HSBC Bank’s 1.65% APY Online Savings Account is still among the highest in the country, far better than what you can earn at your local bank. And with no monthly fees, no minimum balances (it only takes $1 to start), ATM and online access to your money this is still one of the best deals around for a savings account.
Earn 1.65% APY* with HSBC Direct Online Savings.
High interest savings accounts (slightly different from high-yield savings accounts) give you a greater return for your money than a standard savings account and more flexibility with liquidity than a CD. You can get one from your local bank, but you will almost always find a better deal online.
Online Banks Usually Pay Higher Interest Rates.
Online banks like HSBC Direct generally pay higher interest rates because online banks are able to avoid some overhead costs that brick and mortar banks cannot. This cost savings is passed on to the consumers in the form of higher interest rates.
Searching for online banks and conducting your transactions virtually may be a little extra work for you, but it also may be worth it for the higher interest rates that high interest savings accounts provide. Many folks find online account management to be easier and more convenient than having to travel to your local brick and mortar bank.
How Safe are Online Banks?
There is little to worry about in relation to the safety of using an online bank like HSBC Direct or ING Direct. Online bank websites have built in security to ensure safe transactions, although you may need to keep a watchful eye on phishers, as email is the primary form of communication for many online banks. The FDIC insures your deposits at both HSBC and ING online banks, making the investment is virtually risk-free.
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ING Direct is a risky bank i have learned.
they routinely close accounts for no reason and when they do, they first block your login before notifying you. then they refuse to provide a current statement for the current period until the end of the quarter. my sister’s account had several transactions withdrawing from the linked accounts various fees for the closure that added up to over 300 dollars.
This seems really unusual – has anyone else had a similar experience?
same thing just happened to me at ING last week. i was shocked.
i called in and they said i was not using my account to save enough money. i wonder if this is related to the fall in the interest
rate they offered. i recently had over $10,000 in my electric checking
but moved it over to eVantage bank two weeks ago.