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HSBC Premier Checking Account Features
He HSBC Premier checking account is a premium bank account that offers exclusive member benefits, international banking advantages and more to people who meet the strict requirements to qualify for filing status.
Here are some of the key features of this account.
Member Benefits and Privileges
There are many aspects of this account that make it different from your average checking account, including a variety of perks and relationship privileges.
One example is that this checking account allows you to open an HSBC Premier Savings Account. This is a Premier relationship savings account that you cannot open unless you already have a Premier relationship.
To qualify for a Premier relationship, you must have a Premier checking account and meet one of the following requirements:
- Maintain a balance of at least $75,000 in all qualifying accounts
- Receive at least $5,000 in qualified direct deposits each month
- Have an HSBC US residential mortgage loan worth $500,000 or more when opened (must be a single loan)
- Maintain Private Banking status
This savings account pays a standard APY of 0.05% and a ratio APY of 3.00% (qualifications apply). Rates are accurate as of 11/17/22.
Basically, to have HSBC filing status, you need HSBC Premier checking account.
Other benefits of a relationship include:
- Interest – earn 3.00% APY on the Premier Relationship Savings account, compared to a standard 0.05% APY.
- Share status – share your Premier status with up to four members of your family.
- The removal of charges – You won’t be charged for stop payments, incoming wire transfers, cashier’s checks and more as an HSBC Premier Checking customer.
As you can see, some of these advantages are better than others. You wouldn’t have to look far to find a similar interest rate elsewhere, but sharing your status and avoiding fees could help.
international benefits
Premier Checking comes with extensive international features including emergency financial support at branches in other countries and easy access and transfers of funds between foreign accounts.
HSBC branches and ATMs are located in more than 30 different countries. Meaning, members can access their money and get support around the world. There are no foreign transaction fees when you use your HSBC Premier credit card abroad and no ATM fees for in-network international ATMs. HSBC will also refund up to five out-of-network ATM transactions per month in the US.
With Global View, members can view their HSBC accounts located in other countries and link them for convenient transfers and administration. With Global Transfer, members can instantly transfer money between their bank accounts around the world in 27 different countries and 28 different currencies. Accounts do not have to be with HSBC to qualify, but transfers to or from non-HSBC accounts may incur third-party charges. Not all regions are included in this transfer program and transaction limits may apply.
HSBC credit cards
You don’t need to apply for a credit card as an HSBC Premier member, but this is the best way to unlock all the travel benefits HSBC has to offer. The two travel rewards credit cards available are the HSBC Premier World Credit Card and the HSBC Elite Credit Card.
Both HSBC-branded credit cards give you access to more global benefits than just HSBC Premier Checking.
For example, HSBC Premier World credit cardholders receive benefits that include an $85 TSA Precheck statement credit every five years as application fee reimbursement and global Wi-Fi access with Boingo. Plus, they’ll earn double reward points on new travel purchases. HSBC Elite Credit Cardholders receive an annual travel credit, complimentary lounge access, travel insurance and 3X reward points on new travel purchases.
Read more: The best travel rewards credit cards
Premier Relationship Manager
When you open an HSBC Premier Checking account, you’re connected with a relationship manager who can help you with anything you need to do with HSBC banking. It’s like having a personal financial concierge at your fingertips.
You will not pay any additional fees for priority customer service or appointments with your relationship manager.
HSBC Premier Checking Account Prices
The HSBC Premier Checking account is not free and, in fact, quite expensive.
While there is no minimum deposit requirement for this account, there are qualifying options you must meet to avoid paying the $50 monthly maintenance fee. These are:
- Maintain a balance of at least $75,000 in qualifying accounts OR
- Receive at least $5,000 in qualified direct deposits each month OR
- Have an HSBC US residential mortgage loan worth $500,000 or more when opened (must be a single loan)
- Maintain Private Banking status
You will notice that these are the exact same requirements to qualify for filing status. This is because this account is designed to be your ticket to a relationship with HSBC and not just a normal bank account that you leave money in and never use otherwise.
All of your savings accounts, trusts, and certificates of deposit can count toward the balance requirement. If you don’t meet one of these in a month, you’ll be charged that month’s monthly maintenance fee and you won’t be eligible for an HSBC Premier relationship (meaning you won’t receive benefits like access to a Relationship Manager).
