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How to Close an HSBC Online Savings Account

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In another move to simplify my personal finances, I closed my HSBC online savings account today. At the current interest rate of 1.45% APY, it was in the bottom half of the online banks listed on my high yield savings account rates table; simply not worth keeping around anymore.

HSBC Account Closing Process

Closing the HSBC online savings account was simple. Log into your account and find the BankMail button in the left navigation menu. It will be one of the last buttons at the bottom. When you click on it, another window will pop up (disable pop-up blockers if you don’t see the window appear) for you to create a new BankMail.

For the subject of the BankMail, select “Other.” For the message, you will need to provide three pieces of information:

  • What you want them to do (close the account);
  • Why you want them to do it;
  • How you want the remaining funds to be sent to you.

My message:

I would like to close this account because the interest rate is too low. I would like to receive the remaining funds as a check sent to my address on file. Thank you.

I had $35 in my account so I requested a check. If I had more, I would have electronically transfered out everything and then requested that by check. You probably could transfer it down to $0 as there is no account minimum but you could leave $1 just to be sure.

I received the follow within a few days:

Dear Jim Wang:

Thank you for contacting HSBC Bank USA, N.A., the world’s local bank.

We regret to hear that you want to close your Online savings account. However, we respect your decision and will forward your account closure request to the Online Processing Center. Please allow 2 business days for the account to fully close. The amount in your account will be mailed to the address on record. Please allow 7 to 10 business days for delivery.

It’s easy to reach an HSBC associate to answer your questions. To send a secure BankMail, use the BankMail link conveniently located in the left gray navigation menu while you are logged into your Personal Internet Banking service. Our Customer Relationship Center is also available, 24 hours a day, 7 days a week to meet all of your HSBC banking needs.

Sincerely,

XXXXX XXXXX
Internet Banking Specialist

That’s it, another account consolidated. One step closer to a simpler financial life.

{ 33 comments, please add your thoughts now! }

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33 Responses to “How to Close an HSBC Online Savings Account”

  1. Patty says:

    I just closed mine a couple of weeks ago.
    Since I also had their checking I transfered the few dollars I had in HSBC to the checking, paid it to my electric bill , when that cleared sent them the email to close the account. I didn’t bother giving them a reason. They closed it.

  2. Maisy says:

    Or you can just transfer all the funds out of the account and wait for HSBC to close it. I moved all my money elsewhere awhile ago, and yesterday I got an e-mail from HSBC stating “Our policy is to close accounts that have $0 balance for a period of 125 days. To avoid an account closure, please deposit money into your Online Savings Account.”

    Voila!

  3. Patrick says:

    I am considering closing my HSBC account just because I have had bad experience with them in the past. The only thing keeping me with them is that I have bill pay set up through them.

  4. Thanks for the reminder. I just added this to my “to do” list since it is long overdue. I have some many accounts, there’s probably some I’ve forgotten about.

  5. Puhiniho says:

    when notifying a bank to close an account, you should tell the bank to send a letter stating the account is being closed by you. this shows up in your credit report letting lenders know that the account wasn’t closed for any other reasons (e.g. by bank, delinquent, unused, etc.). its my understanding its better for your credit. just my 2 cents.

    • SANDEEP says:

      Your checking/saving a/c details are never there in your credit rep. its the chex tat will have it.

  6. PK says:

    Thanks for reminding me to do this!

  7. Dani says:

    I am closing my account because they keep charging me a fee. I need all the little dollars I have.

    • Jimena says:

      Hi:
      I got an account 5 years ago. I used very few times. I don’t have money there. I don’t live in London now. I want to close it. But I don’t have the card, number account, anything. I received severals mails saying I need to update it. But I just want to close. What can I do?

      • Barb says:

        call them and give answer a lot of questions. They should be able to find you and figure out what to do. You signed up, so all your security questions s/b with them. good luck

  8. AV says:

    Thanks very much for this info! I was having a hard time finding out how to close my account, which I also decided to do for the low interest rate.

  9. Cynthia says:

    This bank is cheap. I used to like their ethics and value.. but they are so freaking cheap and refuse to waive any fees. So I go to Citibank :)

  10. Nini says:

    It happened to me too. My check deposit went missing for 2 wks and no one in their customer service could tell me where the check was so I was forced to cancel the deposit and next thing I know, they charged me $10! So I closed my account right away!

  11. Cindy says:

    Thanks for the info. I half-heartedly poked around the website trying to figure out how to close my account, but couldn’t find it. I googled for the answer and found this post. Should have known you’d have the answer and just come here first!

  12. Alex says:

    I urge you to stop putting your money in for-profit banks. Please use and support your local credit union. Interested Rates are high and fees are low (if any) and you still have worldwide access to your money and billpay.

  13. Amy says:

    Thanks so much for explaining how to simple it is to close an HSBC account. I looked all over the HSBC site to find an option to do this and was going to have to sit in que through their phones system to make this happen.

  14. Anonymous says:

    Thank you, that was very helpful!

  15. Anonymous says:

    Thank you very much, I was searching myself for a way to take my money out and close an online account also.

  16. Allen says:

    That was very helpful, thank you very much.

  17. Chris says:

    Exactly what I was looking for, thanks!

  18. Jim says:

    Thank you for posting this information. It was very helpful!

  19. Justin says:

    Just did it myself. Thank you for this. I was looking for an automated way to close the account, but I should have known better than to expect that from them. The new fees they just e-mailed about are *ridiculous*! $12 per incoming transfer? No thank you!

  20. Brad Meyer says:

    @Justin, you got that e-mail too??? I’m glad it wasn’t just me that received that lame-ass e-mail!!!

  21. paul says:

    yup. same reason i am looking to close my account. interesting that you put money into a bank and they give squat on interest, use your money to invest for their own profit, and then wants to charge money when you tranfer more money in. seems ridiculous to me.

  22. commonMan says:

    Just started the process of closing the online account. I tend to bank transfer to this account once in a while. It used to be my Christmas spending account, but now with $12 fee for transfers, its simply not worth it.

  23. Barb says:

    Thanks so much for this post. i thought it was going to be a nightmare. This will get the ball rolling. Trying to be intentionally gazelle about getting out of debt. this account isn’t particularly helpful as it is now at 0.45% interest!

  24. Makarand says:

    Closing…..
    $12 Fee for Transfers???, not even earned that much interest in a Full Year….

  25. Sue says:

    One of my New Year’s resolutions achieved! This account has been a thorn in my side since the interest rates shrank to nothing, and now that stupid fee for transfer. Thank you for the advice!


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