Posted by William Charles on September 15, 2018
Savings Accounts no image

Published on September 15th, 2018 | by William Charles


HSBC Direct 2.01% APY Savings Account + $100 Bonus

Reposting as Slickdeals is offering an additional $100 bonus if opened when logged in using their link and completing the rebate form.

Offer at a glance

  • Interest Rate: 2.01% APY
  • Minimum Balance: None
  • Maximum Balance: None
  • Availability: Nationwide
  • Hard/soft pull: Soft
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: $25, 180 days
  • Insured: FDIC

The Offer

Direct link to offer

Avoiding Fees

This account has no monthly fees to worry about. There is an early account termination fee of $25 if the account is closed within 180 days.

Our Verdict

2.01% APY isn’t the highest yield savings account currently being offered. That being said this account might be of interest to some readers because HSBC is also offering a checking bonus of up to $700. To get the highest bonus you need to deposit up to $100,000 and even though this account is HSBC direct rather than HSBC apparently funds in this account do qualify for the bonus (and also help to keep it fee free). That makes that offer significantly more attractive.

You should be able to do this deal and the checking bonus deal, I’d recommend opening the checking bonus first just in case you can only do one of these, as those bonuses are bigger.


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This ain’t bad for no ATM purchases or hoops to jump through

wait..are you sure the HSBC Direct Savings qualifies as a deposit account balance to waive monthly maintenance fees for the HSBC Advance checking? Is it linkable, and how do you do it?!

That’s what multiple agents contacted through chat told me both before and after I opened the savings account, it will waive the monthly fee and count towards the bonus requirement.

Mine automatically linked when I opened the savings account (and I confirmed that it was linked with online chat). Some other comments reported that they had more trouble getting the two to link so YMMV.

Won’t know for sure though until I get my first statement but no fees have shown up yet.

I’ve received my first statement. It counts.

Cool. Does it say fee is waived or there just isn’t a fee listed?

Know that some banks waive the fee for the first and even second months but not sure what HSBC does.

What do I have to do this properly? If you already have a HSBC Advanced checking and maintaining 10K balance to avoid monthly fees then can you open a HSBC Direct Savings and transfer all of 10K in funds to HSBC direct and still maintain HSBC advance without paying fees?

In that case, would say no as far as the interest rate is concerned. When you open the Direct Savings account, you have to fund it with new money not held at HSBC to get the rate, a transfer from the checking to savings probably won’t count.

Don’t know what rate you would get but with HSBC, I wouldn’t take a chance.

I think what Ron says would work. For HSBC Savings, it only says that the initial deposit needs to be new money. Once we fund the account with $1 or $100, the funds in HSBC Checking could be transferred over to the Savings account and keep that checking fee-free wit the $10K in Savings.

That’s true YAR, didn’t pay attention to that, I stand corrected.

Yes Yet Another Redditor you interpreted my question correctly. Thanks! The initial deposit in new money is not a problem as it can be any amount. And I am not worried about the checking bonus as I wont be eligible anyways since I got it recently.

thanks. off-topic, but, technically, from HSBC Advance checking T&C; “You will not be assessed a Monthly Maintenance Fee for the calendar month in which you opened your account. In addition, you will have the next 3 months after the account opening month to meet the minimum balance requirement or minimum balance with direct deposit requirement before being assessed a Monthly Maintenance Fee.” For the $350 Advance bonus, you might not see bonus until after 90 days if so.

To waive the fee maybe so, but in order to meet the bonus requirement, you have to “Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking and savings accounts within 30 calendar days of account opening”

Once you meet the bonus requirement within 30 days, you’ll automatically meet the requirement to waive the monthly fee.

You probably won’t see the bonus for 90 days plus 4-8 weeks after meeting the requirements.

Perhaps post the chat log for evidence in case any of us need it at some point

Run like the Wind.

whats wrong with this deal?

I dont entertain posts that barely give any information, its not worth it

HSBC is notorious for being seriously difficult to open accounts with.

Not anymore. Their whole signup process was revamped like a month or two ago. Much less issues now.

Mine was approved instantly, I was in my account minutes after I applied

Whats the difference between HSBC Direct and HSBC USA? I have a HSBC Premier checking and savings account which gives me a paltry 0.01% APR.

HSBC Direct is sort of their online/no-branch banking service. Think of it like AMEX high-yield savings, or GS Marcus. Of course, if you just move all your money into the Direct Savings and still keep your Premier Checking, you should still be able to access all the same benefits.

Does HSBC have a history of teaser rates or changing the rates frequently? As I see it, it’s certainly not the highest return, but many might find it useful as the requirements and fees are non-existent.

Just found out via multiple chats with different agents that the rate you open the account with stays with you even if rates rise (or fall), so you don’t have to worry about that (boy I hope they are all wrong on this, I opened the account when the rate was 1.80%).

Problem is, when rates rise, you won’t get the new higher rate without opening a new account. I also believe they have a 6 month early closure fee of $25 (it is that for their other savings accounts, haven’t been able to find it to confirm for this online savings account).

According to the fine print referenced to the 2.01% offer — “APYs are variable and subject to change after opening.”

