BOTTOM LINE. HSBC, a British multinational, offers online savings accounts to American customers through HSBC Direct. HSBC has more than 40 million customers across the world. Please read our Privacy Statement and Terms & Conditions. Listed on the hsbc.com website are three savings accounts. 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. An ATM card is provided for easy withdrawal. Apply Now. It is the world's sixth largest bank. Save up to £20,000 in the 2020/21 tax year with our cash or stocks and shares ISAs 1. The Ascent is reader-supported: we may earn a commission from offers on this page. 1 star equals Poor. Terms of 3 months to 10 years. HSBC Direct Savings is an online-only savings account offered by HSBC, the massive international bank. HSBC Serious Sav account seriously not transparent Serious Saver said it was offering 2 percent followed by variable rate after four months. Consumers that switch their bank account to HSBC can currently earn £125 cash bonus on specific HSBC accounts (subject to eligibility). Bottom line. See the range of savings accounts available to HSBC customers, as well as some guidance to get you started. The Ascent is reader-supported: we may earn a commission from offers on this page. It has online features and a mobile app that make using it a breeze. HSBC is one of the largest banks in the world, with physical branches all over the globe. They focus on investing, but forget about the liquidity necessary for emergencies. 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. You may want to consider the HSBC Direct Online Savings account. This makes it … 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. Regular Savings Account . Explore the best credit cards in every category as of January 2021. 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. Considering a savings account from HSBC? 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 HSBC Direct Savings account has a lot going for it, not just its high-interest rate of 2.25% that lets your money grow more than it will at your local bank or credit union. You can connect the accounts, making online transfers a breeze. 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. According to the HSBC website, it's 22 times higher than the national average rate paid to savers. HSBC vs Synchrony: Synchrony also offers a high yield online savings account with minimal fees. In this HSBC Savings Account review, we'll … 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. Follow us on Twitter and Facebook for our latest posts. Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. You are then free to make transfers or withdraw funds as you see necessary. 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. Before you apply for a personal loan, here's what you need to know. Our ratings are based on a 5 star scale. However, it turns out the 'introductory offer' (only for those who don't have an account with them) is also variable. Direct Savings Direct Savings is part of HSBC Direct and is a high-yield savings account, currently offering 0.50% APY. HSBC Direct Savings Account The bank's standout savings account, the Direct Savings account offers the bank's most competitive rate. $25k or $100 monthly deposit for highest tier, Min. ISAs . to earn APY: No maintenance fee: Unlike many branch-based savings accounts, the HSBC Direct Savings account doesn't charge a monthly maintenance fee. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. Best for: High APY; Low fee-account ; Fast ATM deposits; In this review. It has no monthly service fee, and the minimum opening balance is just $1. However, you can move money between HSBC accounts through the mobile app -- for example, if you have an HSBC checking account. 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. HSBC Direct Savings Account Review (User Rating) Ranking. We may receive compensation if you apply or shop through links in our content. 5 stars equals Best. Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. Terms of 3 months to 5 years. Ally Bank: Pricing information from published website as of 1/1/2021. CreditDonkey does not include all companies or all offers that may be available in the marketplace. 2 stars equals Fair. 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. Apply Now. HSBC Direct Savings is an online-only savings account offering a higher APY than any of HSBC’s other savings accounts. 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. 0.30%, APY: Earn up to 0.45% APY. Owning this account gives you access to HSBC's 24/7 Live Chat assistance, mobile check deposit, and easy transfers. 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. Don't expect any bells and whistles with the account. The HSBC Direct Savings account is best for those who bank online and want a high-yield savings account. You can American Express® High Yield Savings Account. The HSBC Direct Online Savings Account is similar to other high-yield savings accounts in that respect, with its competitive APY. $1 minimum deposit: To open a new HSBC Direct Savings account, you'll need an initial deposit of just $1, which must be made from new money (not from another HSBC account). The HSBC High Rate Savings Account offers a decent interest rate and a number of value-added features for no monthly fee. The table below displays a snapshot of HSBC savings accounts on Canstar’s database, sorted by Star Rating. 0.50%, Best For: Consumers who want to take advantage of the benefits HSBC offers can do so with the Direct Savings program that is available nationwide. About CreditDonkey CreditDonkey is a bank comparison website. Help your money grow with 1.00% AER/gross, fixed for 12 months. Synchrony does offer an ATM card connected to the savings account, which can make deposits and withdrawals easier with this online savings account. Review of: HSBC Savings | Reviewed by: Chris Muller | Last modified: May 12, 2020 Editor's note - You can trust the integrity of our … Financial tools: Account holders can use HSBC's "Our Money Management Tools," which assist with things like budgeting, savings goals, and more. Its rates and terms place it among the better savings accounts… She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up. Additionally, you can instant access to features such as no monthly maintenance fee, and 24/7 online account access. Grow your savings, investments, career, side-hustle, rewards, and more. HSBC Direct Savings is an online-only account, but HSBC also has over 200 branches nationwide. APY: 9 /10. 