Any HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates. The account offers a competitive 0.15% APY, no monthly fees and a low minimum opening deposit. Branch access: Despite the fact that HSBC has more than 200 U.S. branches, the HSBC Direct Savings account is online-only, meaning you can't walk into a branch and open a high-yield savings account. Reasonable efforts are made to maintain accurate information. Bottom line. $1, Min. $25k or $100 monthly deposit for highest tier, Min. In fact, don't even expect a debit card. You do not have to use our links, but you help support CreditDonkey if you do. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). “The HSBC Savings Account offers good monthly interest...” Written on: 30/08/2006 by bb111 (1 review written) The HSBC Savings Account offers good monthly interest rates, and it is easy to transfer money to different accounts. Listed on the hsbc.com website are three savings accounts. Help your money grow with 1.00% AER/gross, fixed for 12 months. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Some accounts come with high maintenance fees, but HSBC might be a good fit for consumers looking for an online savings account with a global bank. HSBC Direct Savings Account Review (User Rating) Ranking. All rights reserved. Savings accounts. In this HSBC Savings Account review, we'll … Marcus: Information including rates, fees, terms, and benefits was obtained on December 26, 2020 from published websites and is believed to be accurate, but not guaranteed. 0.50%, Best For: Best for: High APY; Low fee-account ; Fast ATM deposits; In this review. Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). APY. HSBC Direct Savings is an online-only account, but HSBC has over 200 branches nationwide, so the bank could be a good fit if you want the option to speak with a banker face-to-face. It is one of the big four banks in the UK. HSBC has more than 40 million customers across the world. 1 star equals Poor. Terms of 3 months to 5 years. After 20 years as a regular HSBC client (with no problems other than the disappearance of many HSBC ATM machines in NYC) I've encountered 2 recent problems with HSBC false ads and impossible procedures. You can also access money whenever you want. However, all information is presented without warranty. Fixed Rate Saver . This article contains references to products from our partners. The Ascent is reader-supported: we may earn a commission from offers on this page. HSBC offers new customers cash bonuses. Follow us on Twitter and Facebook for our latest posts. To get started, you simply apply online by providing your name, address, Social Security number, driver's license number, and your current bank's routing and account numbers. The HSBC Direct Online Savings Account is similar to other high-yield savings accounts in that respect, with its competitive APY. Discover Bank: Pricing information and data points from published website as of 12/20/2020. An ATM card is provided for easy withdrawal. You get the benefit of around-the-clock banking combined with attractive APYs. You must be at least 18 years old and have been a U.S. resident for the last 3 years. to earn APY: By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. Premier Savings Account included: When you open an HSBC Premier Checking Account, you're also opening an HSBC Premier Savings Account at the same time. You may want to consider the HSBC Direct Online Savings account. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up. The cash is FDIC-insured … 70% off Offer Details: C o n s. Online-only — The HSBC Direct Savings account is considered an “online only” account. But since it’s an online account, you won’t have any ATM access. Synchrony does offer an ATM card connected to the savings account, which can make deposits and withdrawals easier with this online savings account. HSBC Direct Savings Account Review - Money Under 30. APY: 9 /10. You can connect the accounts, making online transfers a breeze. You can See the range of savings accounts available to HSBC customers, as well as some guidance to get you started. Travel. The HSBC Direct Online Savings account is strictly a savings account. Copyright © 2018 - 2021 The Ascent. But, before you open your HSBC Savings account, do some homework and review your other options. HSBC is a global bank founded in Hong Kong, with its main headquarters in London, UK. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. 2 stars equals Fair. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. It offers a full array of services for different needs, including a high-yield online savings and several checking options. HSBC Direct Savings Review HSBC Direct Savings is an excellent, low-cost, and high-return option for both established savers and people who are just getting started. She also writes for The Ascent's parent company, The Motley Fool. Available online nationwide except in Alaska, Hawaii and Puerto Rico. HSBC Direct Savings Account The bank's standout savings account, the Direct Savings account offers the bank's most competitive rate. 3 stars equals Good. If you're considering opening a personal checking or savings account, you must check out these bank promotions. Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. For branch locations, visit locator.chase.com. FDIC insured: To be clear, this should be a feature you look for with any savings account you consider, but it's important to mention that the HSBC Direct Savings account is FDIC insured to the maximum amounts allowed by law. Additionally, you can instant access to features such as no monthly maintenance fee, and 24/7 online account access. HSBC is one of the largest banks in the world, with physical branches all over the globe. Set up bank-to-bank transfers 3. Its rates and terms place it among the better savings accounts… Check balances 2. 