I’m noticing more and more people flocking to liquid accounts recently. One of the more popular online savings accounts out there is the HSBC Advance Online Savings Account, offered by one of the oldest and most established banks in existence. If you’re concerned about just how solid your financial institution is, you may have less to worry about with this bank; according to Forbes, as of last year, HSBC is the fourth largest bank in the world in terms of assets and was considered the most profitable bank in the world in 2007.
Granted, these days, we’d be lucky to find an online account offering 2% APY. HSBC’s savings account is now at 1.10%, but it’s still a good place to park your assets for the liquidity and security it gives you.
So what are you getting by signing up with HSBC Advance, the online arm of HSBC?
Our HSBC Advance Online Savings Account Review
Here are 10 reasons to like HSBC Advance. Some of this bank’s features and benefits:
1. No monthly fees, no minimum balance requirement.
Like many other desirable savings accounts out there, you won’t be subject to any fees whatsoever. You can transfer your money as much as you like without incurring fees. Ditto with using your ATM card as much as you need to — no ATM fees from this bank. Plus you can open an account with just $1!
2. Links to an unlimited number of external accounts.
You won’t need to open a checking account in order to partake in the benefits of HSBC’s savings account. That’s because you can link your HSBC savings account to any number of other accounts you already have! I like the convenience you get with the ability to perform seamless online transfers.
3. Highly regarded and awarded.
Their customer support is available around the clock and has a great reputation, so much so that they even received Kiplinger’s Personal Finance magazine’s award for “Best Customer Service” in 2006, along with the “Best Overall Online Savings Account” honor this same year. They received the latter award because of their strong customer service, ATM card network, their $1 minimum balance requirement and relatively high return. The next year, Money Magazine gave them the “Best of Breed” honor in 2007. Their most recent award is from Forbes, which has ranked HSBC as number one in their annual Global 2000 ranking in the Forbes April, 2008 issue.
4. Access to your money through HSBC ATMs. Receive a free ATM bank card or debit card.
HSBC Advance customers have access to the HSBC ATM network; this means that account holders are able to perform free transactions (deposits and withdrawals) via ATM, using their ATM cards. This feature isn’t too common among other online bank accounts, so this bank has a leg up in this regard.
5. Check writing is available via HSBC Checking.
If you need to write checks, you can open a checking account with HSBC and conveniently link it to your HSBC Advance savings account. Transfers are free and easy between your accounts.
6. High yield interest rate that’s several times the average bank rate.
As mentioned, HSBC Advance is one of the higher yielding online savings accounts out there. They remain highly competitive in this arena, with an interest rate that is currently at 1.10% APY.
7. Great customer service.
As a customer, you’ve got access to top-notch all-around-the-clock customer service. No surprise that HSBC Advance received Kiplinger’s award for best customer service a few years ago. Though most online accounts are flimsy and limited with their support, you won’t have that problem with this bank since it’s easy to contact them via online messaging or their toll free 24/7 customer service help line.
8. Easy access to other online banking features.
To enjoy additional internet banking features such as electronic bill pay (one time or recurring) in a highly secure online environment, you can open an HSBC Advance Online Payment Account. It’s what you can use alongside an Online Savings Account for expense management. Not only this, if you’re interested in CDs and credit cards, HSBC Advance provides these additional products as well. You can easily move your funds around between various accounts under a single online set up.
9. Use the Registers feature, an online checkbook register.
Speaking of bill pay and expense management, you can track, categorize and manage your expenses better with the use of an HSBC service called “Registers”. It’s an online version of a checkbook register which allows you to manage your spending, reconcile your accounts and obtain reports. Here’s a simple tutorial to show you how it works.
10. Use the Easy View feature.
I’m a fan of having all my accounts accessible in one place to better organize my financial life. Well, HSBC Advance has an account aggregation feature called Easy View that’s similar to what many other popular money management tools offer, and it’s powered by Yodlee. I find this to be a huge selling point of HSBC, since this feature is not one that’s commonly provided by other institutions. With Easy View, you’ll be able to review, manage and track your online bank accounts, investments, mortgages, loan and credit card accounts under the same umbrella and using one password. It’s a wonderful way to keep tabs on your net worth!
And don’t forget that this savings account is fully FDIC insured!
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