Let's compare them side by side: checking account options, savings accounts, CDs, and loan options.
Checking Accounts
For the average consumer, Amex is our winner. It offers free checking accounts, decent interest on balance, and other features to manage your money.
On the other hand, The HSBC Premier Checking Account is best suited for individuals who maintain a higher level of financial resources and prioritize international banking services.
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Account Types
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
Amex Rewards Checking | $0 | 1.00% |
HSBC Premier Checking Account | $50
Can be waived if you maintain $75,000 in qualifying balances OR having monthly recurring direct deposits
totaling at least $5,000 from a third party OR having a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
| 0.01% |
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Features
Amex Rewards Checking lets customers earn Membership Rewards points on eligible Debit Card purchases without any monthly fees. Amex provides round-the-clock customer service and fraud monitoring for added security.
Using the Amex App, mobile check deposits become effortless, and digital transfers make it simple to move money between linked accounts, including the Amex High Yield Savings account.
Moreover, you have the option to add your debit card to your digital wallet, allowing for speedy and convenient payments both in-store and online.
Bank Account | Main Features |
|---|---|
Amex Rewards Checking | Interest on balance, mobile check deposits, digital transfers, debit card with purchase protection, rewards your everyday spending
|
Bank Account | Main Features |
|---|---|
HSBC Premier Checking Account | Access to wealth products, priority services, global support, transfer funds, no HSBC fees on everyday transactions, Debit World Mastercard
|
Savings Accounts
HSBC Bank wins when it comes to savings accounts as it offers a slightly higher rate than American Express. However, the difference is insignificant.
The HSBC Premier Relationship Savings account offers a higher Relationship APY when linked to an eligible Premier checking account, meeting additional eligibility criteria.
Both banks' benefits include a competitive rate, convenient online banking with bill pay, and FDIC insurance for deposited funds. Both banks don't have money market accounts for regular people.
HSBC Premier Relationship Savings | Amex Savings Account | |
|---|---|---|
Savings Rate | 0.01% – 3.50% | 3.50% |
Minimum Deposit | $0 | $0 |
Fees | $0
Customers must maintain $75,000 in qualifying balances OR having monthly recurring direct deposits
totaling at least $5,000 from a third party OR having a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
| $0 |
Certificate Of Deposits (CDs)
If you need a CD, there is no clear winner as both HSBC and Amex banks offer very competitive rates, but only on specific CD terms.
Both accounts can be opened online.
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American Express CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
12 Months | 3.25% | 270 days interest |
18 Months | 3.85%
| 270 days interest |
24 Months | 3.85% | 270 days interest |
36 Months | 3.60% | 270 days interest |
48 Months | 3.60% | 365 days interest |
60 Months | 3.75% | 540 days interest |
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HSBC Bank CD Rates
CD Term | APY |
|---|---|
6 Months | 3.75%
|
12 Months | 3.50%
|
24 Months | 3.10%
|
Top Offers From Our Partners
Credit Cards
American Express wins when it comes to credit cards. It is one of the top credit card issuers in the US, with many cards and different types of cards, co-branded cards, and various redemption options.
For everyday spending, there are straightforward cards like the Blue Cash Everyday® Card and the Blue Cash Preferred® Card from American Express. The American Express® Gold Card offers additional rewards for dining, groceries, and flights, which is particularly beneficial for travel enthusiasts.
For avid travelers seeking premium benefits, The Platinum Card® from American Express stands out as one of the best options.
American membership Rewards program provides cardmembers with various benefits and rewards for using their American Express cards. Points can be redeemed for a variety of rewards, including travel, merchandise, gift cards, statement credits, and more.
Card | Rewards | Bonus | Annual Fee |
| Blue Cash Preferred® Card from American Express | 1-6%
6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit
and U.S. gas stations, 1% cash back on other purchases
| $250
$250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
| $95 ($0 intro for the first year) |
|---|---|---|---|---|
| American Express® Gold Card | 1X – 4X
4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
| 100,000 points
100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership
| $325 |
| The Platinum Card® from American Express | 1X – 5X
5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
| 175,000 points
175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership
| $695 |
| Delta SkyMiles® Gold American Express Card | 1X – 2X
2X miles on delta purchases, at restaurants worldwide (including take-out and delivery in the U.S) and at U.S. supermarkets, and 1x miles on all other eligible purchases
| 80,000 Bonus Miles
Earn 80,000 Bonus Miles after you spend $3,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Offer Ends 10/29/2025.
| $150, $0 intro first year |
| Hilton Honors American Express Card | 3X – 7X
7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
| 100,000 points
100,000 Hilton Honors Bonus Points with the Hilton Honors American Express Card after you spend $2,000 in purchases on the Card within your first 6 months of Card Membership.
| $0 |
Card | Rewards | Bonus | Annual Fee |
| HSBC Premier Credit Card | 1x – 2x
2x points on travel (including airline, hotels, and car rental), 1× points on all other purchases
| 50,000 points
50,000 Welcome Bonus Points, worth up to $625 in travel when booked through HSBC Travel, after spending $4,000 in the first 3 months of opening your card.
| $0 |
|---|---|---|---|---|
| HSBC Elite Credit Card | 1x – 3x
3× points on travel (including airline, hotels, and car rental), 2× on dining, 1× points on all other purchases | $60,000 points
$60,000 Bonus Points after spending $4,000 from the first 3 months of Account opening | $395 |
Mortgage And Loans
If you need to borrow money, HSBC Bank is a better option for borrowers.
HSBC Bank is more into mortgages for buying homes, refinancing mortgages, loans for home equity and personal loans. On the flip side, Amex offers only personal loans.
Which Bank Is Our Winner?
Amex is our winner as it is a better fit for most consumers, with a decent checking option and a great selection of cards, while HSBC banking products designed for affluent and high-net-worth individuals.
How We Compared Amex Bank and HSBC: Methodology
In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:
Checking Accounts (30%): We thoroughly examined features such as direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. Special offers available to customers were also taken into account.
Savings Accounts and CDs (20%): Our focus centered on critical factors including the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We carefully analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options provided by each bank's credit cards to offer a comprehensive comparison of available features.
Lending Options (15%): We evaluated the variety of loan options offered, encompassing personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing valuable insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our assessment included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, delivering a holistic perspective on customer experience and reputation.
Compare American Express Bank
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
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Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.
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