Globetrotters who want a personal touch with their money will appreciate the global footprint and professional relationship managers that come with HSBC.
HSBC is a top 15 bank in the United States and the sixth-largest bank 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 if you maintain $75,000 or more in balances with HSBC.
Most importantly for deal seekers: you get a $500 bonus when opening a new HSBC Premier checking account, which is among the largest bank account bonuses.
Keep reading to learn more about the HSBC Premier checking account, what it takes to qualify and how you can earn that $500 Welcome Deposit offer.
Secure application on issuer’s website.
HSBC Premier Checking Account
Monthly Fees: $50 with several options to waive
Minimum Opening Balance: None
$500 Welcome Deposit
No wire transfer or foreign transaction fees
5 Third Party ATM rebates per month
HSBC Premier Bonus: $500
When you open a new HSBC Premier checking account online, using this offer page, before June 30, 2022 and make at least $10,000 in qualifying direct deposits from a third party during the first three calendar months after account opening, you qualify for the $500 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. You can sign-up for a new HSBC Advance checking account and enjoy many of the same benefits of this account. Although, new HSBC Advance accounts currently do not earn a bank bonus. HSBC Advance requires $5,000 in combined deposits to avoid a $25 fee.
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.
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.
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 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.
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 $500 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
- 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.
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 receive 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. 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, 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 $500 in bank account bonuses. But you’ll probably find you like the account so much you won’t want to leave even after qualifying for your bank bonus.
Frequently Asked Questions
You only need $1 to open an HSBC Premier Checking account online. However, there is no minimum opening deposit when you open an account in-person at a branch location. Additionally, 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.
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, Advanced Checking, or Basic Checking.
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 716-841-4477. In addition to in-branch customer service, HSBC Premier also offers a live chat through both its mobile app and desktop website.
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.