HSBC Savings Account Review: HSBC Advance

HSBC Bank, has an online banking arm called HSBC Advance, that is offering one of the best savings account interest rates currently available right now. HSBC Advance used to be known as HSBC Direct.  The bank's current savings interest rate on their online savings account is 0.90 percent with a savings account yield of 0.90 percent.

HSBC Advance has a minimum opening deposit for their online savings account at $1.00. All deposit accounts at the bank including savings accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

HSBC Advance Savings Account Benefits

  • 0.90% savings account rate and yield - currently 5 times the national statement savings average

  • No monthly fees

  • No minimum balance requirement

  • Opening Deposit $1

  • No checking account required

  • Access our Personal Internet Banking and set up bank-to-bank transfers or transfers between your HSBC accounts

  • FDIC-insured up to $250,000

Most if not all savings accounts  are variable rate accounts, which means the interest rate can change at any time. Since interest rates are heading higher this year a savings account is probably a better place for your money than a certificate of deposit which will lock your money into a fixed rate.
Author: James Martin
January 22nd, 2011