HSBC Premier Checking Review: Up to $4,000 for New Accounts

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HSBC Premier Checking Account

This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer.

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• Intro Bonus Up to $4,000Expires March 27, 2024 More Info

  Earn up to $4,000 when you open a new HSBC Premier checking account and complete the qualifying activities.

The HSBC Premier Checking Account doesn't charge any wire transfer or foreign transaction fees. The monthly maintenance fee of $50 is high, however, and waiving that fee can require maintaining a balance of at least $75,000. This option is great for high-end checking accounts that travel frequently.

A High-End Account for International Users

Globetrotters who want a personal touch with their money will appreciate the global footprint and professional relationship managers that come with HSBC.

HSBC stands as one of the largest banks in the world. It has a strong reputation for offering great service to its high-end customers, no matter where they’re located.

This high-end checking account makes it easy to avoid paying fees for typical multinational banking activities like international transfers, currency conversion and foreign transactions. You can also waive the monthly maintenance fee in several ways, including maintaining $75,000 or more in balances with HSBC.

Plus, through March 27, 2024 new customers have the chance to earn an incredible bonus worth up to $4,000.

Keep reading to learn more about the HSBC Premier checking account.

HSBC Premier Bonuses

Through March 27, 2024, new accountholders can earn up to $4,000 in bonuses. While this is by far one of the most lucrative offers currently available, you'll need to complete several different steps to ensure you maximize your earnings. This bonus is broken into two parts, as follows:

Earn Up to $3,500 With Qualifying Balance

Once you've opened and qualified for your new HSBC Premier checking account, you'll need to make at least $100,000 worth of new money "Qualifying Deposits" within 20 days of account opening to be eligible for the bonus. After that, maintain the required Qualifying Balance for three full consecutive months from the second full calendar month after account opening.

This part of the bonus is broken out into four tiers, with the amount you earn tied to the minimum Qualifying Balance amount you're able to maintain during the three-month period. Your balance will be reviewed at three consecutive calendar months from the second full calendar month after account opening to determine which tier you qualify for. The tiers are:

If all offer requirements are met, the Cash Bonus will be deposited in the New
Account within 8 weeks from the date the New Account is fully qualified. Any
payments may be subject to tax and will be reported to the Internal Revenue Service
as required by applicable law.

$500 Extra Cash Bonus

If you qualify for the above bonus, you may also be interested in exploring the extra cash bonus tied to this account, which is worth $500 on top of what you already earned.

To qualify for the extra bonus, you need to receive a "Qualifying Direct Deposit" of $5,000 or more into your new account for three consecutive calendar months. Qualifying Direct Deposits include salary deposits, pension, Social Security or other regular monthly income deposited through ACH. The consecutive month count begins on the day of the first Qualifying Direct Deposit.

If all offer requirements are met, the Extra Cash Bonus will be deposited to the
New Account within 8 weeks from the date the New Account is fully qualified for the
Extra Cash Bonus. Any payments may be subject to tax and will be reported to the
Internal Revenue Service as required by applicable law.

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Benefits and Features

HSBC Premier checking account covers all of the basics you would expect with any checking account. You can handle most of your banking needs online or with the HSBC mobile app. Assuming you meet the significant minimum balance or qualifying direct deposit requirements, you get a ton of free features where many other banks charge extra.

No HSBC wire transfer fees*

There are no fees* for incoming or outgoing wire transfers from HSBC. Other banks often charge around $25 to $30 for outgoing domestic transfers and $45 to $50 for international transfers. Incoming fees* are usually around $15. Wire transfers are a type of secure, electronic transfer that allows you to send or receive funds with same-day or next-day funding.

No foreign transaction fees*

With Premier status, you won’t pay any foreign transaction fees* when using your debit card. Many other banks often tack on an extra 1% to 3% for foreign transactions with a debit card. Over a vacation where you spend $2,000 in foreign currency, this amounts to $20 to $60 in fees* you won’t have to pay.

