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.
- 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 HSBCDeposit/withdrawal via ATM or online
- Secure websiteUser friendly websiteFinance management toolsGreat customer service
- 24 hour support
What I Dislike:
- The fact that I didn’t open my account sooner
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