HSBC Premier Savings Review: Low Fees, and a Low APY
Review
Updated
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The HSBC Premier Savings account offers an excellent combination of low fees and minimums and a user-friendly platform, but the APY doesn't keep pace with the competition. Learn more in our HSBC Premier Savings account review.
HSBC Premier Savings
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
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We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
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N/A
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
| Account | APY | Minimum Deposit |
|---|---|---|
| HSBC Premier Savings | 0.01% - 0.15% | $1 |
HSBC is a big bank, and as such, it's got a big bank savings APY -- even though this account is online only. You can find better options if you're hoping to grow your cash with interest.
$1 minimum deposit: To open a new HSBC Premier Savings account, you'll need an initial deposit of just $1, which must be made from new money (not from another HSBC account).
No maintenance fee: Unlike many branch-based savings accounts, the HSBC Direct Savings account doesn't charge a monthly maintenance fee.
Mobile check deposit: You can use the HSBC mobile app to make check deposits into your account, and to move money between accounts.
FDIC insured: To be clear, this should be a feature you look for with any savings account you consider, but it's important to mention that the HSBC Premier Savings account is FDIC insured to the maximum amounts allowed by law.
Live chat: HSBC offers live chat assistance to customers, which can be a major time-saver, as opposed to waiting on hold to speak with a customer service representative.
Financial tools: Account holders can use HSBC's "Our Money Management Tools," which assist with things like budgeting, savings goals, and more.
Low APY: The HSBC Premier Savings account's APY doesn't compete with the interest rates offered by the best high-yield savings accounts.
ATM/debit card access: Unlike some other online-based savings accounts, there's no ATM card or debit card of any kind available with the HSBC Premier Savings account. This could be a major disappointment, considering how HSBC has a large network of ATMs not only in the U.S., but around the world.
Branch access: Despite the fact that HSBC has more than 200 U.S. branches, the HSBC Premier Savings account is online-only, meaning you can't walk into a branch and open a high-yield savings account. You can open a savings account in an HSBC branch, but as of this writing, the bank's other savings accounts have APYs ranging from just 0.01% to 0.15%. However, you can move money between HSBC accounts through the mobile app -- for example, if you have an HSBC checking account.
HSBC enables its HSBC Premier Savings customers to deposit and withdraw money from their account in the following ways.
There are a couple of ways to fund a HSBC Premier Savings account:
These are your choices for withdrawing funds from your HSBC Premier Savings account:
Although the HSBC Premier Savings account is missing useful features like ATM access and a high APY, it's still worth considering if you need a low minimum deposit and want simple mobile functionality.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how Motley Fool Money rates bank accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
