Comments on: Review Of HSBC Direct High Yield Online Savings Account Bank

By: JJ

JJ — Tue, 11 Aug 2009 03:01:46 +0000

West to answer your question, HSBC has $3.00 transfer fee per transaction. This is from the Terms and conditions section #18. The following Service Charges apply to all Consumer Checking and Savings Accounts when completing a transfer from HSBC to another financial institution. These charges do not apply to a customer that owns an HSBC Online Savings Account, HSBC Premier, or Domestic Private Banking account.

By: West

West — Tue, 17 Feb 2009 00:12:46 +0000

Can anybody verify it HSBC charges for incoming and outgoing ACH transfers to other online savings bank? There are other options I would like to explore with higher interest rates but none of them offer the local presence that HSBC has in the nyc area. If i can transfer my funds to an external account and take advantage of a higher interest rate, that would definitely be the way to go

By: Marc

Marc — Wed, 04 Feb 2009 11:03:42 +0000

I’ve been depositing into an HSBC direct account for months now and have yet to use the ATM or Branch options – done everything via ach transfers.

I wanted to confirm a claim made above – Are there truly no ATM fees and can I go to branches? I remember hearing that, due to the way HSBC is structured, HSBC direct is technically some type of subsidiary of HSBC and, as a result, branch access was limited and ATM fees WERE charged!

Can anyone point me towards documentation that verifies the claim above? I can’t find it!

Thanks,

By: Tom

Tom — Sat, 24 Jan 2009 21:51:44 +0000

I opened an online account on Jan 3. The initial funding moved on Jan 5. By Jan 6 I received my telephone PIN in the mail. I thought things were going well. And then the trouble started. While I was supposed to receive my OnLine user ID in 1-2 business days, I actually didn’t receive it until Jan 13. And while I was supposed to receive my online password in the mail in 5 business days – I still don’t have it. I called customer service, the only thing they could do is cancel the old password and issue me a new one, by mail, which I should receive in 7-10 business days! It may very well take A MONTH, before I can actually use this account. Unbelievable for an “OnLine Account”

By: Elizabeth

Elizabeth — Wed, 21 Jan 2009 15:56:24 +0000

I have had one of these accounts since 2005. I was a college student at the time looking for a way for my money to grow. I have mutual funds and stocks but I wanted money that would be fluid so I figured this would be a perfect option. Even though the interest rate has gone down (darn fed.) significally since I have opened the accout I am still happy with my choice. Transfering between my different banks is easy, ability to use the local HSBC ATM makes cash deposits easy, and the service line if you have any questions is very helpful.

By: Raymond

Raymond — Fri, 09 Jan 2009 21:53:16 +0000

Eric,

Actually, HSBC is a British bank believe it or not. Yeah…that Hong Kong part threw me off initially as well. Until recently, I had always assumed it was a Chinese bank…but the bank’s based in England. However, with globalization and the rise of multi-national companies, it’s getting harder to say what country a particular corporation is from.

Isn’t self employment great? No more bosses, no more annoying commutes, no more road rage. I do miss having co-workers and engaging in the proverbial water cooler chit chats though. But the freedom and independence I gain are worth the price.

By: Eric Newton

Eric Newton — Fri, 09 Jan 2009 21:46:38 +0000

Personally, I’d like to stick to banks that i “think” are US based… Isn’t HSBC a more Asian based institution?

Great article though, thanks! Congrats on hitting the self employed world… I’ve been out in the wild for about a year myself now, and its amazing how much more energized I feel and the amount of money, I feel like I’m no longer constrained only but my own will to just look around and take job opportunities…

Cheers