10/10. We publish data-driven analysis to help you save money & make savvy decisions. Review of: HSBC Savings | Reviewed by: Chris Muller | Last modified: May 12, 2020 Editor's note - You can trust the integrity of our … Even though HSBC is a brick-and-mortar bank located throughout the U.S., they aren't everywhere. Synchrony Bank: Pricing information from published website as of 1/1/2021. You'll often find your highest interest rates online, such as is the case with the HSBC Direct Online Saving account. Synchrony will refund ATM fees for other banks up to $5 per statement cycle, Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET), HSBC Advance Checking - Up to $240 Cash Bonus, Banks With Free Checking and No Minimum Balance, Access to 16,000 Chase ATMs and nearly 4,900 branches. You do everything online from start to finish.If you have a current HSBC account, such as an HSBC Choice or HSBC Advance Checking, opening an account is even easier. Please read our Privacy Statement and Terms & Conditions. American Express® High Yield Savings Account. Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. I came across the Direct Savings Account like many of you, trying to find a high interest savings account with the best interest rate along with the most services with minimal fees. Low APY: The HSBC Direct Savings account currently offers a 0.30% APY (annual percentage yield) which doesn't compete with the best interest rates offered by high-yield savings accounts. HSBC Direct Online Savings offers one of the highest interest rates on the market. Although the HSBC Direct Savings account is missing useful features like ATM access, it's still a highly competitive product with an excellent APY, low minimum deposit, and mobile functionality that should appeal to those who may not have the largest savings account balance but still want to earn a high rate. If you are tired of measly interest rates on your savings accounts, HSBC Direct Online Savings might be a good choice. Likability with checking account. These results are based on a regular saver in NSW with $10,000 in current savings. Keep in mind that they don't offer an ATM card, so if you are used to accessing your funds via ATM, you may want to look elsewhere. Their APYs range from 0.01% to 0.15%. Plus, this rate is easier to take advantage of with a $1 minimum deposit to open and no monthly fee. The current rate is .70% APY, which is 24 times the national average. Direct Savings Direct Savings is part of HSBC Direct and is a high-yield savings account, currently offering 0.50% APY. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. Our ratings are based on a 5 star scale. Once you are approved, you fund your account with funds from your connected account. The Ascent is reader-supported: we may earn a commission from offers on this page. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website. I cover the intersection of money, career, and entrepreneurship, 0.20% to 0.60% APY. Customer Service. Are you tired of abysmal interest rates on your savings accounts? The brick-and-mortar division of HSBC has low-rate accounts with fees that require some customer effort to waive, while HSBC Direct offers no-fee checking and high-yield savings … Compare HSBC savings accounts. You can unsubscribe at any time. About CreditDonkey CreditDonkey is a bank comparison website. This could be a major disappointment, considering how HSBC has a large network of ATMs not only in the U.S., but around the world. If you have a current HSBC account, such as an HSBC Choice or HSBC Advance Checking, opening an account is even easier. It is a good account … Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. No monthly service fee and no minimum deposit. It earns the same 0.01% APY as an Everyday Savings account on balances up to $14,999.99, but the rate bumps up to 0.05% if the balance is … We review its range of bank accounts and the HSBC mobile banking app. The account has no monthly maintenance fees and only requires $1 to open. The HSBC Direct Savings Account interest rate is higher than the national average, but you can still find a higher APY at other online banks. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. ATM/debit card access: Unlike some other online-based savings accounts, there's no ATM card or debit card of any kind available with the HSBC Direct Savings account. Regular Savings Account . We want your money to work harder for you. Credit. You should consult your own professional advisors for such advice. †Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. The table below displays a snapshot of HSBC savings accounts on Canstar’s database, sorted by Star Rating. Live chat: HSBC offers live chat assistance to customers, which can be a major time-saver, as opposed to waiting on hold to speak with a customer service representative. HSBC - 240+ branches, mostly on the West and East coasts, Monday - Saturday: 8:00 am - 10:00 pm (ET), 0.20% to 0.85% APY. This is a basic online savings account without any bells and whistles. Everything You Need to Know About Savings, Copyright, Trademark and Patent Information. It will do this after 12 … Review the details of your account and apply quickly and easily with the click of a mouse. HSBC: Data points including rates, fees, terms, and benefits was obtained on December 20, 2020 from published websites and is believed to be accurate, but not guaranteed. HSBC account holders can access their accounts online and perform the following actions: 1. The HSBC Direct Online Savings account is strictly a savings account. There is no ATM card. HSBC Direct Online Savings. Receive direct deposits HSBC also gives its members the capability to connect