HSBC Premier Online Savings Account Review: Key Features & Benefits

The HSBC Premier Online Savings Account is a banking product offered by HSBC that provides a convenient and accessible way to save and manage your finances. With its online platform and various features, the account has become an attractive option for individuals looking to grow their savings.

However, it’s essential to review the account’s interest rates and other features before deciding if it’s the right fit for your financial needs. Although the standard yield is relatively low at 0.01% APY for balances below $25,000 and 0.15% APY for balances above, the account offers other benefits such as no monthly maintenance fees and easy access to funds for those who qualify.

Account Overview

The HSBC Premier Online Savings Account is designed for individuals who maintain a Premier checking account with HSBC Bank USA. This savings account offers competitive interest rates for account holders, although the rates might not be as high as some of the best high-yield online savings accounts available in the market.

The standard annual percentage yield (APY) for balances below $25,000 is 0.01%, while it increases to 0.15% for balances above $100,000. However, to be eligible for this savings account, one must have an HSBC Premier checking account. As stated on the HSBC Bank USA website, a Premier savings account cannot be opened without having a Premier checking account first. To open a Premier checking account, clients are required to maintain a high balance, make high minimum direct deposits, or have an HSBC mortgage.

Some of the features of the HSBC Premier Online Savings Account include:

Note that the account’s interest rates and features are subject to change, so it’s essential to check the HSBC Bank USA website for the most up-to-date information.

Interest Rates

One of the key factors to consider when reviewing an HSBC Premier Online Savings Account is the interest rates offered. As of March 23, 2023, the Annual Percentage Yields (APYs) for this account are available with different tiers based on the account balance:

  • 0.01% APY on balances of $0 – $24,999.99

Higher APYs may be available for account holders who meet certain HSBC Premier Relationship eligibility requirements. For instance, the APY for those who qualify was 2.50% as of November 3, 2022. It is important, however, to review the current rates and requirements directly with HSBC to ensure accurate understanding of the offers available.

Keep in mind that while HSBC offers competitive interest rates, there may be other banks or credit unions that offer higher rates. It is always a good idea to compare interest rates among several financial institutions to ensure you are choosing the best option for your savings goals.

Fees and Charges

The HSBC Premier Online Savings Account comes with a few key advantages when it comes to fees and charges. Firstly, there is no monthly maintenance fee for account holders who meet specific qualifying criteria. This is a significant benefit for many customers who wish to save without worrying about ongoing costs.

For those who have an HSBC Premier relationship, the account maintenance fees are waived entirely, as long as they maintain their Premier status. This means that fee-conscious customers can maintain their HSBC Premier Savings Account without the burden of additional expenses.

Another important aspect to consider is the potential for interest earnings. Although the yield on eligible balances is modest, it still offers some growth potential for your savings. For customers in Canada, HSBC offers a High Rate Savings Account which can offer up to 1.65% in tiered interest on every dollar saved, and this account also has no monthly fees.

Lastly, the HSBC Premier Checking Account, often linked with the Premier Savings, offers advantages like free international bank transfers and zero fees on international debit card charges. This can be an additional benefit for customers who frequently use their checking account for international transactions.

Accessibility and Convenience

The HSBC Premier Online Savings Account offers account holders various features that enhance accessibility and convenience. One of these features is easy access to funds for everyday banking through HSBC’s online platform and mobile app. This enables customers to manage their finances, transfer funds, and even deposit cheques remotely.

Another advantage of an HSBC Premier Savings Account is the availability of customer support. HSBC provides assistance through multiple channels, including a dedicated 24/7 hotline, live chat, and secure messaging on their website.

Customers of the HSBC Premier Savings Account also have access to a global network of ATMs, making it convenient to withdraw funds without incurring foreign transaction fees. Moreover, the account allows you to link up other HSBC accounts, making it easier to manage multiple financial products within one platform.

In terms of account fees, the HSBC Premier Savings Account requires a minimum balance to avoid a monthly maintenance fee, which can be quite significant. However, maintaining the required balance ensures that customers can enjoy the various benefits and perks of the account without incurring additional costs.

Overall, the HSBC Premier Online Savings Account offers a range of accessible and convenient features, making it an attractive option for those seeking a high-quality banking experience.

