Tuesday, July 22, 2008

HSBC Online Banking

When it comes to finding a place to store your savings, you have an amazing amount of options. You can put it in a mattress, take it down to the local bank or credit union, or if you're technically savvy, you can open an online savings account. Many people have become attracted to these high-yield internet based savings accounts because they offer such a great rate of return and give you instant information about your account. Many of the major banks turned their heads after ING Direct found success by offering online savings accounts and soon followed suit. Today we are going to review HSBC's offering in the online savings account world, the HSBC Direct Online Savings Account.

With a lot of online savings accounts, you are dealing with banks that haven't been around that long and don't have a track record of success. HSBC is definitely an exception to this trend. It has been opened since 1850 and has over 400 branches throughout New York. It's headquartered in Wilmington, Delaware and has nearly 43,000 employees. There's no wonder why their slogan is "The World's Largest Bank." We all know that bigger does not necessarily mean better. HSBC has been around for quite some time, but is their online savings account a great place to put your money? Let's find out.

Perhaps the most prominent reason people consider HSBC Direct is its very high interest rate. HSBC Direct is even offering a promotional rate from time to time. In addition, the account has no monthly fees and no minimum balance, which is par for the course in the online savings world.

Another big benefit of choosing the HSBC Direct online savings account is that you can deposit or withdraw money at any HSBC ATM. If you live in the north east, this might be a big benefit to you. All money deposited in HSBC's accounts are FDIC insured up to $100,000.

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