their online savings account to any (and multiple) checking accounts, regardless of what other banks they are with. You do everything online from start to finish. While it won't get you rich quick, it does offer a healthy APY to help encourage you to keep funding that emergency fund. Don't expect any bells and whistles with the account. HSBC vs Synchrony: Synchrony also offers a high yield online savings account with minimal fees. You can open a savings account in an HSBC branch, but as of this writing, the bank's other savings accounts have APYs ranging from just 0.01% to 0.15%. This makes it … Make sure you read the fine print and figure out how you would best access your money. HSBC Direct Savings is an online-only account, but HSBC also has over 200 branches nationwide. to earn APY: HSBC Online Savings (Transaction Account / Debit Card): 3.6 out of 5 stars from 11 genuine reviews on Australia's largest opinion site ProductReview.com.au. Choose the savings account that's right for you No matter what you're saving for, HSBC has a variety of savings accounts to help you reach your goals quickly and … ISAs . HSBC savings accounts. HSBC Review Below you will find my 15 month summary for the review of HSBC’s online Direct Savings Account (from early 2007 to May 2008). 10/10. Choose one of our categories to get back on your journey. Discover Online: Discover offers an online savings program with a high APY, no minimum balance requirement, and no monthly fee. Owning this account gives you access to HSBC's 24/7 Live Chat assistance, mobile check deposit, and easy transfers. In fact, don't even expect a debit card. CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. We do receive compensation from some partners whose offers appear on this page. Considering a savings account from HSBC? However, it turns out the 'introductory offer' (only for those who don't have an account with them) is also variable. Explore the best credit cards in every category as of January 2021. Online savings accounts often have an advantage when it comes to interest rates, allowing them to outpace what traditional banks offer. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. We have not reviewed all available products or offers. Connecting your savings account to an external checking account is the best and fastest way to transfer liquid funds because yo… Financial tools: Account holders can use HSBC's "Our Money Management Tools," which assist with things like budgeting, savings goals, and more. It has no monthly service fee, and the minimum opening balance is just $1. 12-month CD APY of 0.60%, 0.60% APY. There are a couple of ways to fund a HSBC Direct Savings account: These are your choices for withdrawing funds from your HSBC Direct Savings account: Because there's no such thing as a perfect savings account, if certain features are important to you, it may be a smart idea to look at some alternatives, including options that may include a higher APY. Terms of 3 months to 10 years. We may receive compensation if you shop through links in our content. This high-yield savings offering from one of the largest banks in the world is one of our favorites on the market for these and a few other reasons, which we'll get into in this review. You can open a savings account in an HSBC branch, but as of this writing, the bank's other savings accounts have APYs ranging from just 0.01% to 0.15%. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. Ally Bank: Pricing information from published website as of 1/1/2021. Today, many people don't even have savings accounts any longer. They focus on investing, but forget about the liquidity necessary for emergencies. I’ll review HSBC Bank Direct Savings below. to earn APY: The HSBC Direct Savings account offers an excellent combination of low fees and minimums, a user-friendly platform, and one of the highest APYs in the industry. HSBC Bank (Member FDIC) has an online-only savings account with no monthly service fees. It has an established presence in the US, with over 200 branches across 10 states, but also regularly serves 67 countries and more … Even if you don't have an HSBC checking account, you can connect your external bank account to the Direct Savings account for easy funding and withdrawals. 12-month CD APY of. HSBC Advance Savings This is another standard savings account available to anyone with an Advanced checking account. Apply Now. The heart of every money-saving journey: banking, bills, housing, and more. Explore our picks of the best brokerage accounts for beginners for January 2021. With the HSBC Direct Savings Account, you are able to earn one of the highest rates available! It’s how we make money. Consumers who want to take advantage of the benefits HSBC offers can do so with the Direct Savings program that is available nationwide. Apply Now. This review concerns the worst example, my ongoing, incredibly frustrating and ludicrous experience trying to open a Direct Savings Account. HSBC Direct Savings is an online-only savings account offered by HSBC, the massive international bank. $0. Keep in mind, though, since it's a savings account, you can't make more than six withdrawals in one cycle per FDIC rules. HSBC UK . Save up to £20,000 in the 2020/21 tax year with our cash or stocks and shares ISAs 1. Log on to review Log on to review Log on to review How to review and update your address, phone number, and email address Reviewing and updating your personal details can easily be done through HSBC Online banking. Bells and whistles with the HSBC Direct savings program that is available nationwide are... From some partners whose offers appear on this hsbc savings account review maybe you 've even abandoned the thought of a account. 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