Absolutely and in their terms that I finally found, they say: “Your interest rate and APY may change. We may change the interest rate, solely at our discretion, at any time”

Problem is, doesn’t sound like they’re going to honor the change from the 1.80% that some of us opened to the current rate of 2.01% like most savings accounts do. They are calling each a Promotional Offer subject to its own terms and rate.

In my phone conversation (after chats) with HSBC, the agent said that when I signed up with the 1.80% rate, that Promotional Offer rate stays with the account and any new money deposited will stay at that rate.

Those signing up now will be at the new Promotional Rate of 2.01% and will remain at that rate for as long as you have the account (and if it goes up again and again, etc.)

If this is true, I was going to transfer more money into my savings account (opened at the 1.80% rate) when I saw the rate go up to 2.01%, but now I’m not going to do so.

Hopefully when the statements come out, they will reflect the increased rate since I don’t see a way to see what the current rate is in my online account.

If the rates are indeed customized to a specific promotion and a higher promo comes along, one could simply open a new account with that higher promo. Then move the balance (minus $1) from the lower promo to the new account.

Good idea M that will show HSBC how ridiculous their current system is. I confirmed via chat that you can open as many as you want to open.

The problem I see with it though is if they raise the rate each month then you’d open additional accounts each month and you have to keep them all open for 6 months to avoid the $25 early closure fee. Would also affect when you could do the next checking bonus.

Guess it depends on how often and if you want to do another one of their checking bonuses (working on my third one so have profited nicely from doing them).

$25 early closure fee applies

I just signed up for the HSBC Advance Checking account today – anyone know if HSBC will pull Chex again if I sign up for this on the same day?

HSBC has never pulled chex on any of the previous accounts I’ve opened with them so unless that has changed recently, would say no they won’t.

What do they pull for you? EWS?

I didn’t see anything on my previous two EWS reports either so not sure what they use.

I remember seeing a comment on another HSBC thread that they showed a pull from HSBC on their chex report more recently than when I got my last chex report earlier this year, so maybe something has changed but he was the only one I could find.

I monitor my Chex report closely and when I applied for an HSBC Advance Checking account in Feb. 2018 there was no Chex inquiry

How do you monitor Chex?

The only hitch with using this account long term is that it may preclude you from being eligible for the HSBC Checking bonuses every ~12 months since terms for the Checking bonus say

> Customers who held an HSBC consumer deposit or investment account from August 31, 2017 through and including August 31, 2018 are not eligible for this offer.

and this HSBC Direct savings account would be considered as a “consumer deposit” account.

After 90 days would it be possible to change the checking account package to a lower level? Would that be considered “account closure” and subject to their fee?

Hmmm… Barclays gives me 1.85% and goes up/down with Fed rates.

However it’s not really somewhere to “bank”.

Wonder if HSBC is worth the pain.

Only think it is worth doing if you combine it with the checking bonus they are offering.

I’d highly discourage anyone from opening up accounts with HSBC. It’s a huge hassle and takes up to a month. I encourage people to read posts in DoC posts about HSBC checking bonuses.

Guess it depends on your tolerance level and if you have the patience.

I’m on my 3rd HSBC bonus and will have made over $1000 in a couple months even though they were a hassle to open, never a problem in actually getting the bonus.

Just like Citibank is a hassle also, think the $1200 I’ve made off of them in 4 bonuses is worth it to me, though others might disagree.

Understand what you’re saying, but making money can sometimes be frustrating.

$1000 from HSBC in a couple of months? How? Isn’t HSBC limited to once every 12 months?

Was referring to the fact that in a couple months when I get this latest bonus from HSBC ($350), I will have over a $1,000 cumulative from HSBC. The previous bonuses ($700) were received in 2016 and 2017.

Not everyone has this experience. I opened an account with them a couple days ago and was instantly approved. Was able to get into my online account the same day.

Citi bonus so far has been the bane of my existence!!!

Opened Account in May, deposited 10k on 6/1, they’re saying bonus won’t post until November. Meaning I need to maintain 10k balance until then. Did not expect to tie up funds for 5 months 🙁

2nd this, would not touch HSBC and would recommend anyone making more than minimal hourly wage to be wary about making less per hour of your time fighting them.

even going into a Citi branch and having an hour long ‘friendly conversation’ with their bankers and branch manager became really easy and natural once you’ve flighted with HSBC.

Is it possible to deposit/withdraw money for this account in a physical HSBC branch? Or is Direct online only?

I’m interested in doing this deal paired with the $750 bonus on the checking account. Question regarding the sequence of opening the accounts: should I first open the checking and then the savings? Also, after making the 100k deposit in the checking how soon can I transfer over the funds to the savings? Should I wait the 30 days and keep the funds in the checking before transfering over to the savings? Is it easy to transfer? Are the accounts linked in the same login?

I did it the day after opening the savings account. I opened checking first. They linked my accounts automatically, and I can move money easily online.

That’s good to know. Will the fund available right away after the internal transfer from Direct Saving to Checking?

I feel like I’m missing something with this Slickdeals promotion. Assuming we get the account open, we just have to deposit $1 and get the $100 SD bonus? Which doesn’t even count as interest for tax purposes.

The only thing I see is $25 fee if closed within 180 days.

What is the catch? What information is slickdeals harvesting to entice us with the $100?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

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