Deal Summary: 5-month Promo CD, 1.30% APY, $1k minimum, checking relationship.
Promotional Premier Savings, 1.25% APY, HSBC Premier relationship required.
Now through April 28, 2017, HSBC is offering a 5-month Promo CD (1.30% APY). The minimum deposit is $1k of new money, which is defined as “deposits or investments not previously held by any member of the HSBC Group in the U.S.” An existing or new HSBC consumer checking account is also required to earn the stated APY.
All four of HSBC’s checking accounts (Basic Banking, Choice Checking, HSBC Advance, and HSBC Premier) qualify for this promotion. Complete details about the four checking accounts (including monthly fees and monthly minimum balances) are available on the Bank’s website.
According to CSR, the Early Withdrawal Penalty is 30 days interest.
If you not sure a “relationship rate CD” is right for you, a recent blog post by DA guest contributor, Charles Rechlin, provides insight into this type of product.
Many thanks to DA reader, dgdevil, for his Forum Post about the 5-month Promo CD.
HSBC is also offering a 1.25% APY on Promotional Premier Savings accounts opened between now through April 28, 2017, and funded with new money until August 31, 2017. An HSBC Premier relationship is required.
To qualify for an HSBC Premier relationship, you need to open an HSBC Premier checking account and maintain $100,000 in combined U.S. personal deposit and investment balances.
Business owners may use their commercial balances to qualify for a personal HSBC Premier relationship.
A monthly maintenance fee of $50 will be incurred if minimum balance requirements are not maintained.
While there is no stated minimum deposit for the Promotional Premier Savings account, the HSBC Premier relationship’s $100k minimum requirement essentially makes the minimum deposit $100k to earn the stated APY.
|0.15*%||$100k||-||HSBC||Online HSBC Premier Savings|
|OTHER TIERS: 0.01% → Up to $25k | 0.10% → $25k - $100k|
Complete details about the Promotional Premier Savings offer are available on the promotion page.
Thanks to DA reader, barry_NY, for his Forum Post about the Promotional Premier Savings account.
While HSBC’s product line is considered to be available nationwide through HSBC’s online banking platform, the limited-time 5-month Promo CD is only available in-branch.
Opening the 5-month Promo CD must be done at any of 246 full-service branches located in California (35), Connecticut (3), District of Columbia (2), Delaware (1), Florida (17), Maryland (3), New Jersey (9), New York (164), Pennsylvania (2), Virginia (6), and Washington (4).
On the other hand, beginning an HSBC Premier relationship and opening a Promotional Premier Savings account can be done online, in-branch, or by calling 877.333.4722.
HSBC has an overall health rating of "B+" on DepositAccounts.com, with a Texas Ratio of 7.03% (excellent), based on September 30, 2016 data. HSBC has an excellent capitalization level of 12.41%, a result of holding $203.71 billion in assets, with $25.27 billion in equity. Please refer to our financial overview of HSBC (FDIC Certificate # 57890) for more details.
How the Promo CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, HSBC’s 5-month Promo CD APY currently ranks first.
How the Promotional Premier Savings Compares
When compared to the 210 personal Savings accounts tracked by DepositAccounts.com that are available nationwide, HSBC’s Promotional Premier Savings APY currently shares the top spot with PurePoint Financial’s Online Savings.
The above rates are accurate as of 3/3/2017.