HSBC: What you need to know? (2024)

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• Posted on September 08, 2020
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By Karan Kapoor

HSBC is one of the top banking and financial management companies in the country. They serve over 40 million clients across a wide network of 64 countries and territories, with 3900 branches across three regional companies:

• Commercial Banking

• Wealth and Personal Banking

• Global Banking and Markets

In this article we will talk about the :

• For whom the bank fits the most

• About their products and services

And more…

For whom the bank fits the most?

HSBC Bank is ideally positioned for robust savings deposits clients and those who may have overseas banking needs. You will find HSBC works great for you especially if you:

• Wish to bank with a big, long-standing multinational institution

• Frequent international travel

• Want to open a savings account that has no minimum balance or recurring maintenance charge

• Want to get regular direct deposits

• Want a generous welcome package if have the means to apply for the package

• Want to get generous bonuses on referral

What does HSBC have to Offer?

HSBC has a full package of banking products to offer to its customers.

• Savings accounts

• Checking accounts

• Certificates of Deposit (CDs)

• Credit cards

Savings account options:

• HSBC Everyday Savings

HSBC Everyday savings is a basic account that can help you get into the savings habit easily. Despite no minimum balance requirement or recurring maintenance costs, consumers need not think about losing land due to payments for their savings. Furthermore, with this plan, the opportunity to gain APY on deposits as low as $1 means you can still expect some (very modest) growth, even if you have a low balance. That said, the 0.01 % APY is very small and does not automatically compete with other no-minimum-balance savings accounts, especially online banks' offerings.

• HSBC Advance Savings

HSBC Advance Savings could be a safer choice for banking clients with a little bit extra to set up in savings. This account, which you can only open when you also have an HSBC Advance Checking account, has a maintenance fee of $25 per month, but it can be waived off if you follow this :

1. Maintain a $5000, combined in all HSBC deposits and investments

2. Monthly recurring direct deposits to your HSBC Checking account.

• HSBC Premier Savings

HSBC Premier Savings has plenty to sell savers with deep wallets, as the top-tier savings plan. Similar to the Advance Deposit plan, in order to apply, you would need to open an HSBC Premier Checking account. Moreover, there is a maintenance charge of $50 a month, unless you fulfil one of the following requirements:

1. Maintain a $75000 combined in all of HSBC investments and deposits.

2. Monthly recurring deposits in your HSBC Premier checking account, of total $5000.

• HSBC Direct Savings

HSBC Direct Savings provides a higher APY than all of HSBC's other savings plans as an online-only saving account. The 1.30 % APY is available at every balance you keep in your wallet. For a minimum deposit of $1 to open, no recurring maintenance charge and no excess withdrawal cost, this is a very affordable account to open, as well as promising a good APY

Checking Account options:

• HSBC Basic Banking

The account name says it all. Although quite a checking account, the HSBC Basic Banking provides a no-frills banking program to clients that help them to take care of all the things a checking account will need to do. Basic banking provides a no-fee HSBC Debit MasterCard, Personal online banking, online bill payments, eStatements, and smartphone app.

This account pays a non-waivable $1 recurring maintenance fee. There are also no minimum conditions for balance and direct deposit.

• HSBC Choice Checking

HSBC Choice Checking comes with a maintenance charge of $15 a month, but you can effectively waive this charge either by maintaining a total cumulative balance of $1,500 on both your HSBC savings and investment accounts or by making a regular monthly direct deposit of any number.

• HSBC Advance Checking

The HSBC Advance Checking account is the interest-bearing checking account that the bank has built up to start an HSBC Advance Savings account as an eligibility condition. The account pays a regular maintenance fee of $25 whether you have a total balance of $5,000 in all of your HSBC deposits, have a regular revolving direct deposit, or possess a home mortgage loan from HSBC U.S.

• HSBC Direct Checking

This online-only checking account offers the best outcome for consumers because it is an inexpensive interest-bearing checking account. HSBC Direct Checking has no monthly maintenance charge whatsoever plus a 0.01%APY on those above $1 deposits. The HSBC Debit MasterCard also comes with the account

• HSBC Premier Checking

The legal prerequisite for opening an HSBC Premier Savings account is to have an interest-bearing checking account. Expect to pay a monthly servicing fee of $50 unless you can have a minimum balance of $75,000 in all of your HSBC accounts, have regular recurring cash deposits totaling $5,000, or hold an HSBC U.S. home mortgage loan worth at least $500,000

Certificate of Deposits

HSBC sells 3 CDs with lengths ranging from six months to 24 months. These prices are valid only if you open the new online account in accordance with both the HSBC and the HSBC Direct website.

Credit Cards

HSBC offers six credit cards with varying perks and benefits, all under the MasterCard banner.

• HSBC Gold MasterCard

• HSBC Cash Rewards MasterCard

• HSBC Cash Rewards MasterCard for Students

• HSBC Advance MasterCard

• HSBC Premier World MasterCard

• HSBC Premier World Elite MasterCard

What other products does HSBC offer?

• Purchase mortgages

• Refinance mortgages

• Home Equity Lines of Credit (HELOCs)

• Individual retirement accounts (IRAs)

• Self-directed trading

• Private banking

• Business loans

HSBC Customer Service

The customer service helpline is available for 12 hours a day, but in addition to that, you have a live chat portal on HSBC and HSBC Direct websites, which work 24/7.

HSBC's mobile app has 2.3 stars on Google Play and 3.5 stars on iTunes, it also provides some forward-thinking security tools, such as fingerprint identification and, in particular, facial recognition.

Final Word

As a global bank, HSBC has plenty to offer for the right customer. HSBC's services will all be well served by foreign tourists, those who hold big bank accounts, and others who are searching for a bank to manage their mortgage as well as their daily banking needs. The wide variety of services and products means that there is plenty for almost all, but it is obvious that much of the goods are targeted towards more wealthy customers.

For more information, you can check their customer reviews from around the globe at BankQuality.

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