HSBC Bank Savings Account Interest Class Action Settlement

Individuals who opened an HSBC direct savings account in the United States between March 25, 2014, and Feb. 20, 2021, and made deposits into their account using HSBC’s online portal may be eligible to submit a claim for at least $10 from a class action settlement.

HSBC Bank USA NA agreed to pay $495,000 to settle a class action lawsuit alleging it failed to pay interest in accordance with the terms of its direct savings account for customers who initiated ACH transfers through HSBC’s web portal. The plaintiff claimed HSBC did not start paying interest on the same business day the customer initiated the deposit as required by the account’s terms and conditions.

Who can file a claim for an HSBC Bank payout?

Class members must meet the following criteria:

• They opened a direct savings account with HSBC in the United States between March 25, 2014, and Feb. 20, 2021.
• They made one or more noncash deposits into the account using HSBC’s online portal.
• They made a deposit and HSBC did not begin to apply interest on the same business day they initiated the deposit on the portal or on the first business day after a deposit initiated on a Saturday, Sunday or federal holiday.

How much are settlement payments?

Pro rata cash payment: Class members can submit a claim to receive a pro rata cash payment from the net settlement fund. The minimum payment amount is $10. The settlement administrator will determine the final payment amount using the amount the customer transferred to the direct savings account during the qualifying period, the interest rate at the time of each transfer and the total number of claims filed.

How to claim a class action rebate

To receive a settlement payment, class members can file a claim online or print the PDF claim form to complete and mail to the settlement administrator.

Settlement administrator's mailing address: HSBC Savings Account Settlement, P.O. Box 25226, Santa Ana, CA 92799

The claim deadline is Aug. 20, 2026.

Required claim information

• All class members must provide the unique ID from the settlement notice they received. Online claimants must also provide the PIN from the same notice.
• Current HSBC direct savings account holders must include last four digits of their account number.

Payout options

• Current HSBC direct savings account holders will receive a credit to their account.
• Former account holders can receive payment by check or by ACH transfer.

Settlement fund breakdown

The $495,000 settlement fund will include:

• Settlement administration costs: Up to $39,839.17
• Attorneys' fees: Up to $165,000
• Attorneys' expenses: Up to $30,786.07
• Service award to class representative: $6,000
• Payments to claimants: Remaining settlement funds

Important dates

• Opt-out deadline: July 21, 2026
• Claim deadline: Aug. 20, 2026
• Final approval hearing: Sept. 16, 2026

When is the HSBC direct savings account settlement payout date?

The settlement administrator will issue payments to approved claimants after it completes claim processing or approximately 90 days after the court grants final approval of the settlement, whichever is later.

Why did this class action settlement happen?

This class action lawsuit alleged HSBC failed to pay interest in accordance with its direct savings account terms. The plaintiff claimed HSBC should have started paying interest on the business day the customer initiated the ACH transfer through HSBC’s web portal and not when HSBC actually received the funds.

HSBC denies the allegations but agreed to settle to avoid the cost and risk of further litigation and a possible trial.

Sources

1. Class notice
2. Settlement website FAQ page
3. Claim form
4. Settlement agreement