HSBC Direct is breaking new ground with their online savings account. They report a 5.05% APY with no monthly fees! I was a bit skeptical at first so I gave them a call and verified their claims before opening my account.
I have been using my HSBC online savings account for about a week now and I must say that, not only am I pleased with it, but it has been a lot of fun. I can transfer funds between my HSBC account and my primary banking account, schedule reoccuring transactions, track my savings, and do much more with no monthly fees to worry about.
What I Like:
� Earning 5.05% versus 0.5% with my bank
� FDIC insured
� Instant access to my funds, unlike CD or IRA
� No monthly fees
� No minimum balance requirement
� $1 minimum to open new account
� Don’t have to open checking account with HSBC
� Deposit/withdrawal via ATM or online
� Secure website
� User friendly website
� Finance management tools
� Great customer service
� 24 hour support
What I Dislike:
� The fact that I didn’t open my account sooner
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