HSBC Online Savings Account Review
HSBC is relatively new to the online banking world and its brick and mortar banks are only in a few select regions across the United States. However, if you've no access to a real world HSBC bank, you can always take advantage of their online savings account. The HSBC online savings account offers one of the highest paying savings accounts, with no fees or minimums.
The HSBC savings account works alot like other online savings accounts. Of course, the main attraction is the Annual Percentage Yield, which is higher than any real world bank can offer you. Because there are no fees for service or minimum balance requirements, you can open an account with as little as $1. If you decide to open an online savings account with HSBC, you'll keep your existing checking account with your current bank and simply link your HSBC account to it. You can move money back and forth by logging in to your HSBC account and requesting a transfer. These transfers are free on HSBC's side, but you should always check with your bank and make sure they won't be charging you any fees from their side.
Because the online savings account gives you a decent APY, you'll be making more money than you realize. HSBC also sends you an ATM card, which makes it easier to get the cast you need fast and keep your daily spending money in their account and not a lower yield account. This is the one feature where HSBC has ING Direct beaten. In addition to their savings account services, you can also opening a traditional HSBC checking account. By doing this, you can transfer the money from your HSBC savings to your HSBC checking account instantly and save a ton of time, as the transfers are instant.
HSBCs checking account isn't free and may have fees associated with it, but HSBC will consider all of your balances, including your mortgage and credit card balances when they calculate how much you have with them. This makes it easy to have an interest earning checking account which has no monthly fees. Because you can link the checking account with your HSBC savings account, you'll have two accounts which can earn you decent rates, depending on your outstanding balances.
Opening an account with HSBC is quick and painless. You'll need supply them with all of your personal information you would typically supply a bank with and wait for them to make test transactions to your linked account. These transactions will occur over a period of days and you'll need to confirm them before your account can be opened. The process is pretty quick and your initial deposit into the HSBC Online Savings account can be earning you interest within a week. Security around HSBC is pretty tight, as any changes you make to your online account will need to be confirmed by you in person, either through the mail or over the phone. This helps provide an extra layer of comfort, especially if you're not completely trusting in the world of online banking.
Originally posted 2008-09-28 16:30:34.
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