HSBC Direct Online Savings Review

So I did.  I went to the website and found an unbeatable interest rate when you open an online account.  You can start the account with as little as one dollar and you don't need a minimum balance.  Unlike other online banks you are not required to open a checking account to take advantage of the savings program.  Additionally, there are no bank fees that will eat into your account balance.  And since keeping more money in your savings is the whole point, I couldn't see a downside to giving it a try.

I followed the lengthy--but straightforward--steps to opening the account online.  The application process seems designed to increase security by ensuring that you are who you say you are.  At that time, I set up my checking account (at another bank) to connect to the new HSBC account. With a few clicks of the mouse, I can easily transfer money out of any of my checking accounts to fund my HSBC savings.  The transfers can be set up automatically so that you can move money into your savings on specific dates and with specific amounts.  Or, you can make transfers at any time, for any amount when you want to add to your savings balance.  I've not incurred any fees either from HSBC or my local bank for making the transfers. 

When I make a transfer the money is not credited instantly - it takes a couple of banking days to process and HSBC keeps you fully updated on its progress via email.  There is also the option of making deposits via mail, and withdrawing and depositing at any HSBC ATM.  I receive notification when my monthly statement is available and I can access and save the statement to my computer, and/or download the data to Quicken.

With easy online management, electronic funds transferring, and of course, one of the best interest rates available, HSBC Direct has earned my business and customer loyalty.