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. This review concerns the worst example, my ongoing, incredibly frustrating and ludicrous experience trying to open a Direct Savings Account. HSBC Direct Online Savings offers one of the highest interest rates on the market. 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. The current rate is .70% APY, which is 24 times the national average. Write to Kim P at feedback@creditdonkey.com. to earn APY: HSBC UK . Learn what you need to do to qualify for this type of account and find out … Online savings accounts often have an advantage when it comes to interest rates, allowing them to outpace what traditional banks offer. Make sure you read the fine print and figure out how you would best access your money. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website. Master your credit card game, build your credit score, and more. I’ll review HSBC Bank Direct Savings below. Needs. Check balances 2. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. Copyright © 2018 - 2021 The Ascent. We may receive compensation if you shop through links in our content. $1, Min. Choose one of our categories to get back on your journey. Travel. HSBC Direct Savings Account Review - Money Under 30. Maybe you've even abandoned the thought of a savings account because it just doesn't seem worth it anymore. Likability with checking account. Keep in mind, though, since it's a savings account, you can't make more than six withdrawals in one cycle per FDIC rules. 10/10. Available online nationwide except in Alaska, Hawaii and Puerto Rico. Transfer between HSBC accounts 4. $0. The cash is FDIC-insured … 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. Those rates aren’t enough to incentivize anyone to sign up, given the rates at over 1.00% APY at other banks. *See the card issuer's online application for details about terms and conditions. Reviews; Calculators; Freesources; eBook; We couldn't find what you're looking for. By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. Synchrony Bank: Pricing information from published website as of 1/1/2021. “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. Fixed Rate Saver . 3 stars equals Good. If you are tired of measly interest rates on your savings accounts, HSBC Direct Online Savings might be a good choice. Check out our top picks of the best online savings accounts for January 2021. She also writes for The Ascent's parent company, The Motley Fool. HSBC account holders can access their accounts online and perform the following actions: 1. HSBC is a reputable bank in Canada that offers a suite of savings and investment products. 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 … 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). It’s how we make money. The HSBC Direct Online Savings account is strictly a savings account. Today, many people don't even have savings accounts any longer. Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. Plus, this rate is easier to take advantage of with a $1 minimum deposit to open and no monthly fee. With the HSBC Direct Savings Account, you are able to earn one of the highest rates available! You can unsubscribe at any time. High APY and low fees, Best For: High APY, Min. Compare HSBC savings accounts. This is a basic online savings account without any bells and whistles. We publish data-driven analysis to help you save money & make savvy decisions. While it won't get you rich quick, it does offer a healthy APY to help encourage you to keep funding that emergency fund. 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%. 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. Credit. APY. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. Discover Online: Discover offers an online savings program with a high APY, no minimum balance requirement, and no monthly fee. We review its range of bank accounts and the HSBC mobile banking app. We have not reviewed all available products or offers. The heart of every money-saving journey: banking, bills, housing, and more. Up to 0.45%, APY: 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. You should consult your own professional advisors for such advice. 12-month CD APY of 0.60%, 0.60% APY. All rights reserved. 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. 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. 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 … Link this account to your Chase checking account for Overdraft Protection. Any HSBC ATMs in the U.S.; HSBC ATMs abroad may incur additional fees and foreign conversion rates. Fees. Discover Bank: Pricing information and data points from published website as of 12/20/2020. HSBC offers new customers cash bonuses. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. No monthly maintenance fee, Best For: Set up bank-to-bank transfers 3. For example, HSBC says that if a customer is not using an account, it may restrict payments in or out “to protect against fraud”. Explore our picks of the best brokerage accounts for beginners for January 2021. You can also access money whenever you want. Member FDIC. HSBC Direct Savings is a great, low-hassle account offering one of the most competitive APYs (0.15%) in the industry today. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. You'll often find your highest interest rates online, such as is the case with the HSBC Direct Online Saving account. 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