HSBC Premier Relationship Savings Review: Premium Perks for High-Net-Worth Savers

The HSBC Premier Relationship Savings account is a premium savings account that offers a first-class banking experience and decently high APY. But to qualify for its best perks, you'll need to maintain a Premier relationship status, which could be a massive hurdle for the everyday saver.

If you're a high-net worth individual who already banks at HSBC, it could be a safe place to keep ample savings.

To qualify for an APY that's almost as high as some of our favorite picks, you'll need to clear some hurdles in your banking relationship. If you can make that work, this account is worth considering. If not, you'll find yourself earning the low APY of HSBC Premier Savings.

The HSBC Premier Relationship Savings account is designed for savers who can maintain an HSBC Premier relationship (explained below). If you can do that, this savings account has a few noteworthy perks, as well as some drawbacks to consider.

Top perks

No fees or account minimums: Unlike other premium savings accounts, this one doesn't have monthly maintenance fees or a minimum deposit.

Relationship APY is higher than other HSBC savings accounts: To qualify for the Relationship APY, you must have a Premier relationship (explained below) and do one of the following each month:

• Spend $500 on the debit card attached to your HSBC Premier Checking account
• Receive $5,000 in qualifying direct deposits
• Have an HSBC residential mortgage with an original loan amount of $500,000 or higher
• Be an HSBC Premier Elite customer

If you don't qualify for the Relationship APY, your money will grow at a low rate of just 0.05%.

Free incoming wire transfers and bank checks: Part of this account's premium package is that you won't have to pay for bank checks or incoming wire transfers.

Premium perks for international banking: HSBC is a massive international bank and, as such, can help global clients connect bank accounts in different currencies from various countries under one umbrella account. It also offers secure wire transfers to over 150 locations with competitive currency exchanges and waived transfer fees.

What could be improved

Requires an ongoing HSBC Premier Relationship: For many savers, this will be the steepest hurdle to jump. To have an HSBC Premier Relationship, you must have an HSBC Premier Checking account and maintain at least one of the following:

• Balances of $75,000 among qualifying HSBC accounts, such as savings, investments, and insurance products like annuities
• At least $5,000 in monthly recurring direct deposits into your HSBC Premier Checking account
• An HSBC residential home loan with an original loan amount of $500,000 or higher
• Premier Elite status

Without meeting one of these criteria, you won't be able to open an HSBC Premier Relationship Savings account. What's more, if you don't meet one of these qualifications, you'd also pay a $50 monthly account fee on your HSBC Premier Checking account. In other words, these Premier accounts don't exist for the everyday saver: They're your ticket to establishing an HSBC Premier Relationship and getting the premium perks that come with it.

Relationship APY is meh: At its current rate, a 4.30% APY is fairly bland in comparison with the top-paying banks. To be clear, this isn't an account you get for the APY: The premium perks give it its appeal. But if you want your savings account to pay more interest, you might want to look elsewhere.

Standard APY is very low: If you don't qualify for the Relationship APY, your money will grow at a rate much lower than the national average.

HSBC mobile banking app has poor reviews: The HSBC mobile banking app has a 1.4 star rating on Apple and 2.2 rating on Google Play. Many recent users complain that the app feels outdated, lacks advanced security features (like biometric fingerprint login), and crashes frequently.

Ever since HSBC began exiting the U.S. market in 2021, U.S. bank clients have had limited access to money at brick-and-mortar locations. But you still have plenty of ways to access your money, both electronically and at ATMs.

Deposit options

As a mostly online bank, HSBC offers ways to fund your account electronically, but it does let you deposit cash and checks at ATMs. HSBC Premier Relationship Savings account holders can deposit funds in the following ways:

• Cash and check deposits at ATMs
• Mobile check deposits
• Electronic transfers
• Direct deposit
• Wire transfers
• Mail-in check deposits

Withdrawal options

To pull money out of your HSBC Premier Relationship Savings account, you're limited to the following withdrawal options:

• Electronic transfers
• Wire transfers
• Transfer to another HSBC account (like your Premier Checking account)

Your Premier Checking account does have a debit card which you can use to withdraw funds at one of its 55,000 ATMs (through the Allpoint network). You can transfer money from your savings account to your checking if you need to withdraw cash.

• You already have an HSBC Premier Checking account and can maintain a Premier relationship.
• You can meet the monthly requirements to maintain the Relationship APY.
• You want an international bank that can link your savings account to other HSBC accounts in different currencies.
• You don't want to pay fees or maintain a minimum balance in your savings account.
• The perks of a premium account (such as free wire transfers and a global network of banks) is more important to you than earning the highest APY possible.

Our savings account methodology

At The Motley Fool Ascent, 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:

• APY: 50%
• Brand and reputation: 20%
• Fees and minimums: 15%
• Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.