HSBC Announces New Hybrid Checking Account
16 May 2024 - 5:00AM
Business Wire
HSBC Bank USA today announced the launch of the HSBC Hybrid
Checking Account, a new product designed to maximize a company’s
returns by combining an Earnings Credit Rate (ECR) with credit
interest, thus earning interest on every dollar deposited into the
account.
Unlike traditional ECR accounts where unused credits are
forfeited, the new HSBC Hybrid Checking Account ensures that
businesses benefit from both earnings credit and credit interest on
remaining balances. By setting a threshold amount clients target
their balance for the earning credit calculation. Any excess
earnings credit, are credited back to the clients’ account. Cash
balances above the ECR threshold earn traditional credit
interest.
“Every organization has complex needs, and the HSBC Hybrid
Checking Account provides an important solution to our clients by
both offsetting service fees and growing account balances at the
same time,” said Thomas Halpin, HSBC North America Head of Global
Payments Solutions. “This flexible interest-bearing account
maximizes yield, lowers cost, and most importantly, saves time and
effort by reducing the need for multiple accounts.”
About HSBC
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered
in London. HSBC serves customers worldwide from offices in 62
countries and territories. With assets of US$3,001bn at 31 March
2024, HSBC is one of the world’s largest banking and financial
services organisations.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.)
serves customers through Wealth and Personal Banking, Commercial
Banking, Private Banking, Global Banking, and Markets and
Securities Services. Deposit products are offered by HSBC Bank USA,
N.A., Member FDIC. It operates wealth centers in: California;
Washington, D.C.; Florida; New Jersey; New York; Virginia; and
Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC
USA Inc., a wholly-owned subsidiary of HSBC North America Holdings
Inc.
For more information, visit: HSBC in the USA
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version on businesswire.com: https://www.businesswire.com/news/home/20240515562129/en/
Media enquiries: Matt Kozar HSBC Vice President of
External Communications, US matt.kozar@us.hsbc.com
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