Security and Protection

HSBC takes security and protection seriously, ensuring that its customers’ accounts and personal information remain safe. The bank employs industry-standard online security measures, such as encryption technology, to safeguard all transactions and communications.

Additionally, HSBC offers its customers advanced security features like HSBC’s Security Device, which generates a unique security code each time clients log in to their accounts. This additional layer of protection makes it much more difficult for unauthorized users to access accounts.

Account holders can also benefit from the HSBC Fraud Alert Program. The program constantly monitors account activity and will send text or email alerts if any suspicious behavior is detected. HSBC will then work with customers to verify the transactions and address any security issues.

Moreover, HSBC is a member of the FDIC (Federal Deposit Insurance Corporation), which means that its customers’ deposits are insured up to the maximum amount allowed by law – currently $250,000 per depositor.

Pros and Cons

The HSBC Premier Online Savings Account offers a number of benefits and drawbacks for potential users. In order to help you assess whether it is the right choice for your needs, we have compiled a list of its notable pros and cons.


  • No monthly maintenance fee: One of the primary advantages of this account is its lack of a monthly maintenance fee, making it a cost-effective option for many savers.
  • Relationship banking perks: The HSBC Premier account provides additional benefits for customers who maintain a strong relationship with the bank, such as free international ATM access and global bank transfers.
  • Accessibility: Since it is an online savings account, you have easy access to your funds and can manage your account from anywhere, at any time.


  • Minimum balance requirements: To fully take advantage of this account’s perks, you may need to meet certain balance requirements or maintain a specific relationship status with the bank. This can be a drawback for customers who cannot meet these criteria.
  • Interest rate: The account’s interest rate may not be as competitive as those offered by some other online savings accounts. The Premier checking account, for example, only offers a 0.01% APY.
  • Availability: At present, HSBC only allows customers to open Premier accounts, which could be limiting for those who seek different types of accounts or additional financial products.

Taking into consideration the pros and cons provided here, you can make an informed decision on whether the HSBC Premier Online Savings Account is suitable for your financial goals and circumstances.

Comparison to Competitors

HSBC Premier Online Savings Account is an interest-bearing account that offers competitive interest rates compared to its peers. However, it is essential to evaluate how it measures up against other top high-yield savings accounts in terms of interest rates, fees, and accessibility.

Other notable high-yield savings accounts provide savings options that differ in features and benefits. A few of these competitors include:

  • Ally Bank High-Yield Savings Account
  • Discover Online Savings Account
  • Axos Bank High-Yield Savings Account

When it comes to interest rates, HSBC Premier Online Savings Account tends to offer decent rates, but it may not always match the leading high-yield savings accounts. It is important to compare the annual percentage yields (APYs) of these accounts to determine which one may be the best fit for your needs.

Another crucial aspect to consider is the required minimum balance and potential fees associated with each savings account. HSBC Premier Online Savings has the advantage of no monthly service fees, but some competitors might have different fee structures or minimum balance requirements that may sway your decision.

Lastly, account accessibility and convenience play a role in choosing the right savings account. HSBC offers a full suite of online and mobile banking tools for account management, their mobile app user experience leaves room for improvement. It is crucial to weigh the pros and cons of each bank’s digital services before making a choice.

In conclusion, while HSBC Premier Online Savings Account is a competitive option, it is essential to consider its features compared to other high-yield savings accounts to make an informed decision. Carefully review each account’s interest rates, fees, and accessibility to find the best fit for your unique financial needs.


In summary, the HSBC Premier Online Savings Account offers a range of benefits for customers seeking a convenient and secure way to grow their savings. The account provides competitive interest rates, higher rates the more you save, and access to a suite of online banking tools.

The account also offers free transfers and free withdrawals, making it an ideal choice for those who require flexibility without sacrificing growth. Additionally, the account includes benefits such as access to Global View and Global Transfers, making it a suitable choice for customers with international banking needs.

It’s worth considering that the HSBC Premier Online Savings account may have eligibility requirements, which prospective customers should take into account when deciding if it’s the right fit for their financial goals.

As the account offers a range of benefits and competitive growth potential, it can be a strong choice for individuals seeking a comprehensive and accessible online savings solution backed by an established and trusted financial institution.

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