HSBC Advance Review: Online Savings Account Rate and Yield

HSBC Advance, the online banking arm of HSBC, is advertising an online savings rate that is one of the best savings account rates available today.  HSBC Advance's online savings account also beats most 12 month bank CD rates and credit union CD rates available today. HSBC Advance used to be known on HSBC direct, the bank changed it's online banking division name about a year ago.

HSBC Advance's current savings account rate is 0.90 percent with a savings account yield of 0.90 percent. That online savings rate is higher than the current national average savings rate of 0.24 percent as reported by 

The minimum opening account deposit for HSBC’s high yield online savings account is only $1.00. There are no monthly fees or balance requirements. You don't need an HSBC checking account either to recieve the account rate and yield. All deposit accounts at HSBC Advance are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor per account.

Author: James Martin
January 19th, 2011