Review
Updated
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.
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Ratings Methodology
Rates as
of Sep 28, 2023
HSBC Premier Savings
Member FDIC.
Rating image, 2.50 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 = Poor2.50/5
APY
0.15%
Min. To Earn APY
$1
- No monthly maintenance fee
- Low minimum deposit requirement
- Access to budgeting tools
- Low APY
- No ATM card
High-yield savings account comparison
We recommend comparing high-yield savings 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 & Min. to earn APY | Next Steps |
|---|---|---|
|
Member FDIC.
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:
up to 4.50% Min. to earn APY: $1 |
|
|
Member FDIC.
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:
5.05% APY for balances of $5,000 or more Min. to earn APY: $100 to open account, $5,000 for max APY |
|
|
Member FDIC.
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:
4.30% Min. to earn APY: $0 |
Full HSBC Premier Savings review
Top perks
$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.
What could be improved
Low APY: The HSBC Premier Savings account currently offers a 0.15% APY (annual percentage yield) which doesn't compete with the best interest rates offered by 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.
How to access your money
HSBC enables its HSBC Premier Savings customers to deposit and withdraw money from their account in the following ways.
Deposit options
There are a couple of ways to fund a HSBC Premier Savings account:
- Electronic funds transfer
- Transfer from another HSBC bank account
- Mobile check deposits
- Wire transfer
Withdrawal options
These are your choices for withdrawing funds from your HSBC Premier Savings account:
- Transfer to another HSBC bank account
- Electronic funds transfer
- Wire transfer
The HSBC Premier Savings account is right for you if:
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.
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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