Both Barclays and HSBC are non-US banks that operate in the US and offer various banking services to US customers.
Let's compare them side by side: checking account options, savings accounts, CDs, and loan options.
Checking Accounts
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Account Types
Bank Account | Monthly Fee | APY On Balance |
|---|---|---|
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
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
|
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Savings Accounts
With the HSBC Premier Relationship Savings account, you can get a higher rate when linked to an eligible Premier checking account, meeting extra criteria.
Barclays account holders enjoy secure 24/7 online access, seamless online transfers to and from other banks, and the convenience of direct deposit. Barclays provides tools such as the Savings Assistant to aid customers in reaching their savings goals.
Both banks don't have money market accounts for individuals.
Barclays Online Savings | HSBC Premier Relationship Savings | |
|---|---|---|
Savings Rate | 4.35% | 0.01% – 4.50% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $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
|
Certificate Of Deposits (CDs)
If you need a CD, Barclays is a much better option than HSBC.
Unlike HSBC, Barclays provides high-interest rates across nearly all CD terms, though it lacks short term CDs such as 3 months or 6 months.
Additionally, Barclays allows you to employ smart strategies like CD laddering, applicable to both short and long-term CDs.
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Barclays Bank CD Rates
CD Term | APY |
|---|---|
12 Months | 5.00% |
18 Months | 4.50%
|
24 Months | 4.00% |
36 Months | 3.50% |
48 Months | 3.50% |
60 Months | 3.75% |
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HSBC Bank CD Rates
CD Term | APY |
|---|---|
6 Months | 4.00% |
12 Months | 4.80% |
24 Months | 4.10% |
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Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 5.00% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
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Credit Cards
HSBC is our winner when it comes to credit cards.
The HSBC Premier Credit Card doesn't have an annual fee or charges for foreign transactions. It also gives cardholders global Wi-Fi access with Boingo, up to $85 TSA Precheck credit, and exclusive Mastercard Travel Rewards. Points earned can be transferred to 11 airlines and two hotels.
The HSBC Elite Credit Card, with a $395 annual fee, offers up to $400 in annual travel credits for bookings through HSBC Travel. Cardholders get unlimited access to over 1,000 airport lounges via LoungeKey, a special Luxury Thank You Gift for hitting spending goals, and no foreign transaction fees.
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
| 35,000 points
35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening | $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 | $50,000 points
50,000 Bonus Points after spending $4,000 from the first 3 months of Account opening | $395 |
Card | Rewards | Bonus | Annual Fee |
| AAdvantage Aviator Red World Elite Mastercard | 1X – 2X
2X miles for every one dollar spent on eligible American Airlines purchases and 1X miles on all other purchases | 50,000 miles
50,000 AAdvantage® bonus miles after making your first purchase and paying the $99 annual fee in full, both within the first 90 days
| $99 |
|---|---|---|---|---|
| The JetBlue Card | 1X – 3X
3 points per $1 spent on JetBlue purchases, 2 points per $1 at restaurants and grocery stores and 1 point per $1 on all other purchases
| 10,000 points
10,000 points when you spend $1,000 in the first 90 days after opening your account
| $0 |
| Banana Republic Credit Card | 1X – 5X
5 points for every dollar spent at Banana Republic, Gap, Athleta and Old Navy. 1 point per dollar on all other purchases | 20% off your first order
20% off your first order at Banana Republic
| $0 |
| Wyndham Rewards Earner Card | 1x – 5x
5X points on eligible purchases made at Hotels by Wyndham as well as on qualifying gas purchases. Earn 2X points on eligible dining and grocery store purchases (excluding Target® and Walmart®) and 1X points on all other purchases (excluding Wyndham Vacation Club down payments).
| 30,000 points
30,000 points when you spend $1,000 on your card within 90 days of opening your account
| $0 |
Mortgage And Loans
When it comes to borrowing money, HSBC is better for borrowers than Barclays.
While Barclays offers only personal loans, HSBC Bank provides mortgages for homebuyers, mortgage refinancing, home equity loans, and personal loans
Which Bank Is Our Winner?
HSBC Bank is our winner as it offers a checking account which is not available through Barclays and decent savings rates on both savings and CDs.
Compare Barclays Versus Other Banks
Citi offers an excellent range of banking products that cover the majority of your financial needs.
Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.
The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.
Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?
Amex comes out on top with a solid checking option (which Barclays doesn't have), an excellent savings account, and great credit cards.
Barclays Bank vs. American Express Bank: Which Bank Account Is Better?
Capital One is our winner for most consumers than Barclays bank. But, there are important things to consider when comparing them: Barclays Bank vs. Capital One
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Chase Bank vs. Barclays Bank: Which Bank Account Is Better?
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Both Barclays Bank and Synchrony Bank offer great savings products for their customers, but lack a checking account. Which bank is best? Barclays Bank vs. Synchrony Bank
How We Compared HSBC and Barclays Bank: 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.
