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Reviews

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.

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by Suzana Brito

01/02/2023 | Updated on 01/26/2023

HSBC Premier Checking: A high-cost checking account for travelers!

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HSBC Premier Checking full review. Source: The Mad Capitalist

Are you looking for a checking account that offers more than just the basics? If so, you may consider the HSBC Premier Checking review.

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HSBC Premier Checking application

Find out how to apply for the HSBC Premier Checking in less than five minutes. Enjoy free ATMs and more. Read on!

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HSBC Premier Checking application

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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.

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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.

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Preferential rates on home loans

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Learn the main features of the HSBC Premier Checking Account. Source: Adobe Stock

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!

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Applying won't hurt your credit score

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Pros

  • No foreign fee;
  • Free ATM;
  • Premium benefits, such as mortgage discounts;
  • Free global transfers;
  • Extended premium status to family members.

Cons

  • 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.

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HSBC Premier Checking application

Find out how to apply for the HSBC Premier Checking in less than five minutes. Enjoy free ATMs and more. Read on!

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HSBC Premier Checking application

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About the author

Suzana Brito

I'm a Language Studies graduate and have always been interested in writing and sharing knowledge. By creating content about finances and related products, I believe in contributing to people achieving financial freedom and their goals in life.

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Under no circumstance we will require you to pay in order to release any type of product, including credit cards, loans or any other offer. If this happens, please contact us immediately. Always read the terms and conditions of the service provider you are reaching out to. We make money from advertising and referrals for some but not all products displayed in this website. Everything published here is based on quantitative and qualitative research, and our team strives to be as fair as possible when comparing competing options.

Advertiser Disclosure

We are an independent, objective, advertising-supported content publisher website. In order to support our ability to provide free content to our users, the recommendations that appear on our site might be from companies from which we receive affiliate compensation. Such compensation may impact how, where and in which order offers appear on our site. Other factors such as our own proprietary algorithms and first party data may also affect how and where products/offers are placed. We do not include all currently available financial or credit offers in the market in our website.

Editorial Note

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included within the post. That said, the compensation we receive from our affiliate partners does not influence the recommendations or advice our team of writers provides in our articles or otherwise impact any of the content on this website. While we work hard to provide accurate and up to date information that we believe our users will find relevant, we cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

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