Monthly ATM fee* rebates

HSBC does not charge added fees* for international ATM transactions. Additionally, as of February 2022, customers using any ATM in the U.S. can earn up to five Third Party ATM rebates per month for their domestic transactions. These rebates appear as a credit to your account within two statement cycles.

The average bank charges around $2 per third party withdrawal plus you get back the typical $3 or more charged by the ATM owner. When you’re rushing through an airport or enjoying a night on the town, you can get cash at any ATM without worrying if it’s from your bank.

Emergency services

Go to any HSBC Premier Center or USBC branch in the world and get $10,000 in U.S. currency or the local equivalent if your wallet is lost or stolen. According to HSBC, it has 7,192 branch and ATM locations worldwide.

HSBC mobile app

View statements, transfer funds in real-time, deposit checks, pay bills and transfer between your global HSBC accounts using one secure login. Biometric logins are supported.

Earn interest

While it’s an unexciting 0.01% on all balances over $5, it’s better to receive some interest than nothing. Most checking accounts in the U.S. don’t pay any interest at all. But HSBC Premier is an interest-bearing account.

Opening Minimum Balance

If you were excited about all of the good stuff about this account, here’s the tough part. The minimum balance to open an HSBC Premier Checking account is $75,000 between your HSBC checking, savings and investment accounts. That’s not a big deal for some households, but it’s a big ask for the majority of clients.

This minimum balance requirement is also one of the ways to avoid an ongoing monthly account maintenance fee*. Learn more about the nearly nonexistent account fees* below.

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Monthly Maintenance Fee*

The HSBC Premier checking account has no monthly fee* if you meet certain minimum requirements. If you don’t meet those requirements, there is a $50 monthly maintenance fee*. To avoid the fee*, you’ll need to do at least one of the following:

• Maintain $75,000 or more in your HSBC checking, savings and investment accounts
• Receive direct deposits of at least $5,000
• Have an HSBC mortgage loan with an originating balance of $500,000 or more

A monthly maintenance fee* of $50 is a lot for a checking account, so you should only sign up if you think you can really meet those requirements for the long haul. Do your best to avoid the fee* so you can keep your hard-earned money for yourself.

Other Fees*

Premier clients at HSBC get a long list of banking services at no charge. But, like virtually every checking account, the HSBC Premier checking account has a very long account agreement that includes some rare fees* that you could run into for less-common banking needs. Overall, the fee* list mostly says $0.

As someone who reviews a lot of checking accounts, I was actually a little surprised by how few fees* this account lists. With the HSBC Premier account, you won’t see any overdraft fees*, and NSF fees*; wire transfers and cashier’s checks, for example, are all included at no extra charge. It pays to have a sizable balance with a global bank.

Spending Limits

An account that requires at least $75,000 isn’t going to give you arbitrary or low spending limits. An HSBC relationship manager can temporarily override any limits you do run into if you ever want to buy a car with your debit card or make other big purchases.

There’s a limit of $350,000 in online transfers per day to or from other financial institutions, but you can get around that using wire transfers, with no added fees* from HSBC.

Application

You can apply for an HSBC Premier Checking account at an HSBC branch, but it’s faster and easier for most people to apply online through the bank's secure website. HSBC Premier accounts are for adults aged 18 or older only. Here’s what you need to apply online:

• A valid Social Security number
• Current U.S. residential address and phone number
• You must be 18 years of age and have a Social Security Number
• Current U.S. residential address and a U.S. residential address for the past one year
• Account information for funding your new account

New U.S. residents and temporary residents can apply for an International Banking account from HSBC. Joint account holders are allowed. If you have a credit freeze on your accounts at the major credit bureaus, temporarily lift those freezes while applying, as your credit information is used for identity verification when approving your new account.

HSBC Savings

A few times, we’ve pointed out that you need to maintain a balance at HSBC across your checking, savings and investment accounts to avoid fees* and meet minimum balance requirements. Because savings accounts may be an important part of that puzzle for you, here’s a deeper look at what you can expect from HSBC savings.

