Banking » Compare Banks » Barclays Bank vs. HSBC Bank: Which Bank Account Is Better?
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Barclays Bank vs. HSBC Bank: Which Bank Account Is Better?

Barclays and HSBC are non-US banks that offering various banking services to US customers. Let's compare their banking options side by side.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

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

There is no competition when it comes to checking accounts, as only HSBC Bank offers a checking account. At this moment, Barclays doesn't offer a checking account for US-based customers.

The HSBC Premier Checking Account is tailored for individuals seeking priority banking services and international accessibility.

To qualify, customers must maintain a balance of $75,000 across U.S. consumer and qualifying commercial accounts, or have monthly direct deposits of $5,000 or more, or maintain Private Bank status.

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%

HSBC Premier checking account holders enjoy benefits like global ATM access without HSBC fees, a fee-free HSBC Premier Debit World Mastercard for international transactions, and the convenience of fee-free transfers up to $200,000 per day to linked international HSBC accounts.

Additionally, the account offers online access to worldwide HSBC deposit accounts, overseas account opening support, and priority customer service, making it an appealing choice for frequent travelers and those with international financial needs.

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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Promotion:
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Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
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Promotion:
$200 $200 cash bonus if you make direct deposits totaling $2000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
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The product offers that appear on this site are from companies from which this website receives compensation.
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Promotion:
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Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 10/16/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc

fifth-third-bank-logo

Promotion:
$200 $200 cash bonus if you make direct deposits totaling $2000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Savings Accounts

HSBC Bank takes a slight lead in savings account offerings with a marginally higher rate compared to Barclays Bank, although the difference is minimal.

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. 

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%
CD Term
APY
6 Months
4.00%
12 Months
4.80%
24 Months
4.00%
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Savings Rate: 5.21% APY
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Savings Rate: Up to 5.00% APY

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Savings Rate: 4.40% APY
Quontic bank logo
Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY APY

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CD Rate: 5.00% – 5.20% APY
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  • 4.50% APY on savings
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  • Up to 5.00% APY on savings
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The product offers that appear on this site are from companies from which this website receives compensation. 

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Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY

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CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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

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

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

Barclays also has an impressive choice of credit card options. However, most of them are co-branded cards issued by Barclays and not credit cards specific to the bank customers.

For example, the AAdvantage® Aviator® Red World Elite Mastercard® is tailored for travel enthusiasts, particularly those devoted to American Airlines. It provides airline miles, preferred boarding, and other travel-related perks. The Barclays JetBlue Card caters to JetBlue Airways customers and travelers, offering points for JetBlue flights and additional benefits like in-flight savings.

The Banana Republic Rewards Mastercard® is designed for fans of Banana Republic and Gap Inc. brands, providing rewards redeemable across their family of brands, along with special discounts, early access to sales, and bonus points on non-brand purchases.

Cardholders can access their accounts securely online, manage transactions, and set up alerts for enhanced financial control. 

Card
Rewards
Bonus
Annual Fee

AAdvantage®-Aviator®-Red-World-Elite-Mastercard®

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

jetblue card

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

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 review

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.

However, it's important to think about different things, especially the ones that matter most to you. This might include looking at banking services, help with overdrafts, how often you use ATMs, how close the bank is to where you live, and other things that are different for each person.

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

Both Chase and Barclays offer a significant portfolio of banking services for US-based customers, but Chase is our winner. Here's why.

Chase Bank vs. Barclays Bank: Which Bank Account Is Better?

 

Barclays provides a comprehensive range of services to US customers, while Ally bank is among the best online banks. How do they compare? Barclays Bank vs. Ally Bank

Both Barclays and Marcus bank offer great savings rates for depositors who are interested in CDs or savings accounts. How they compare? Barclays Bank vs. Marcus

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:

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 10/16/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

fifth-third-bank-logo

Promotion:
$200 $200 cash bonus if you make direct deposits totaling $2000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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