Review
Updated
The HSBC Premier Checking Account has strong appeal for frequent travelers, with perks like free international ATM access and global bank transfers. But only those with large balances will be able to waive the account's high monthly maintenance fee. Read our full HSBC Premier Checking Account review below to learn if it's right for you.
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Ratings Methodology
Rates as
of Sep 18, 2023
HSBC Premier Checking
Member FDIC.
Rating image, 5.00 out of 5 stars.
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 = Poor5.00/5
APY
0.01%
Min. To Earn APY
$5
- Worldwide fee-free ATM access
- Savings account included
- Customers get special rates on home loans
- Maintenance fee
The HSBC Premier Checking account has some unique features that are sure to gain the attention of frequent travelers. It also offers other perks, like preferential rates on home loans and fee-free ATM access, that should appeal to everyone. But those who don't think they'll be able to waive the maintenance fee may be able to do better elsewhere.
Full HSBC Premier Checking Account review
Top perks
Ideal for travelers: If you travel overseas often, it's worth considering the HSBC Premier Checking Account. It includes worldwide access to surcharge-free HSBC ATMs and an HSBC Premier Debit World Mastercard (that doesn't charge foreign transaction fees). Plus, you can get fee-free transfers of up to $200,000 per day to linked international HSBC bank accounts and priority customer service anywhere in the world.
Premier Savings Account included: When you open an HSBC Premier Checking Account, you're also opening an HSBC Premier Savings Account at the same time. This makes it a good choice for those who are looking to move all of their money over to a new bank.
Preferential rates on home loans: HSBC Bank offers preferential rates on mortgages to its HSBC Premier Checking Account holders. This won't be relevant to everyone, but it's something to keep in mind if you plan to purchase a new home in the future.
FDIC insured: HSBC is an FDIC member, so your funds are protected -- up to $250,000 per depositor, per institution -- in the unlikely event of bank failure.
What could be improved
APY: The HSBC Premier Checking Account only offers 0.01% APY. This is a lower rate than what some online banks offer, but many checking accounts don't offer interest at all, so it's better than nothing. If you open a high-yield savings account and put the bulk of your money there, the low APY shouldn't bother you too much.
Fee waiver requirements: HSBC Bank charges a monthly maintenance fee to its Premier Checking Account holders unless they have a $75,000 minimum balance in combined personal deposit or investment accounts, recurring monthly deposits of at least $5,000, or an HSBC Bank mortgage with an original loan amount of at least $500,000. These requirements are pretty steep compared to many other checking accounts, and those who don't qualify could actually lose money over time as the monthly maintenance fees cost them more than they're earning in interest. If you don't meet any of the qualification requirements, look into one of the other checking accounts recommended below.
Fees
| Fees | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| HSBC Premier Checking Account | $50 | $0 | $0 | $0 | $0 |
How to access your money
You have several options for depositing and withdrawing money from your HSBC Premier Checking Account.
Deposit options
Use any of the following methods to deposit money into your HSBC Premier Checking Account:
- ACH transfer
- Wire transfer
- Mailed check
- Mobile-deposited check
- Visit an HSBC branch location
You can find the nearest HSBC Bank branch to you using the locator tool on HSBC Bank's website or in its mobile app.
You only need to deposit $1 to open your HSBC Premier Checking Account, although you need a minimum of $5 to earn interest.
Withdrawal options
You can withdraw money from your HSBC Premier Checking Account in any of these ways:
- ACH transfer
- Wire transfer
- Request a mailed check
- ATM withdrawal
- Point-of-sale withdrawal
- Visit an HSBC bank branch
HSBC Bank doesn't charge outgoing domestic or international wire transfer fees to Premier Checking Account holders. This is pretty rare and something to keep in mind if you need access to your funds quickly.
Alternatives to consider
The Discover Cashback Debit Account is a better choice for those who like the idea of earning cash back. Instead of rewarding your direct deposits like HSBC Bank, Discover gives you cash back on your debit card purchases, and this perk doesn't end after your first year as a cardholder. There is no minimum balance or maintenance fee, so you don't have to worry about losing money with this account. However, note you cannot earn any interest.
The Charles Schwab High-Yield Investor Checking® Account is a wise choice for travelers who want some of the perks of the HSBC Premier Checking Account without being bogged down by monthly maintenance fees. It offers unlimited domestic and international ATM fee reimbursements and excellent online and mobile banking tools. Its APY, while still lower than what many online banks offer, is better than the HSBC Premier Checking Account's rate.
Show Best Offers Available in
Rates as
of Sep 18, 2023
| Offer |
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|---|---|---|---|
| Account |
HSBC Premier Checking
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| Rating |
Rating image, 5.00 out of 5 stars.
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 = Poor5.00/5 |
Rating image, 4.00 out of 5 stars.
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 = Poor4.00/5 |
Rating image, 4.75 out of 5 stars.
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 = Poor4.75/5 |
| APY | 0.01% | 0% | 0.45% |
| Min. to earn APY | $5 | N/A | $0.01 |
| Next Steps |
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This checking account is right for you if:
The HSBC Premier Checking Account is an ideal option for frequent travelers who want easy and affordable access to their checking account funds anywhere in the world. Few other banks offer free international bank transfers and no foreign transaction fees on debit card purchases. If you're interested in these features, put the HSBC Premier Checking Account on your short list.
This account is also a smart choice for those with high balances who are interested in HSBC's other banking services, such as its Premier Savings Account or a home loan. The included savings account makes it easy to manage your money all in one place, and the option to score preferential rates on home loans could save you money when you find your dream home.
Our Banking Expert
Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.
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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. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
HSBC Holdings is an advertising partner of The Ascent, a Motley Fool company. Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mastercard and Target. The Motley Fool recommends Charles Schwab, Discover Financial Services, and HSBC Holdings and recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.