HSBC's Online Savings Account Rules!

piggy bank 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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