HSBC

HSBC

 4.0/5 (549 ratings)
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About HSBC

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • No ATM withdrawal fees
  • Overdraft protection
  • New customer cash bonuses

Cons

  • High account maintenance fees

Bottom Line

HSBC offers new customers cash bonuses. Some accounts come with high maintenance fees, but HSBC might be a good fit for consumers looking for an online savings account with a global bank.

Top HSBC Reviews

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What is HSBC Bank?

HSBC is a British investment banking company. HSBC offers four types of HSBC checking accounts, including basic and premier tiers. Entrepreneurs that choose HSBC business banking have access to a variety of business solutions, including bank accounts, lending and insurance. Account holders can also utilize HSBC online banking, which includes a mobile app to review statements, deposit checks, transfer funds and pay bills.

HSBC Bank products

HSBC offers a range of bank products and services, including savings, checking, certificates of deposit, debit cards and credit cards. Benefits, fees and eligibility vary depending on a variety of factors.

HSBC savings account
HSBC offers a three-tiered savings program that ranges from a basic account to a premier account. The HSBC premier savings is an FDIC-insured exclusive account that offers higher rates as the account grows. HSBC premier's benefits include complimentary bill pay, bank-to-bank transfers and comprehensive global banking and investment solutions.
HSBC checking account
Consumers can choose between four checking account types that provide international access to ATMs, optional overdraft protection and mobile banking. Eligible new customers can receive a cash welcome offer when they set up HSBC direct deposit and meet certain requirements.
HSBC certificates of deposit
HSBC Bank’s certificates of deposit (CD) are secure and convenient. Each account is backed by HSBC’s $0 Liability Online Guarantee and accessible through the bank’s easy-to-use online infrastructure. HSBC’s CD rates start around 0.75% annual percentage yield (APY) and are available in six-, twelve- and 24-month terms.
HSBC debit cards
HSBC’s debit card is a chip card with encryption technology that provides 24-hour ATM access, worldwide acceptance and personal internet banking. Currently, HSBC’s debit card withdrawal limit is around $17,000.
HSBC credit cards
HSBC offers more than seven card types for a variety of lifestyles. The cards feature rewards programs, cash back bonuses, travel benefits, low introductory APRs and contactless payment features. Consumers who have received HSBC credit card offers can apply online and determine their eligibility without impacting their credit score.

HSBC Bank fees

Depending on the type of account, HSBC monthly maintenance fees range from $3 to $50 per month. The bank waives the monthly fee for customers who maintain a specific balance, but its basic banking option incurs a $3 monthly fee regardless of the balance kept in the account.

Account holders who have a minimum balance of $75,000 or have recurrent direct deposits totaling at least $5,000 per month do not have to pay an account fee on a premier checking account. If an account requirement is not met, the bank charges a monthly maintenance fee of $50.00.

Overdraft fee amounts vary for HSBC account holders. Though its an uncommon practice, HSBC Bank offers an overdraft protection program using a line of credit to help its account holders avoid overdraft fees.

Additional fees are assessed for completing wire transfers ($10 to $50 per transaction) and closing an account ($25).

HSBC Bank FAQ

What does HSBC stand for?
HSBC is an initialism for Hongkong and Shanghai Banking Corporation.
What do you need to open an HSBC Bank account?
To open an HSBC Bank account, you must be at least 18 and have a current U.S. residential address, Social Security number and funds for the new account.
Where are HSBC Banks located?
In the United States, HSBC Bank has branches and offices in major metropolitan cities like New York, Los Angeles, Chicago, Atlanta, Houston, Washington, D.C., and San Francisco. Worldwide, HSBC Bank serves more than 40 million customers across a network of 65 countries and territories in Europe, Asia, the Middle East, Africa and North and South America.

Is HSBC a good bank?

