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HSBC Premier Checking Account Review: Big Perks for Large Balances

Review Updated
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

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 Mar 27, 2024

HSBC Premier Checking

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. 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
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.

Checking account comparison

We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

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Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
0.50%
Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')

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.

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 checking account methodology

At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.

Our Banking Expert