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HSBC Premier Checking Account
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We’ve seen the HSBC Premier Checking Account offer some of the most valuable new customer bonuses around, though the requirements to earn the bonuses are often equally steep. We also appreciate that this account doesn't have wire transfer or foreign transaction fees. The monthly maintenance fee of $50 is high, however, and it can be waived by maintaining a high account balance. This all adds up to a great high-end checking account for frequent travelers.
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.
Keep reading to learn more about the HSBC Premier checking account.
Pros
- No HSBC wire transfer fees
- No foreign transaction fees
- Multiple options to waive monthly fee
Cons
- Steep monthly maintenance fee
HSBC Premier Bonuses
While in the past, we've seen this account offer some pretty incredible bonuses – in 2024, new customers even had a chance to earn up to $2,500 with qualifying activities – HSBC is not currently offering any welcome bonuses at this time.
We'll update this page when we hear of a new HSBC bonus; in the meantime, check out our list of the best bank bonuses right now to see what offers are currently available.
Related Article
Best Bank Account Bonus Promotions in April 2025
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 on the high side. To open an account, you must have at least one of the following:
- Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment2 accounts
- Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
- Any HSBC U.S. residential mortgage loan serviced by HSBC. Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included.
While some households can undoubtedly meet these requirements with ease, 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 free checking accounts for other, more affordable options.
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:
- Balances of $100,000 in combined U.S. consumer and qualifying commercial U.S. Dollar deposit and investment2 accounts
- Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account(s)
- Any HSBC U.S. residential mortgage loan serviced by HSBC. Home Equity products, loans that are in foreclosure or bankruptcy, and loans for which servicing rights have been transferred are not included.
- Consumers who maintain Private Bank status3.
A monthly maintenance fee of $50 is a lot for a checking account. While some households can undoubtedly meet these requirements with ease, it’s a big ask for the majority of clients.
Before opening an account, you should think hard about whether you can really meet the above requirements for the long haul, as failure to do so could lead to you losing some of your hard-earned money.
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 with a high balance requirement 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 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 4.40%.
- 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%.
- 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 4.00% to 4.80% 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.
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.
Ready to open an HSBC Premier Checking Account? Start here.
HSBC Premier FAQ
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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.
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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.
Louie Patterson
Louie Patterson is a Finance Content Manager who specializes in banking topics such as account bonuses and CDs. With over seven years of professional editorial experience, their work has appeared in several publications, including USA Today and Consumer Affairs.
