HSBC Premier Checking Account 2024 Review

HSBC Premier Checking is a premium bank account that offers global access and benefits. There's a $50 monthly maintenance fee but HSBC gives you several opportunities to waive it. 

HSBC Premier Checking makes global banking easier. Premier status allows you to access your account worldwide, which is convenient if you routinely travel for work or pleasure, attend school internationally or plan to retire to another country. 

You might consider opening this checking account if you:

• Need a checking account that you can access across borders
• Want to enjoy benefits traditional checking accounts don't offer
• Would like to be able to share Premier status benefits with up to four family members
• Meet account opening requirements

HSBC requires you to have at least one of the following to apply:

• $75,000 or more in total deposits and/or investments
• $5,000 in direct deposits
• A U.S. residential mortgage loan with an original loan amount of at least $500,000

You'll also need to be located in an eligible country. HSBC maintains a list of eligible countries on its website.

Compared to Other Checking Accounts

TD Bank Complete Checking

TD Bank offers cross-border banking services for people who live and work in the U.S. and Canada. TD Complete Checking has no monthly maintenance fee when you meet waiver requirements and you pay no fees at TD Bank ATMs. You'll be able to manage your account online, via the TD mobile app, over the phone or at TD Bank branches. 

Read our full editorial review of TD Bank.

LendingClub Rewards Checking

LendingClub offers a rewards checking account that you can access when working, traveling or attending school outside the U.S., with some limitations. You'll earn unlimited 1% cash back on eligible purchases and there are no monthly maintenance fees, overdraft or nonsufficient funds fees. LendingClub also offers ATM fee rebates which can save you money when withdrawing cash. 

Read our full editorial review of LendingClub Rewards Checking.

Chase Total Checking

Chase operates in over 60 countries and the Total Checking account is designed to meet everyday needs. There's a $12 monthly maintenance fee but you have several options for waiving it. In addition to more than 4,700 branches, you'll be able to withdraw cash at over 15,000 ATMs. 

Read our full editorial review of Chase Total Checking.

Charles Schwab Bank High Yield Investor Checking

Schwab's investor checking account has no monthly service fees when you link it to a Schwab brokerage account. There are no minimum balance requirements either when you link your accounts. You'll get unlimited ATM fee rebates for eligible transactions, making it easy and inexpensive to withdraw cash virtually anywhere. 

Read our full editorial review of Charles Schwab High Yield Investor Checking.

Interest and Rewards

The HSBC Premier Checking account is an interest-bearing account, though the rate is as low as it gets. 

That might not matter if you're opening this account for other reasons. But if you're looking for high-yield interest checking accounts, you might consider an online bank instead. 

HSBC offers savings accounts that you can link to Premier Checking. You'll earn Relationship Rates on savings balances. Interest compounds daily and is credited to your balance monthly. 

You'll get a debit card with this account but you won't earn cash back or other rewards on purchases. Again, if that's something you're interested in then an online bank might be a better fit. 

Fees

Banking fees are always important to keep in mind. Choosing a fee-friendly bank can save you money in the long run. 

Here's how the fees for the HSBC Premier Checking account add up.

Other Service Fees - HSBC Premier Checking

You can waive the monthly fee if you:

• Maintain qualifying balances of $75,000, OR
• Have recurring direct deposits of $5,000 or more, OR
  Have an HSBC U.S. residential mortgage with an original loan amount of at least $500,000

Other banks make it a little easier to avoid a monthly maintenance fee. For example, you might need $500 in direct deposits each month versus $5,000.

And remember that many online banks offer checking accounts with no monthly fees. 

Branch and ATM Access

HSBC is part of the Allpoint network and you'll have access to more than 55,000 ATMs. Transactions at HSBC ATMs are fee-free and you can get up to five foreign ATM surcharge refunds per month. 

There are no foreign transaction fees on debit card purchases, which is a money-saver. In terms of its geographic footprint, HSBC has offices and branches in more than 60 countries worldwide. 

Branch access may be more important to you if you need to deposit cash or you run into an issue while traveling abroad and need help with your account. 

If you're contacting HSBC support by phone or online chat, your Premier status allows you to jump to the front of the line. 

Account Access

You'll be able to keep track of your accounts using online and mobile banking. 

HSBC is not part of the Zelle network so you don't have that option if you need to transfer money to friends and family. You could, however, still use the Zelle app to link your account and transfer funds. 

You're limited to withdrawing $1,000 per day using your HSBC Premier Debit World Mastercard. The maximum daily purchase limit is $5,000. 

If you need to deposit checks using remote check deposit, these limits apply:

• $25,000 daily deposit limit
• $50,000 deposit limit over a 30-day period

The Global View and Global Transfer features allow you to easily transfer funds between eligible HSBC accounts. 

The maximum daily limit for inbound and outbound Global Transfers is $200,000. You can move money in 2022 countries. 

If you're completing a global transfer, you'll have a chance to check the currency exchange rate first. You also have the option to send and receive funds via wire transfer. 

FDIC Insurance

FDIC insurance is designed to keep your money safe if your bank fails. The FDIC protects depositors at member banks.

HSBC is an FDIC-member bank so your accounts are covered. The current coverage limit is $250,000 per depositor. 

What You Need to Open

You can apply online for an HSBC Premier Checking account or schedule an appointment with an HSBC representative. 

Here's what you might need to open your account: 

• Details about your employment, income and taxes
• Proof of identity, such as a valid passport or government-issued ID
• Proof of your permanent address, including bank statements or utility bills
• Proof of enrollment if you're applying as a student

If you're opening the account online you'll need to link an external bank account to schedule your initial deposit. You'll need your bank account number and routing number to do that. 

This account is available for joint applicants if you want to open it with someone else. You'll need to arrange a callback with HSBC to verify your information and open the account. 

Frequently Asked Questions

What is the minimum balance for HSBC Premier account?

You'll need to maintain a minimum combined balance of $75,000 in your account to avoid a monthly fee. Other ways to waive the fee include having $5,000 or more in qualifying direct deposits or having an eligible HSBC mortgage loan. 

Is it worth having an HSBC Premier account? 

Premier status helps you unlock some valuable benefits, like priority banking, ATM fee rebates and relationship rates on savings accounts. This account could also be worthwhile for people who regularly travel abroad for work, school or pleasure, or plan to retire in another country. That being said, you'll need to meet some fairly steep requirements to avoid the monthly fee. 

Is it hard to get HSBC Premier? 

To qualify for HSBC Premier status you'll need to have $75,000 or more in combined deposits OR have $5,000 in qualifying direct deposits OR have a U.S. residential mortgage with an original loan value of $500,000 or more. If you're not able to meet any of those requirements then this account could be hard to get.