HSBC Bank: blending direct and retail banking

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The HSBC name is a relative newcomer to the world of retail banking, but the institution is no stranger to finance. The company has roots in financial services that extend back to the 19th century and span the globe.

While the initials HSBC refer to the Hong Kong Shanghai Bank Corporation, the company traces much of its history back to the U.S. Its oldest founding organizations include The Marine Trust Company, which was formed in 1850, and The Manhattan Savings Institution, which was formed in 1851.

During the years that followed, these companies underwent a series of mergers, acquisitions and name changes before the Hong Kong Shanghai Bank acquired a majority share in what was then known as Marine Midland in 1980. Then, in 1998, the company consolidated all its services and products under the HSBC banner.

Today, the company not only serves as a retail bank to millions of Americans, but also offers loans, credit cards, business products and online-only savings accounts.

HSBC deposit accounts

Customers of HSBC have access to all the accounts you would expect to find at a major financial institution. Among the deposit accounts offered by the bank are:

  • Checking accounts
  • Savings accounts
  • Certificates of deposit (CDs)

Checking accounts can be served by the bank's branch network, and these accounts may come with debit cards, overdraft protection and numerous other features.

For those seeking an online savings account, the HSBC Advance Online Savings is a fully online option that customers can manage without ever visiting an HSBC branch. In addition, customers can open HSBC CDs online with terms ranging from six to 48 months.

HSBC customers can manage their accounts through the company's Personal Internet Banking service. This service allows customers to review transactions, transfer funds and pay bills. It also features EasyView, a money management tool that allows the details from HSBC and non-HSBC accounts to appear together on the same page.

Retail banking across the nation

While HSBC offers online savings accounts, customers will have to visit one of its branches for investments, insurance and mortgage products.

As of 2012, the bank maintained 250 branches in the U.S. The branches are concentrated in New York where 165 branches exist, but retail banking locations can also be found in 10 other states and the District of Columbia.

The company reports HSBC Bank USA had 3 million customers and nearly $200 billion in assets as of 2012. The main office of the bank is located in McLean, Va. although the headquarters for HSBC Holdings, the bank's parent company, are in London.

As a worldwide institution, HSBC has a proven track record of stable finances and a broad array of financial products to meet most consumer needs. With the introduction of its online bank accounts, HSBC may even be a sensible choice for consumers who don't have an HSBC branch nearby.

For more on current HSBC rates and terms, please review the tables below.

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