The general decline in interest rates prompted me to open an account in November, despite what the reviews on this site said.
The process went relatively smoothly, although they insisted on sending me an authorization code through US mail before I could log on to my account for the first time.
The first thing I noticed was that the statement period started/ended based upon the day I opened my account, not on the first/last day of the month as expected.
I recently had another bank do the same thing to me, and a 5 minute phone call (which included the wait time) fixed the problem, so I thought it would be easy to fix.
The HSBC customer representative on the online chat support was completely worthless, and after a sustained interaction I gave up trying to fix the problem that way.
A telephone call resulted in a lengthy wait, but I was finally connected to a customer representative. Based upon his accent, my guess is that he was in Hong Kong. After carefully explaining the problem a couple of times, he was able to successfully fix the problem. although I was unable to verify that until my December statement arrived at the end of the year. (The HSBC website lacks a lot of the information you would normally expect to see, like the start/end dates of the current statement cycle.)
The current problem I have having is that HSBC does not deposit all the interest you earn in a month in that month's statement. Instead, they deposit what you have earned by the 29th, and then just hold the rest of the interest to the next month, which also just pays interest through the 29th.
Eventually, you presumably get paid all the interest you earned, by it is a ridiculously complex system for something as simple as calculating interest on a savings account. I banked way back in the 1970s, and even way back then banks were able to calculate and deposit the full month's interest at the end of the month. It is really annoying for anyone who is trying to manage their income for tax purposes.
I tried fixing this via online chat, and they flat out told me that is the way the system works and they can't change it.
The website which provides you information for your account has virtually no information. It is by far the worst I have seen for decades. I have been online banking since the 1990s. There may have been worse sites back then, I can't recall for sure.
Since I first started looking at an HSBC account, their interest rate has declined from 2.25% to 1.85%.I have enough money on deposit that I thought a 2.25% interest rate would make it worth the problems I expected to encounter based upon the other reviews of HSBC. At 1.85%, I regret opening an HSBC account. It just isn't worth the hassle when any number of other banks will pay you 1.7% with none of problems which come with and HSBC account.
I really wanted to give HSBC 1 star, but the interest rate earns them 2 stars.
So rate was good, however not happy with experience or app.
1) App is clunky and laggy. Mobile deposits are a pain. 1st time - timed out with upload and deposit failed (but no notification or any sort). Waited 1 week to make sure nothing popped and redid it.
2) Securtity/Customer Service 0 After mobile deposit, my account was locked for "security". No emails or other notifications. Just trying to log into my account 5 days later, and couldn't. Then spent almost 1 hour on the phone (approx 40 min on hold), and finally was able/transferred to security specialist who confirmed my identity and removed the hold.
3) Tried opening a joint account and was supposed to be checked. Submitted all the info, then got emails a week later asking for more identity verification. Took almost 2 weeks of no information. Phone calls didn't result in anything, except telling me to wait for approval (on hold for avg 30 min). But then was denied. So reopened as an individual account (instant approval), then was told to add a joint account holder, need to call M-F and call would take approx 30 min (in addition to the minim 30 min wait time on the phone).
4) Lots of personal details required for application.
Overall, rate was good. Slickdeals sign-up bonus was good. But I'm done. Will wait out the 3 months and then be leaving.
The website if choppy, and I don't like the website visually. I opened an HSBC Direct savings account (online account, not branch). HSBCDirect is poor for service. First, apparently the HSBC Direct account does not allow you to add beneficiaries to online accounts- which is unheard of because Ally bank allows for beneficiaries. Second, the customer service center is terrible. I kept trying to tell the call provider that I was overhearing literally every word of the conversation his coworker was having. He told me that since it was a call center many people are on the phone.Still, I should NOT be able to hear other peoples conversations and other people account information. I asked him how does he know the person on the other side of the line who is speaking to his colleague is not hearing all of MY account information, and he laughed. Also, the call center is Foreign, so a lot of repeating what you said. HSBCDirect just has very poor customer service skills. I will most likely close my account.
Unable to confirm my identity. I didn't recognize any of the accounts they somehow linked to me so had to answer none of the above to all questions. I have several current, active accounts in good standing they could have asked me about.. don't know what they were going for here. Went through twice to make sure no mistakes and declined both times. Hope this doesn't mean someone else has been monkeying with my credit report!
I would bank with this company. The wait was long to reach customer service, the service center was in a foreign country and I could barely understand their English. They could not answer my question and said I needed to drive 2 hours to the nearest branch ask them.
Two weeks ago today they pulled the amount of my initial deposit for their online savings account. I have not been allowed to even set up access to my funds, much less transfer in or out. I have been offered a chance to close my account for a $25 fee. A "ticket" was written 5 days ago but only insistence that everything works fine. Now, today, I am told that it will be 7-10 business days before they can resolve their access point issues.
|FDIC Certificate #||57890|
|Return on Assets - YTD||0.19%|
|Return on Equity - YTD||1.54%|
|Annual Interest Income||$4.90B|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$172.9B$169.8B|
|Loans||Q4 2019vs Q4 2018||$65.83B$66.65B|
|Deposits||Q4 2019vs Q4 2018||$133.6B$126.3B|
|Equity Capital||Q4 2019vs Q4 2018||$21.70B$23.71B|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$636.9MM$540.7MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$692.4MM$552.1MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$10.0MM$12.0MM|
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Always verify rates and promotions with the bank or credit union. We are not HSBC Direct; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.70%||-||$2m||HSBC Direct Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.80%||$1k||-||12 Month Direct CD|
|0.80%||$1k||-||24 Month Direct CD|
|0.75%||$1k||-||6 Month Direct CD|
HSBC Direct is an Internet only bank and does not have branch locations. Its headquarters is located at 1800 Tysons Blvd - McLean, VA 22102