These requirements do not apply to all customers with Private Banking status.
Read more: The best checking accounts with no minimum deposit
For whom?
The HSBC Premier Checking account is best for the following groups.
High net worth individuals
The Premier account is best for people who have large sums of money. If you can meet the minimum balance requirements or receive enough direct deposits to qualify for filing status and waive the monthly fee, you will be able to take full advantage of this account.
People who want a first class service
If you want to be treated like a VIP, you’ll appreciate the HSBC Premier Checking experience. Having your own Premier Relationship Manager will mean more access to support, less waiting in lines and phone calls when you need help, and guidance to help you get the most out of your membership with this bank.
frequent travelers
People who are regularly in other countries and have bank accounts in various regions of the world will get the most benefit from this account and the advantages that come with it. The ability to link and transfer funds between different global accounts, plus save on things like foreign transaction fees when using your Premier debit or credit card and US ATM fees, can be a big plus for people who want convenient access to their money wherever they go. .
And with an HSBC credit card, the benefits of the trip are multiplied.
For whom is it not ideal?
The HSBC Premier Checking account will not be a good fit for most people. Here are some people who should look elsewhere for their banking needs.
People with less cash flow
For the average person, this account is exaggerated. If you don’t have a lot of money to deposit and can’t qualify for an HSBC Premier relationship, you’re probably better off choosing an account with much lower minimum balance requirements that don’t charge you a monthly fee. It probably doesn’t come with the same level of service and benefits, but these really aren’t necessary for many people.
People who do not want to pay monthly fees
You don’t have to pay the bank unless you know the benefits are worth paying for. There are many checking accounts that do not charge any monthly maintenance fee. So if you don’t want to spend $50 a month, don’t.
Read more: The best free checking accounts
People who want to earn interest
If it’s a high-yield checking account you’re looking for, you won’t find it here. The HSBC Premier Checking account pays almost no interest, regardless of your balance, so it’s not a good choice for long-term growth and supplementing your savings goals with a steady stream of dividends. For an account that will pay a more significant interest rate on your balance, you’ll want to check high-yield checking accounts.
HSBC versus competitors
There are a couple of checking accounts that can be compared to HSBC Premier Checking because they offer similar services and features. Here are some of those alternatives.
Chase Sapphire Premium Checking
Chase Sapphire Premium Checking is also a premium bank account with everyday benefits like relationship rates on interest-bearing accounts and savings.
With this account, you’ll earn a higher APY on Chase Premier Savings accounts (with five transactions per month from your linked checking account) and you won’t be charged fees for wire transfers, stop payments or most ATM transactions. The Chase Sapphire Premium Checking account requires you to maintain a minimum balance of at least $75,000 to avoid a $25 monthly maintenance fee. As the Chase Sapphire Credit Cardsthis account gives you access to exclusive member benefits like Chase Offers.
For US-based customers who don’t have much use for international travel benefits, this Chase premium account might be a better option, as it charges a lower rate. But for customers outside the US or world travelers, it may be worth paying for the HSBC Premier account.
Bank of America Advantage Relationship Checking Account
The Bank of America Advantage Relationship Checking account is another relationship bank account that is more rewarding for people who maintain higher balances. However, it requires a much lower minimum balance to waive fees and qualify for filing status than HSBC.
You must maintain a balance of at least $10,000 in all your checking and savings accounts to avoid a $25 monthly fee or enroll in Preferred Rewards. This is a rewards program with a variety of banking and investment benefits including credit card rewards boosts, relationship savings rates, investment discounts, loan rate reductions, and more. To qualify for the lowest level, Gold Tier, you’ll need a balance of at least $20,000. You can count all of your bank and investment accounts toward this balance.
This account is a better option for people with lower net worths who still want a banking relationship. The Preferred Rewards program improves the higher your balance, but the lowest level offers benefits on balances starting at $20,000. The HSBC Premier account, by contrast, only gets you a relationship status of $75,000 or more.
Resume
He HSBC Premier current account It’s impressive in many ways, but it’s not for everyone. Unless you can meet the high balance and direct deposit requirements to waive the monthly fee and qualify for filing status with this bank, you probably shouldn’t open an HSBC Premier account.
But if you can meet these requirements and think you’ll be able to Really use account benefits and global banking, go ahead.
