If you’re on the search for an interest bearing account, consider the HSBC Direct Savings account! Available nationwide, this account yields % APY with only a minimum balance of $1 to get started. *Offer currently unavailable*
With no monthly service fee or hidden fees to to worry about, you’ll accrue interest on one of the nation’s leading rates! If you were to compare HSBC’s rates in comparison to your local bank/credit union, you’ll right off the bat see the significant advantage HSBC has.
Start accruing more interest and start your savings / emergency funds today!
| PROMOTIONAL LINK | OFFER | REVIEW |
HSBC Direct Savings Account Summary
ACH Capabilities & Limits
| ACH Type | Speed | Daily $ Limit | Monthly $ Limit | Notes |
| Push | 3-5 Business Days | $350,000 | $2,000,000 | No maximum for accounts linked |
| Pull | 3-5 Business Days | $350,000 | $2,000,000 | No maximum for accounts linked |
Editor’s Note: Please note you can’t have more than $1,050,000 pending at any time.
How to Open HSBC Direct Savings Account
- Open a Direct Savings Account from HSBC Bank.
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Your current bank account and routing number to fund your new account electronically
- Meet the requirements to complete a Form W9 Tax Certification
- Maintain a balance of at least $1 to earn the current APY rate.
| Balance Requirement | APY Rate |
| $1 to $2,000,000 | 1.01% APY |
*Deposit products offered in U.S. by HSBC Bank USA, N.A. Member FDIC
What You Need To Apply
- You must be 18 years of age and have a Social Security Number
- Current U.S. residential address and a U.S. residential address for the past three years
- Valid U.S. ID (driver’s license, non-driver identification card, learner permit), passport or Permanent Residential Card/Green Card
- Account information for funding your new account
Account Benefits
- 24/7 online account access including Live Chat assistance
- Deposit checks with your mobile device using HSBC Mobile Banking App
- Move money quickly and access your funds using online transfers ()
- FDIC insured
Get tools to help you budget & save
Use HSBC’s Money Management Tools to organize your finances, set up savings goals, & stick to your budget.
- Compare your average monthly income and average monthly spending to identify your progress towards achieving financial goals
- Set email alerts to stay on top of your bills, avoid low balances and late fees, and get notified about potential suspicious activity in your accounts
- Create custom goals to save for specific objectives
- View a summary of your progress on each individual goal you’ve set for yourself
Bottom Line
The HSBC Direct Savings account is a good choice if you’re on the fence. With this account, your money is liquid (easily accessible) which is important in the case of an unforeseen event or an emergency.
If you currently have all of your funds in a checking account just sitting there untouched, it’s time to store that excess cash into an interest bearing account and make your money work for you.
You’ll accrue interest with no effort whatsoever and your funds are safe as HSBC Bank is FDIC insured. Regardless of your balance, you’ll earn the competitive rate and earning something on your money is always better than nothing! Let us know about your experience with this bank and comment below.
Disclaimer: Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC. The information, including rates and fees, presented in the review is accurate as of the date of the review. Please refer to issuer website and application for the most current information. We may be paid for the content on this site.