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HSBC Premier Savings Review: Low Fees, and a Low APY

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. 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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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 that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

Ratings Methodology
Rates as of Dec 20, 2024

HSBC Premier Savings

Member FDIC.
Rating image, 2.50 out of 5 stars.
2.50/5 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, 2.50 out of 5 stars.
2.50/5 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
0.15%
Min. To Earn APY
$1
  • No monthly maintenance fee
  • Low minimum deposit requirement
  • Access to budgeting tools
  • Low APY
  • No ATM card

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum 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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

HSBC Premier Savings interest rate

Account APY Minimum Deposit
HSBC Premier Savings 0.15% $1
Data source: HSBC.

HSBC is a big bank, and as such, it's got a big bank savings APY -- even though this account is online only. You can find better options if you're hoping to grow your cash with interest.

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's APY doesn't compete with the interest rates offered by the best 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.

Keep reading about HSBC:

Our savings account methodology

At Motley Fool Money, 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 Motley Fool Money rates bank accounts.