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The HSBC Premier Savings account offers an excellent combination of low fees and minimums and a user-friendly platform, but the APY doesn't keep pace with the competition. Learn more in our HSBC Premier Savings account review.
HSBC Premier Savings
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
Account | APY | Minimum Deposit |
---|---|---|
HSBC Premier Savings | 0.15% | $1 |
HSBC is a big bank, and as such, it's got a big bank savings APY -- even though this account is online only. You can find better options if you're hoping to grow your cash with interest.
$1 minimum deposit: To open a new HSBC Premier Savings account, you'll need an initial deposit of just $1, which must be made from new money (not from another HSBC account).
No maintenance fee: Unlike many branch-based savings accounts, the HSBC Direct Savings account doesn't charge a monthly maintenance fee.
Mobile check deposit: You can use the HSBC mobile app to make check deposits into your account, and to move money between accounts.
FDIC insured: To be clear, this should be a feature you look for with any savings account you consider, but it's important to mention that the HSBC Premier Savings account is FDIC insured to the maximum amounts allowed by law.
Live chat: HSBC offers live chat assistance to customers, which can be a major time-saver, as opposed to waiting on hold to speak with a customer service representative.
Financial tools: Account holders can use HSBC's "Our Money Management Tools," which assist with things like budgeting, savings goals, and more.
Low APY: The HSBC Premier Savings account's APY doesn't compete with the interest rates offered by the best high-yield savings accounts.
ATM/debit card access: Unlike some other online-based savings accounts, there's no ATM card or debit card of any kind available with the HSBC Premier Savings account. This could be a major disappointment, considering how HSBC has a large network of ATMs not only in the U.S., but around the world.
Branch access: Despite the fact that HSBC has more than 200 U.S. branches, the HSBC Premier Savings account is online-only, meaning you can't walk into a branch and open a high-yield savings account. You can open a savings account in an HSBC branch, but as of this writing, the bank's other savings accounts have APYs ranging from just 0.01% to 0.15%. However, you can move money between HSBC accounts through the mobile app -- for example, if you have an HSBC checking account.
HSBC enables its HSBC Premier Savings customers to deposit and withdraw money from their account in the following ways.
There are a couple of ways to fund a HSBC Premier Savings account:
These are your choices for withdrawing funds from your HSBC Premier Savings account:
Although the HSBC Premier Savings account is missing useful features like ATM access and a high APY, it's still worth considering if you need a low minimum deposit and want simple mobile functionality.
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Learn more about how The Motley Fool Ascent rates bank accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.