpoint ATMs nationwide. Best of all, there are no fees for using them.
- Opening bonus: Depending on when you open the HSBC Priority checking account, you may qualify for the bonus. This may mean thousands of extra dollars in your pocket.
Cons
- Low interest rates: Compared to other banks, HSBC checking account rates are lower. You can open a savings account and park some money there to earn more interest.
- High monthly fees: With the HSBC Premier checking, you’ll be charged a $50 monthly maintenance fee. This can be difficult to waive unless you have a lot of cash.
- Strict relationship criteria: To be eligible for HSBC relationship status and unlock all the account’s perks, you’ll need to maintain a high minimum balance or meet specific direct deposit or loan requirements.
Compare HSBC Premier Checking Account to Other Checking Accounts
Here’s how the HSBC checking account compares to other checking accounts you might explore.
Discover® Cashback Checking
The Discover checking account offers 1% cash back on up to $3,000 in monthly debit card purchases. Other noteworthy perks you won’t find with the HSBC account include early direct deposit and free overdraft protection.
SoFi Money
While the HSBC Premier is strictly a checking account, the SoFi Checking and Savings combines a checking and savings account. It can allow you to manage your everyday spending and savings in one place with minimal fees.
Chime
With a Chime checking account, you can take advantage of the automatic savings option that is unavailable with HSBC. It will round up your purchases to the nearest dollars to boost your savings. This account also comes with early direct deposit.
Bank of America
The Bank of America Advantage Relationship checking account is similar to the HSBC checking account in that it’s designed for those who maintain higher balances. However, it has lower minimum balance requirements, so you won’t need as much cash to waive fees and qualify for relationship status.
Capital One 360
Capital One’s 360 checking account is more accessible for many people than the HSBC Premier. It offers free money transfers, early direct deposit, overdraft options, and access to Capital One’s branches and Cafes across the country.
Who Is HSBC Checking For?
The HSBC Premier Checking may be worthwhile if you meet the following criteria:
- You’re a frequent international traveler who wants easy, affordable access to your funds.
- You consider yourself a high-net-worth person who holds large sums of money.
- You’re looking for VIP treatment and unique perks you may not find elsewhere.
- You’re already an HSBC customer.
While the HSBC checking account can be an excellent fit for some people, it doesn’t make sense for everyone. If you don’t have a lot of money to deposit, want to avoid monthly fees, or prioritize earning interest, you should likely continue your search for a checking account that fits you best.
Rating the Features of HSBC Premier Checking Account
Before you go ahead and open an HSBC checking account, be sure to consider these features.
Mobile Banking
You can manage your HSBC Premier account through the intuitive website or mobile app. With the highly rated app, you can check your balance, transfer funds in real time, deposit checks, pay bills, and more.
Customer Service and Experience
If you have any questions or concerns about your checking account, you can contact HSBC via chat, send messages via the mobile app, and 24/7 by phone. Also, if you meet the criteria to enjoy relationship benefits, you’ll have access to a Relationship Manager whom you can trust with financial advice.
Fees
HSBC does charge a $50 monthly maintenance fee, which is expensive. Unfortunately, the only ways to waive this fee are to maintain a checking account balance of $75,000, have monthly recurring deposits of at least $5,000, or take out a $500,000+ mortgage with the bank.
Rates
When it comes to interest, HSBC’s rates are lower than average. If interest is your main priority, you can likely find higher rates with a different bank. HSBC stands out for its exclusive perks, not its competitive interest rates.
Tools, Extras
With an HSBC Premier account, you can enjoy several unique benefits. These include access to fee-free international ATMs, no foreign transaction fees, competitive rates on mortgages and other products, and access to a relationship manager who can assist with your finances. You may share these benefits with up to four family members.
Access
HSBC is part of the Allpoint ATM network. This means you’ll have access to more than 43,000 fee-free ATMs across the country. In addition, you’ll be able to use ATMs abroad without paying any fees. If you prefer in-person banking, rest assured you can do so at one of HSBC’s many branches in the U.S.
Safety and Security
HSBC will protect up to $250,000 per person as it is insured by the Federal Deposit Insurance Corporation (FDIC). It also employs security measures to safeguard your personal information.
Minimum Deposit or Balance Requirement
You can open an HSBC Premier Checking account with $0. However, you’ll have to maintain a balance of at least $75,000, or have $5,000 in direct deposits per month, or have a $500,000 or above mortgage with HSBC, or you’ll be on the hook for monthly maintenance fees, which are tough to waive.
Frequently Asked Questions (FAQs)
The HSBC checking account charges monthly maintenance fees. Fortunately, there are no foreign transaction fees, insufficient funds, or wire transfer fees.
With HSBC, you can access fee-free international ATMs and discounts on other products. If you’re eligible for relationship status, you’ll qualify for other perks like free airport lounge access and personalized financial advice.
Yes, HSBC is a global bank. It is present in 62 countries, focusing on Europe, Asia, the Middle East, Africa, Latin America, and North America.
