The HSBCdirect Online Savings Account is a popular choice among consumers. HSBC was one of the first "big name" banks to offer a high interest rate on online savings account (most banks offer a measly half a percent or so). This high interest rate, coupled with with a blue chip reputation, makes HSBCdirect an attractive option for anyone who needs to stash some money away, earn interest, and stay liquid.
The Deal
HSBCdirect currently pays a very high interest rate (it changes regularly, so check the Web site for the latest). There are no fees or service charges and no minimums. You can link an existing checking account to the HSBCdirect Online Savings Account, and transfer money freely between. (FYI, If you link the HSBCdirect savings account to a traditional HSBC checking account, transfers will go a bit faster.)
Ease of Use
The HSBCdirect is pretty customer friendly. The signup process is fast and painless, and the account management section is just like any other online banking site. Initiating a transfer or direct deposit is also easy.
One convenient feature of HSBCdirect is the ATM card. HSBCdirect will mail you one so you can withdraw cash without having to transfer it to another account first.
Customer Service
The HSBCdirect customer service appears to be adequate, and I haven't heard of many complaints thus far. They offers a toll-free support number which is available 24/7.
Overall
In a nutshell, HSBCdirect offers:
- a high interest rate
- easy online account setup & access
- no setup fees, no regular fees, and no account minimums
- an ATM card
- good customer service, available toll-free 7 days a week
- FDIC insurance (like all online banks)
Conclusion: The HSBCdirect Online Savings Account is a solid choice.
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