3.00% APY Online Savings at HSBC Direct

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HSBC Direct 1.45% APY Online Savings Discuss (19)

Bank account??

Any spare cash should be invested in the stock market on Monday.

Banks are my favorite!

I appreciate the interest... yuck-yuck-yuck.

Tyra Banks

I've said it here before and I come to say it again - do your homework before doing business with this bank.

They have a history of lengthy computer outages.

HSBC sucks, their online account only allow you to use either online transfer or ATM service. CitiBank's Ultimate Savings is 3.15APY

how does hsbc compare to ingdirect?

WT Direct gave me a Christmas gift (Tiffany crystal glasses) last year.

Wonder what I'll get this year.

ING Direct and Everbank (my two banks) are both better.

gmacbank gives 3.75% for online savings accounts.

like durkzilla said - do your homework; but that applies to all online savings accounts. read the fine print; make sure it is FDIC insured.

bankrate is a good starting place.

Actually FDIC Insurance has been increased temporarily to 250k per person per institution by the government recently. They did this to help customer confidence during this financial crisis. This is for all FDIC members, not just the banks mentioned in this deal.

Although they do have outages every once in a while, I have never had any major problems and have been happy with the service.

To R6 "HSBC sucks, their online account only allow you to use either online transfer or ATM service"
It is an "online" savings account therefore you need to do the transfers online? What is wrong with that? You prefer going to the branch and waiting in the line in order to do your transfer?

Also, for your reference, HSBC is world's biggest banking group...

I agree with alche, HSBC has emerged as a survivor in this piss poor economic environment. They're actually planning to expand their retail US operations despite their write-downs in the US. Citibank's online savings account's interest rate actually decreased to lower than 3% days after HSBC direct changed its interest rate.

I've had HSBC for quite some time, and I've been pleased with the service. Interest is paid monthly and the customer service is excellent.

You can't just look at APR's at a single instance, as they are subject to change at any given time (as early as the day after you set-up your account). HSBC might not always have the highest APR, but it tends to average higher than all its competitors in the long run (due to the bank's stability). A good counter-example is WaMu, which was offering an impressive 3.75% APR rate back in mid-2008. However, as soon as the bank crashed into bankruptcy, the rate instantly dropped down to a miniscule 1.5%.

One thing I should note is that the HSBC account set-up is a bit tedious. They will mail you 6-10 "puzzle pieces" of mail which will collectively allow you to activate your account.

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