HSBC Premier Checking review: Is the 75,000 minimum balance worth it?
If you have a high monthly balance and love to travel the world with discounts and free of foreign fees, this HSBC Premier Checking review may be for you. Keep reading to learn more about it.
HSBC Premier Checking: A high-cost checking account for travelers!
Are you looking for a checking account that offers more than just the basics? If so, you may consider the HSBC Premier Checking review.
This account gives customers benefits such as preferential rates on home loans and surcharge-free international ATM access. We’ll take a comprehensive look at how it works. Keep reading!
- Fees: Minimum Opening Deposit: $0; Monthly fee: $50 monthly fee (can be waived, see rates and fees; Minimum Balance to Avoid Monthly Fee: $75,000; Minimum Direct Deposit to Avoid Monthly Fee: $5,000; Closing fee: $25;
- Minimum balance: $75,000 to become a premier client;
- APY: 0.01%;
- Credit score: N/A.
- Rewards: N/A.
HSBC Premier Checking: how does it work?
The HSBC Premier Checking account is a smart choice for travelers. However, this account is not for everyone due to its high maintenance cost.
Keeping this account’s minimum balance can be challenging: $75,000 or a monthly direct deposit of $5,000. If you can’t meet this minimum balance, you’ll have to pay $50 monthly.
On the other hand, you won’t pay any foreign fees or overdraft fees.
Another great advantage of opening an HSBC Premier Checking Account is that it includes surcharge-free access to ATMs worldwide at HSBC machines.
Not only does this make it easy for travelers to get cash abroad without worrying about extra fees, but it also allows them to transfer up to $200,000 daily from linked international HSBC accounts at no extra charges.
The included HSBC Premier Debit World Mastercard also has no foreign transaction fees.
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Premier Savings Account
When signing up for an HSBC Premier Checking Account, customers are given an HSBC Premier Savings Account at no extra cost.
This is great news for those who want to move all their money to a new bank in one go – they don’t have to open two separate accounts or worry about transferring funds between them.
Preferential rates on home loans
Another benefit of opening an HSBC Premier Checking Account is that customers can get preferential rates on home loans offered by the bank.
So when applying for a mortgage with HSBC Bank, you’ll enjoy lower interest rates than those offered by other lenders – making your loan more affordable in the long run.
Also, if this account is FDIC insured, then your money is safe. Plus, customers can extend their premium status up to four family members.
On the other hand, with a low APY of 0.01%, this account may not offer the best return on investment; however, it requires minimal maintenance and upkeep cost.
HSBC Premier Checking: main features
The HSBC Premier Checking account can be an excellent choice for free international ATM access and global bank transfers. But is it the right choice for you?
Let’s compare this product’s advantages and disadvantages to help you find out!
- No foreign fee;
- Free ATM;
- Premium benefits, such as mortgage discounts;
- Free global transfers;
- Extended premium status to family members.
- Low APY;
- High minimum balance;
- Monthly maintenance fee;
- $25 closing account fee;
Credit score required
Usually, banks won’t check your credit score when it comes to opening a checking account.
Despite not needing it in all cases, having poor credit history may result in banks denying access to certain products and services or charging additional fees.
HSBC Premier Checking application: how to do it?
Are you interested in learning more about the HSBC application process? Great! Read the following article and learn how to apply by following our guide post below.
About the author / Suzana Brito
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