HSBC has numerous branches across the globe, in-depth online banking services and a worldwide presence. It offers a variety of banking products, including traditional banking and investment services. The majority of account holders can benefit from HSBC’s range of financial offerings.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Oct. 1, 2022

Living abroad it isn’t easy to open a bank account as an American citizen due to US taxing laws; this was the bank my university suggested/practically insisted we use to “facilitate” our transition to living in France as they told us horror stories about how we couldn’t do xyz without a French bank. I have later learned that this is not true and there are alternatives. Honestly, it has been the biggest regret of my life and I will never step foot in an HSBC branch again. The tellers at my particular branch on Saint Dominique are lovely but this bank has some very strange practices and has no issues locking, restricting, or cancelling your account for anything you do, all without telling you.

First, they make you sign up for all these codes which take aeons to get to you by mail. The only thing they send you electronically is your account number. There’s a code for buying things online and a code for actually using your card, then a Secure Key for logging into your account on mobile, as if those aren’t enough codes for you to remember lol. Then some other codes to actually change things or look into transactions which last about 31 seconds so god forbid your carrier is slow that day or else you won’t be able to log into areas of your account they consider sensitive. Apparently this is a bank wide policy so no matter where you go in the world, they will do this to you. I guess they have never heard of encryption???

Oh, and transferring money online will likely get you flagged for “fraud” even if you are moving money between accounts with your name. This happened to me; my account was locked without my knowledge, and they claimed they called me but I never got a call. I thought that was all cleared up but now my card is restricted so I can’t make any purchases or withdrawals over 100 euros for who knows what reason and at this point, I am tired of arguing with them about it as they let me go a month using the card freely before suddenly wanting to refuse transactions.

Then they limit how much you can spend a month because they sneakily sign you up for some special card that is really designed for teens and you have to wait and beg for them to increase your monthly spending limit since they want to monitor your transactions. And of course when you try to close the account, suddenly they go from ignoring all your emails to begging you to stay and promising things will get better, how sorry they are, the whole nine. There’s also a wire transfer I have to keep an eye on as it was entered incorrectly.

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Rated with 1 star
Verified Reviewer
Original review: Sept. 23, 2022

HSBC is truly the worst inefficient and crooked bank. HSBC should be sued. They will charge fees for everything and freeze your account if you do not use it within 9 months. The way to unfreeze your account is to make fund transfer transaction that will cost money. HSBC does everything to try to steal money from the customer. The online chat representatives cannot resolve anything and will drag the chat on for unnecessary time. Normally takes 1-2 hours on chat to get someone to try to help but in the end they do not help and they will tell you to call or visit the bank.

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    Rated with 4 stars
    Verified Reviewer
    Original review: April 8, 2022

    I WAS a client of HSBC for about eleven years. As an expat this was a great fit. HSBC being an international enterprise made life easy. (Wire transfers, cash machine, in-country branches, etc.) Smooth sailing with these guys, monthly wire transfers were flawless, customer service was professional....no complaints at all. Everything was rolling along fine until they decided to cut US operations and concentrate on higher-end clients. I qualified as one of these clients (75,000 min. balance) when I relocated, but real estate, vehicle, etc... purchases took care of that status. I don't blame them AT ALL. Much more profit to be had in Hong Kong and Mainland China than my minuscule deposits. Anyway.....my only regret is that my account got dumped to CITIZENS BANK. How did that go? Well I wrote a little piece about them last night, check it out if you will. Calling that bank a dumpster fire would be disrespectful to dumpster fires. (my opinion)

    I would give HSBC a full SIX stars, maybe seven if not for that hell month with Citizens. I parted ways with Citizens ASAP and after setting things up with BofA, I am sleeping well again. If you live in Hong Kong or can adhere to their minimum balance requirements, I don't think you can go wrong. I miss good old HSBC, and I wish them luck.... No hard feelings. (Well perhaps a few grrrrrs, but nothing that won't pass.)

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    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 28, 2022

    Don't Trust HSBC's Promotion! I've been their premier account customer for 20+ years and mostly in Asia. I moved back to BC Canada 8 years ago and the nightmare started. Most of their staff have an attitude that customers are there to serve them so they can have their salaries and job promotions. I thought things were improving last year when I was assigned a new account manager. She was very helpful and I started to move my cash to HSBC from another bank. After deposited a chunk of my saving there, they have a promotion to attract more deposit because people are moving money away due to some stupid act they did in Asia (freezing legit a/c because of political reason (sounds familiar?).

