HSBC’s (USA) customer service and security teams are top notch. I had a gut wrenching incident a week after opening my HSBC Savings account. I was so frustrated with HSBC’s customer service and security team that I seriously debated closing the account and going elsewhere. Several days after HSBC confirmed/verified my local bank for “Bank-to-Bank” transfers, I transferred a 6-figure amount. A couple days after the transfer, I logged into my HSBC account to check the transfer process. An alert appeared telling me my credentials had been suspended. What does that mean? I was panic stricken since I’d just transferred nearly my whole life savings. I called the customer service number listed. I was on hold 10 minutes, hung up and called back. On hold for another 10 minutes while simultaneously resorting to “Chat” while I waited. After nearly 30 minutes of chatting, it also ended with no resolution other than being asked to call customer service back because the chat person didn’t have the level of authority warranted for the situation. Went through another eternity on hold. Finally, after a second chat session, I was given a phone number that connected me to a real person, who, unfortunately, spoke very broken English. I was close to tears and it was 8:30p so told him I would have to call back again the next day. Next day I called at 7:30a-ish, again another person who spoke broken English and a poor connection besides. I finally had to ask for someone who spoke clearer English so I could understand the questions being asked. I was told to hang up and call right back which I did. Finally, someone who had a better command of the English language. After nearly an hour on the phone and being thoroughly vetted for more information, the security representative was able to unsuspend my account. You’re probably wondering why I’m bothering to share all this and giving HSBC USA a 5-star rating. It’s because if these folks hadn’t gone to such extensive measures to verify I was who I said I was, there would have been a very bad result. Although I was extremely unhappy about the amount of time all this took, the end result is, I feel better knowing an imposter will go through the same process and hopefully will not have the patience to endure the interrogation. SO, thank you HSBC USA for making me feel secure about my account.
I've had this HSBC account since 2007 and at that time the interest rate was around 4.25%. I know the market tanked and interest rates have gone down since then, but i wish banks would still pay a decent rate to use our money since they still charge us a high rate to use theirs. I like the fact the account is easy to access and has no minimum balance. Hopefully in the future, the economy will improve and banks will start paying out a decent rate on savings accounts again.
I've worked with HSBC for a few years now and while they aren't the only bank on the block but they are one of the few who don't overwhelm you with fees. The application process is rather easy and they are very helpful when any issues (if any) do arise. However if I had to complain about anything it would be the fact they deduct $5 from your savings account if you are below the $500 threshold. Also keep in mind opening this kind of account is a minimum of $1,000 and you shouldn't expect much from the 0.1% interest rate.
Over the past few years, HSBC continually lowered their savings account interest rate for their online savings accounts. While this is true for most, if not all, banks, HSBC’s savings rates still used to be competitive. I pulled my savings out and moved to Ally. I did not receive a huge gain in interest rate, but HSBC’s emails about lowering their interest rates again and again put me off. Also, they took forever to transfer money to my local checking account. I just was not happy.
I chose the HSBC account mainly because they provide a nice interest rate as well as no monthly fees to use your money. I am able to save my money for my child's future easily and it's easy to withdrawl money if I need to. I have made a nice bit of money off of the interest this past few years as well.
I would say the number one factor for me to choose HSBC is the fact that they don't overwhelm you with petty fees. The interest rate is pretty decent for the range that I fall into. Sure I could get a bit more from other banks, but the fees almost always cancel the interest out to some degree. It's pretty great that I can do all my banking online and I don't have to drive all the way to a branch. That being said, it's nice that I have the option to do that as well if I so choose! Their customer service has always been topnotch. When I had a few questions, I called them up and they answered them all to a tee and I opened the account with them right away. I would definitely recommend HSBC for a savings account!
I have a savings account with HSBC and I have been really happy with it. I actually do pretty much everything online, which is very convenient. There are no fees associated with the account, which is a big plus. I can also have money automatically transferred from savings to checking to prevent overdraft fees, which can be helpful at times. There's really no interest accrued to speak of, but I don't have a ton of money in there either. I'm just really appreciating not having to pay any fees these days, when so many banks are hopping on the service fee bandwagon.
I have been an HSBC customer for only three months. HSBC 3 year CD is a savings account where a person does not have to pay any annual fees, and at the same time gets a relatively good interest rate of 0.1%. It is generally good to have a savings account in an international bank like HSBC, so that the money becomes available for transfer across countries. However, it is not always easy to find an HSBC branch or ATM machine around, which I think is the the main problem with HSBC. My overall experience with HSBC is very good.
I like this bank, and they don't nickel and dime you like most other banks. It was easy to open an account online and get going. The interest rate isn't stellar but I think it's comparable with most other banks. The customer service has been really helpful, I don't have anything negative to say about that at all. The only thing that I can think of is that their online system isn't as great as other banks, like Chase. You can't send money electronically to anyone and you can't send money to other accounts you have with different banks. There aren't that many branches all over the country, so it's a little annoying, but I still recommend this bank for savings accounts.
I have always had a good experience with HSBC, and their savings account is no exception. Written statements were always clear and timely, the online system was intuitive and easy to use, and transferring money to my checking account was also very simple to do. One complaint I'd have (though this is true of almost any savings account) is that the amount of interest you gain from money saved is essentially zero, so it would probably be better to invest in something like HSBC's CDs if you've got a large amount of savings. Still, I always appreciated HSBC's customer service and the fact that there are no unnecessary fees. One other thing to note is that HSBC branches in the US have been reduced in recent years, which may make finding an HSBC in certain parts of the country difficult. However, if you live in an area close to HSBC branches, I'd definitely recommend this bank and savings account.
Not directly, but essentially it is $5,000-$10,000 because this account is available only to customers with an HSBC Premier or HSBC Advance checking account. The HSBC Advance account is available to consumers who have a US personal related combined deposit and investment balance of at least $10,000 OR at least $5,000 with a recurring direct deposit from a third party to an HSBC Advance checking account. HSBC Advance is also available to any consumer who is a qualifying principal with a US commercial related combined deposit and investment balance of at least $10,000 OR at least $5,000 with a recurring direct deposit from a third party to an HSBC Advance checking account.
In the event that in a given week, for this product, there were multiple applicable rates in our database based on different criteria, the above graph reflects the lowest interest rate recorded. Before submitting an application, always verify with the issuing institution (i.e. bank, credit union, other lender) the rates, fees, and all terms and conditions accompanying the application.