If you're new to banking in the U.S., terms like checking account, APY, bill pay and social security may seem foreign to you.
Getting your head around the common financial terms and services in the U.S. will help you make the most of your money and avoid mistakes.
Many banks in the U.S. are insured by the FDIC (Federal Deposit Insurance Corporation). This means if those banks fail, the FDIC will compensate customers applicable limits, per customer, per insured bank.
Most U.S. banks will offer a range of services including:
a day-to-day account with a debit card, which you can use to buy things or withdraw cash from an ATM. You can have your salary paid into your checking account and use it to transfer money to people and pay bills.
Explore: HSBC checking accounts
a way of borrowing money up to a certain limit where you make regular repayments on any money you owe. You'll be charged interest on the money you owe if you carry a debt from month to month.
Explore: HSBC credit cards
a safe place to store your money and accrue interest – which is calculated as APY or Annual Percentage Yield.
Explore: HSBC savings accounts
a long-term loan where you borrow a lump sum to buy a property and make regular repayments, paying interest on the amount owed. US mortgages are secured with your property as collateral – this provides the bank protection that you will repay the outstanding balance.
Explore: HSBC mortgages
There are various ways to access your HSBC U.S. accounts, including:
Beyond the different banking products, it's useful to get familiar with some of these names and labels you'll likely come across: