HSBC Advance Savings Account Rate at 0.80%
I've had my HSBC Advance savings account for a while now but I'm thinking of closing my account since the bank savings account rates are not the highest around. I've had my account when the HSBC Advance savings account was known as the HSBC Direct savings account. The current savings account rate is .080% which is competitive but not the best savings account rate around.
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When I opened by account the rate was around 3.00%, obviously all banks have lowered their CD rates and savings account rates over the past couple of years. Not too long ago the HSBC savings rate was 1.25%. The minimum opening deposit for an online savings account at HSBC Advance is only $1.00. Online savings accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).
There are benefits to the account an as with all savings accounts and online savings accounts, the savings interest rate can change at any time since it’s a variable rate account. You can also link other HSBC accounts to the HSBC savings account and transfer money in and out of the account which makes life easier than going to a physical bank.
Again, I'm thinking about moving my money out of the account and possibly place it in Ally Bank's savings account or Amex Bank savings account which have higher rates.
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