piggy bankHSBC 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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