I've been using HSBC quite a bit lately. After opening accounts in the US and China last time, I applied for their direct saving and premier account in the last few days. I'd like to share my experience with you all.

Last update link: HSBC Bank Account Opening and USD Transfer in China and the US 》

Direct Saving

I found direct savings by chance. The interest rate is 2.3%, which is slightly lower than other fixed deposits like Discover. However, its advantage is that it is not fixed-term, meaning you can withdraw the money at any time. The only problem is that it is only online banking and does not have offline support (debit cards, etc.). However, if you have an HSBC checking account, this is not a problem, since transferring money within the bank is still very easy.

The features of direct saving suited me well, especially since the funds were included in the total funds (to maintain Premier status), so I decided to open an account.

It must be said that HSBC's entire system is stuck in the last century; all its functions are extremely unreasonable and difficult to use. The information required for opening an account is unusually large and strange, making it very unfriendly.

I applied twice. The first time, the account opening was rejected outright. I called customer service to ask why, and they said they didn't know, maybe I filled something out wrong, and suggested I submit it again in a few days. This left me speechless, so I decided to submit one last time, thinking I'd give up if it didn't work. The second submission was successful! I don't understand.

After opening the account, I received an email saying it would be processed within two days. Two days passed with no response, so I called again and was told that because I already had an HSBC account, it would take an additional three days to merge the accounts... Okay... This feels so confusing.

Three days later, I received an email and could see my account in online banking, but the money wasn't there (it had already been deducted from my original bank account). So I called again... and was told it would take another 3-5 days... Okay... fine.

It is very important for banks to be reliable and reassuring to customers. State-owned banks and major US banks do a good job in this regard, at least they will clearly inform customers of the situation before starting a business. HSBC still has a lot to improve in this regard.

A few pieces of information can be shared:

1. Their interest rates aren't readily available online; they're said to change frequently and aren't fixed at 2.3%. I still don't know how to check the real-time rates.
2. Closing the account costs money.
3. Their interest rates are uniformly deposited into the account at the end of the month.

Premier Account

I initially opened an HSBC account because of its fast international transfers, its ability to link to both Chinese and American banks, and especially the fact that Premier status waives international transfer fees. Recently, I received a Premier invitation; the initial investment has been reduced from 0,000 to ,000, plus upgrade bonuses, so I decided to try it.

Just a heads up, there's a 0 bonus for new account openings.

Upgrades can be done both offline and online. Offline is easier; you just need to go to the bank and explain your situation. I've been there several times, and the experience has been excellent. However, the online process is rather strange.

First, the phone number in the invitation letter was for an account manager—the kind that answers immediately when you call. The account manager was very friendly, but he told me he could link my Chinese account after the upgrade. However, after the upgrade, I found I had to contact him first for the upgrade to happen, and it wasn't handled by him; he had to contact the international department. Then, the international department told me we needed to schedule a time to talk with another account manager (I have no idea what we'll talk about).

The call came 20 minutes late for the agreed time. During the call, they asked a lot of personal questions and then told me... I haven't done much of an upgrade before and don't know what's needed. They said they'd email me later to discuss further and request the necessary documents.

Although I knew I could definitely upgrade successfully, it greatly dampened my enthusiasm.

Summarize

If it weren't for the HSBC brand, I probably wouldn't even consider their products, because they are so difficult to use and the after-sales service is a mess, making me very uneasy. They are far inferior to banks in the United States. However, because they can provide unique international services, they are still worth having.

Account opening bonus

I didn't originally intend to mention this, but the account manager kept urging me to promote it, so I'm writing this down specifically. If someone opens an account and uses this service, they will receive the following rewards:

1. Premier Account – 0
2. Advance Account – 0
3. Choice Account – 0

It can be used in conjunction with other promotions. Provide the referral code when opening an account: Referral Code: S014172536