HSBC is a top 15 bank in the United States and the sixth-largest bank in the world. Globetrotters who want a personal touch with their money will appreciate the global footprint and professional relationship managers that come with your HSBC accounts. Most importantly for deal seekers: you can get a $450 bonus when opening a new HSBC Premier checking account.
HSBC has a strong reputation for offering great service to its high-end customers. It’s not quite the level of service given to James Bond supervillains by secretive Swiss bankers in the movies, but these British bankers could feel pretty close. This high-end checking account has no monthly maintenance fee if you maintain $75,000 or more in balances with HSBC.
Keep reading to learn more about the HSBC Premier checking account, what it takes to qualify and how you can earn that $450 Welcome Deposit offer.
HSBC Premier Bonus: $450 or up to $600
New HSBC Premier clients have their choice of new account bonus offers at the time of account opening. You can choose either a $450 Welcome Deposit offer or a Cash Bonus offer worth up to $600. Each HSBC checking bonus has its own eligibility requirements and timeline for bonus deposit.
Welcome Deposit Offer: $450
When you open a new HSBC Premier checking account online, using this offer page, between January 8, 2021 and March 31, 2021 and make at least $5,000 in monthly qualifying direct deposits from a third party during the first three calendar months after account opening, you qualify for the $450 cash bonus, called a Welcome Deposit.
If you don’t have the savings or income to qualify for the HSBC Premier Checking bonus, don’t click away just yet. There’s also a $200 Welcome Deposit available when you sign up for HSBC Advance Checking, which requires a slightly more attainable $500 monthly in qualifying direct deposits during the initial months of account opening. This account requires $5,000 in combined deposits to avoid a $25 fee. Click here to learn more about HSBC Advance Checking.
If you were considering the excellent accounts at HSBC anyway, this cash bonus should tell you that the time to switch is now. Even if you were not already shopping around for a new checking account, this HSBC bonus is worth considering if you meet the minimum requirements.
Cash Bonus Offer: Up to $600
For a limited time, new account holders can take advantage of a 3% Cash Bonus offer, up $600, for opening a new HSBC Premier checking account with qualifying activities.
Open your new HSBC Premier checking account online, using this offer page, by March 31, 2021 and set up qualifying direct deposits after account opening. Then enjoy a 3% cash bonus, up to $600, on qualifying direct deposits, up to $100 per month, during the first six calendar months after account opening.
You will automatically receive the 3% Cash Bonus in your new HSBC Premier checking account approximately eight weeks after completing that month’s qualifying activities.
HSBC Premier checking is subject to a monthly maintenance fee if the minimum requirements are not maintained.
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.
No ATM fees
You can use the same HSBC debit card to withdraw cash from any ATM in the world with no added fees from HSBC. Additionally, the bank reimburses ATM fees charged by others in the U.S. The average bank charges around $2 per 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.
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.
While it’s an unexciting 0.01% on all balances over $5, it’s better to get 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.
Does this minimum balance seem like too much? Check out our list of the best bank bonuses and promotions for other options. Some bonuses are available with no minimum deposit or qualifying direct deposit requirements. We have thousands of dollars in offers listed to pad your bank account.
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. If you earn the $450 bonus and don’t meet minimum account requirements, your cash bonus would be gone in nine months. Do your best to avoid the fee so you can keep your hard-earned money for yourself.
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.
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.
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
- Valid U.S. addresses for the past two years
- Valid U.S. government ID (driver’s license, ID card, learner permit, passport or Permanent Resident Card)
- Account information from your old bank for funding
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 Premier vs. HSBC Advance
If you want a signup bonus for a quality checking account, but don’t think the $75,000 balance or $5,000 monthly direct deposit will work for you, consider a new HSBC Advance Checking account. It gives you a lower $200 bonus, but HSBC Advance Checking also has much lower requirements to sign up and avoid a monthly service fee.
|HSBC Premier||HSBC Advance|
|Account Minimum to Open and Avoid Monthly Maintenance Fees||$75,000||$5,000|
|Direct Deposit Requirement for Bonus and Avoiding Monthly Maintenance Fees||$5,000||$500|
HSBC Advance Checking doesn’t give you the same big list of free services that you get with HSBC Premier, but it still includes some good perks like four free monthly ATM rebates in the U.S. But there are charges for overdrafts, wire transfers, cashier’s checks and other less-common banking needs.
Both accounts pay a low APY (less than a percent) on balances over $5 as of January 18, 2021.
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 or above or 0.15% on balances above $100,000. For less than $25,000, you’ll get the same paltry 0.01%.|
|Advance Savings Account||HSBC Advance Savings pairs well with HSBC Advance Checking. It pays 0.05% APY on balances over $15,000 and 0.01% on lower balances as of this writing.|
|Everyday Savings Account||The introductory-level savings account has lower minimum requirements but pays just 0.01% on balances of $1 or more.|
|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 0.30% to 0.40% 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 Cash Rewards Credit Card||3% introductory cash back on up to $10,000 in purchases during the first year, then 1.5% cash back on all purchases with no limits. 0% APR on purchases and balance transfers for the first 12 months.|
|HSBC Advance Credit Card||Start with up to 5x points on qualifying dining and entertainment purchases and 2x everywhere else up to $25,000 total in the first year, then with 1x on standard purchases and 2x points on dining and entertainment ongoing. 0% APR on purchases and balance transfers in the first 12 months.|
|HSBC Premier World 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. Get 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, a statement credit for Global Entry or TSA Pre✓® 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.
Based in London, HSBC is the sixth-largest bank in the world and the largest bank in Europe. It recently ranked as the 12th largest bank in the United States by assets. 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.
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.
Savvy Slickdeals readers on the hunt for a bonus can do well at HSBC as well, starting with $200 or $450 depending on the account you choose. But you’ll probably find you like the account so much you won’t want to leave.