• Premier Savings Account: If you have an HSBC Premier checking account, you’ll also probably want Premier Savings, which shares the same minimum balance requirement. With Premier Savings, you’ll earn 0.10% balances of $25,000 - $99,999.99, or 0.15% on balances above $100,000. For less than $25,000, you’ll receive the same paltry 0.01%.
• Premier Relationship Savings: If you want to maximize your interest earnings, this account is worth considering. While by default, it only offers 0.05% APY, if you qualify for the Relationship APY your rate skyrockets to 4.50%.
• Everyday Savings Account: The introductory-level savings account has lower minimum requirements and offers an elevated 3 month introductory interest rate, followed by a lower ongoing rate.
• Online CD: Those willing to lock their money away for a period of time can earn higher savings rates. Depending on the term, current rates for 6-month to 24-month CDs range from 4.25% to 5.00% APY.

Note: HSBC Direct is part of the same parent company, but isn’t the same bank. HSBC Direct is an online-only bank that offers checking, savings and CD accounts.

HSBC Credit Cards

HSBC offers rewards credit cards too. Here’s a snapshot of new account bonuses and highlights for a few of the best HSBC rewards credit cards:

• HSBC Premier Credit Card: Earn 2x on travel and 1x everywhere else. Start with 35,000 bonus points after $3,000 in purchases in the first three months. There is no annual fee for Premier clients.
• HSBC Elite Credit Card: Earn a 50,000 point signup bonus after spending $4,000 in the first three months. Receive 3x points on travel, 2x on dining and 1x everywhere else. This card has a big annual fee but includes airport lounge access, $400 in annual travel credits and other goodies.

These cards could make sense for many people, particularly those who also have an HSBC Premier Checking account. Compare to other top-tier rewards cards here.

About HSBC

Based in London, HSBC is one of the largest banks in the world. The U.S. headquarters of HSBC is located in New York City.

HSBC operates in 64 countries around the world and serves more than 40 million customers. Short for The Hongkong and Shanghai Banking Corporation Limited, this storied institution was founded in Hong Kong in 1865. It made a major move into the United States the same year it moved its headquarters to London, in 1992.

In the U.S., HSBC U.S. runs branches in major cities, including New York, Los Angeles, Chicago, Atlanta, Houston, Seattle, Miami, San Francisco and Washington, DC. While it may not have a branch near you, it’s easy to do most of your banking with HSBC U.S. online, so that shouldn’t scare you off from signing up.

Bottom Line

HSBC is a recognized leader in global banking and ranks among the largest in the world. Its top-level HSBC Premier checking account for U.S.-based customers is hard to beat if you qualify. Thanks to low fees* and great service, Premier banking is a good option for those who qualify.

Global Banking Made Easy

Ready to open an HSBC Premier Checking Account? Start here.

This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer.

HSBC Premier FAQ

• How much do I need to open an account?

  There is no minimum opening deposit to open an HSBC Checking Account. However, you will need a minimum account balance of $5 to earn interest and a balance of $75,000 to waive the $50 monthly maintenance fee*.

• What other checking options does HSBC offer?

  Currently, HSBC only offers its Premier Checking account. As of January 2022, HSBC no longer accepts applicants for its older checking accounts including Choice Checking, Advance Checking, or Basic Checking.

• How do I reach HSBC Premier Checking customer service?

  You can reach HSBC Premier customer service 24/7 by phone at 888-662-4722. If you’re outside of the U.S. or Canada, call 716-841-6866. In addition to in-branch customer service, HSBC Premier also offers a live chat through both its mobile app and desktop website.

• Is HSBC Premier Checking right for me?

  HSBC Premier Checking is best for those who have the liquid cash to waive the account’s $50 monthly fee* or for people who bank internationally. Keep in mind to qualify for the monthly service fee* waiver, you’ll need to meet any of the following criteria: maintain $75,000 in combined balances in your Premier checking and investment accounts; have a total of $5,000 in recurring direct deposits each calendar month; or an HSBC U.S. residential mortgage loan amount of at least $500,000.