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HSBC Bank vs Bank of America

HSBC is a large full-service global bank. How does it compare to Bank of America? Read our comparison chart below.

HSBC is a large multi-national bank and offers several checking accounts for different needs. HSBC Direct is the online banking operation and offers high interest savings for just $1 minimum deposit with no service fees.

While Bank of America is one of the largest banks in the U.S. with approximately 4,300 locations and 17,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

Compare HSBC with Bank of America, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 HSBC Bank
 Visit SiteLearn More
 

HSBC Bank

Bank of America

SPECIAL OFFER
HSBC $450 Premier Checking Bonus - Learn More

Read HSBC Review

SPECIAL OFFER
Bank of America Advantage Plus Banking® - $100 Bonus Offer - Learn More

Read Bank of America Review

 

Benefits and Features

SavingsHSBC Direct Savings: 0.15% APY. $1 minimum opening deposit and no monthly service fee. Deposit checks easily by taking a picture with your phone using HSBC Mobile Banking.
Check
CD0.20% to 0.30% APY. Terms of 6 months, 1 year, or 2 years. 12-month CD APY of 0.30%. Minimum deposit of $1,000 to open.
Check
CheckingBasic Banking: no minimum requirements; $1 monthly service fee
Choice Checking: $15 monthly service fee waived if you set up direct deposit OR maintain a minimum monthly balance of $1,500
Advance Checking: $25 monthly service fee waived if you maintain a minimum monthly balance of $5,000 in combined HSBC deposit and investment accounts.
Premier Checking: $50 monthly service fee waived if you maintain a minimum monthly balance of $75,000 in combined HSBC deposit and investment accounts.
Check
Customer Service
24/7
  • Mon-Fri: 8am - 9pm (ET)
  • Sat: 8am - 8pm (ET)
  • Sun: 8am - 5pm (ET)
ATMsAny HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates.
Approximately 17,000 ATMs
IRA CD 
Check
LocationsHSBC - 240+ branches, mostly on the West and East coasts
HSBC Direct - online only
Approximately 4,300 retail financial centers
 

CreditDonkey® Reviews

 HSBC Bank
SavingsStarStarStarStarEmpty StarStarStarStarEmpty StarEmpty Star
CheckingStarStarStarStarStarStarStarHalf StarEmpty StarEmpty Star
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarEmpty Star
CDStarStarEmpty StarEmpty StarEmpty Star
Mobile AppStarStarStarStarHalf Star
Pros & ConsPros:
  • Global presence
  • High online savings APY
Cons:
  • Not in every state
Pros:
  • Large branch network
  • Extended customer service hours
  • Full service banking
Cons:
  • No free checking option
  • Low interest rates
  • Many miscellaneous banking fees
Bottom LineLarge full-service global bank... Read full reviewNational bank with widespread accessibility and wide range of services... Read full review
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

HSBC: Data points including rates, fees, terms, and benefits was obtained on December 20, 2020 from published websites and is believed to be accurate, but not guaranteed.

Bank of America: Pricing information from published website as of 11/26/2021 based on 91107 zip code.

HSBC
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Which is Better: HSBC or Bank of America?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing HSBC or Chase.

In short: HSBC's savings and checking are notable. In particular, the checking is excellent.


Articles on HSBC Bank

HSBC Bank

HSBC Bank offers a full array of services for different needs, including a high-yield online savings and several checking options. But there are downsides. Read on for the pros and cons.

HSBC Online Savings

Are you tired of abysmal interest rates on your savings accounts? Maybe you've even abandoned the thought of a savings account because it just doesn't seem worth it anymore.

HSBC Premier Checking Bonus

HSBC Premier Checking is offering $450 cash bonus . Find out how to qualify for this promotion.

HSBC Advance Checking

Are you tired of not earning interest on your checking account? Maybe you want more than just check writing privileges in exchange for depositing your money. HSBC Advance Checking may make you look at banks in a different light.

HSBC Premier Checking

Are you looking for a checking account that does more than allow you to write checks? If you are a high net worth individual, the HSBC Premier Checking account may be what you need. This top-of-the-line checking account offers access to a personal Relationship Manager.

Articles on Bank of America

Bank of America Review

Bank of America is a national bank with many account options and user-friendly online banking. But does this convenience come at a cost? Read on.

Bank of America Hours

Bank of America is open 5-6 days a week, depending on the location. Take a look at their business hours below.

Bank of America Routing Number

Find your Bank of America routing number and learn about money transfers in our guide.

Which Do You Think is Best?


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