HSBC Online Savings Account: Better than ING & Emigrant?

Armywife · #1 (**permalink**) 09-19-2005, 03:06 PM

I was checking out the latest rates being given by Emigrant (3.50%) and ING (3.30%) and noticed that HSBC Online Savings offers 3.75%. Has anyone opened an account with them considering they're giving 35 bucks to open (compared to ING's 25)? If so.. any good?

Thanks in Advance,
Barb

Bluezy · #2 (**permalink**) 09-20-2005, 08:51 AM

I remember seeing something about that...I will check through my emails and see what I can find.

ken1706 · #3 (**permalink**) 09-20-2005, 09:51 AM

I've been waiting to open that Online Savings account so I could take advantage of a signup bonus. I've contacted HSBC a couple of times and they tell me it's not for the general public (just for qualifying customers). They do have a $50 Smart Package signup bonus open to all but it has some extra requirements.

So I can't comment on my experience with them, but their savings account features seem just as good as ING or ED. HSBC also offers checking accounts which ING and ED do not offer.

BTW, there's also a discussion of HSBC at this thread.

smmasi · #4 (**permalink**) 09-20-2005, 12:56 PM

ED just raised rates to 4%!!

TBH · #5 (**permalink**) 09-20-2005, 01:01 PM

Quote:

Originally Posted by smmasi

ED just raised rates to 4%!!

Okay, ING better get with the program.

Amytheamazing · #6 (**permalink**) 09-20-2005, 03:02 PM

There is a link posted on the ING/Emigrant thread that has a link to get the $35 bonus from HSBC for a new savings acct. I just used it and it worked so I think I will get the bonus. I'm waiting to confirm my funding account so I'll let yall know for sure in a few days.

stanleyjohnson · #7 (**permalink**) 10-01-2005, 07:29 PM

HSBC is another online bank doing average monthy balance interest especially when HSBC pays interest on 10th of month and not end of month.

I'm waiting to hear what they charge for closing account in under 3 months.

Read fine print. There is a big difference between compounded and average balance when you deposit or withdraw your money and are not aware of HSBS monthly interest closing dates.

And read fine print on points charged if an interest only or equity loan is paid off early.
Points can add up to big bucks depending on length and amount of loan.

stanleyjohnson · #8 (**permalink**) 10-01-2005, 09:17 PM

HSBC has a $25.00 dollar fee if you close account in under 180 days.

And if you open account with minimum balance and carefully deposit say 100K one day before end of monthly interest cycle interest is not figured on opening say 1K and 100K ending for 50K average.
Interest is figured on 1K for nearly 30 days and 100K for just a day or so depending when you get it in.
WHich is saying it is not average balance more a weighted balance and for sure not compounded.

Compounded balance is a much better way to compute interest which might be a good indication why HSBC pays 3.75%