    I talked to my account manager to see if I still qualify. She said it has to be new deposit from another bank and recommend that I use those cash to purchase 1 year GIC. After purchasing the non-redeemable 1 year GIC, I deposited another chunk of my cash from another bank to enjoy the 1.7% rate for 3 months. After 4 months, found out that they are not honoring that rate because they said I bought the GIC which in their terms are considered as withdrawals. Took me many calls and trips to their branch to conclude that they are not honoring it ($1,700) even I haven't done any withdrawal before adding deposits and they didn't even care to ask their staff to inform me.

    They simply ignore my request and it has been 2 months now. I guess under the guidance of Larry Tomei and Andrew Maclellan, customers are only their tools to get raises and promotions. I guess Hong Kong Shanghai Bank has once again becomes a genuine China bank (largest shareholder) if you know what I mean From a retired banker.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 14, 2022

    I opened an HSBC expat account due to relocating abroad, thinking that I was upgrading my bank and helping with my new international position. I can't tell you the time wasted and stress caused since we opened the account in July 2021 to now, Feb 2022. From start to finish, they have failed at even the most basic of banking services and my free, UK Co-operative bank was significantly better. I don't even want to waste more of my life detailing the issues, just take my advice, never open an HSBC account for anything. (I'm even on the chat function now as a $6k payment has gone missing and they don't know what's happened to it).

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 11, 2022

    The Premier account is a scam. It charges 34.95 a month. The Waiver conditions are so high, it is only for rich guys. After 6 years being a Premier checking account, I wanted to remove and down grade to a normal checking account. It was a night mare to get through the right person. After several trials; online chat, phones, I can still not able to do this. waste lots of time, and frustrated. When you call the customer service, people either from India with heavy accent, and you will be asked to call another number which is not a right number either!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 31, 2021

    Made a CC enquiry 5 years ago, have emailed and called recently to have them remove the enquiry from my Credit Report. Every time I speak to someone they ask for my reference #, despite never being able to give me one. When I ask them to give me a reference # for my file or the enquiry they tell me the "other department" has that information and they do not have access to it. Every time I call to follow up, they tell me it is with another department, but cannot tell me which department and that I have to wait for this department to contact me. Will not give me contact details for the "other department" so I can follow up with them myself. I asked them who do I call and what reference # can I use the next time I call to follow up and they tell me to call (this) same number and I do not have a reference number, so every time I call to follow up the cycle is repeated.

    Ask them to send me a follow-up email after every call, have never received one. 14 business days later and am still waiting for the "other department" to call or email me, after being told they will call in 5 - 7 business days. Have also updated my phone number on their file multiple times but every time I call they tell me they only have my old number on file. They keep telling me all the info we have spoken about is on my file and when I ask for an email to confirm an action has been taken then tell you the "other department" will send you an email. Absolutely rubbish system, wouldn't trust my money w/ a company who cannot provide basic information like a reference number and contact information.

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 19, 2021

    After having a checking account with HSBC for over a year, I received an email informing me that they are closing my account. (Never had bad checks or overdrafts on my account). HSBC would never explain the reasoning. When they closed my account in Aug 2021, there was over $900 in the account. Still as of today 12/18/2021, they have yet to release my money back to me. Clearly unless you are just loaded with money and can spare $900, DON'T USE HSBC BANK.!!!

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    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 7, 2021

    HSBC has a new Global Baking account that gives you market exchange rates less a 1.5% spread. However, for a transfer from a Pounds Sterling account in the UK into your own US$ account as a Premier customer, they take a huge spread of 3.25% which is more than many credit cards take on small amounts. I tried complaining but they won't discuss it due to "commercial sensitivity"!!!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 24, 2021

    HSBC advertises a $450 bonus with a $5000 direct deposit in 3 months. I walled to see if that was $5,000 total or each month because the ad was not clear. I was told that it was definitely cumulative, a total of $5,000 within 3 months. After 3 months I am told it was $5,000 EACH month.

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    HSBC Company Information

    Company Name:
    HSBC
    Website:
    www.us.hsbc.com