Are online banks recognized as the leading providers of high yield savings accounts? Certainly. Online banks are known to have some of the higher interest rates around, along with low or no fees that have become major selling points for them. No wonder they’ve become a popular alternative for banking, with more and more consumers and savers choosing to work with these banks. They’ve been hitting their stride!
The truth is, just as there are tons of choices in traditional banks, there are also a ton of online banks to choose from as well. These banks offer a variety of services, so how about we take a look at one of the more popular ones in the industry, to find out what we can expect from this type of financial institution? Let’s see how HSBC Advance measures up.
HSBC Advance Review: Top Savings Account
Here is why I favor HSBC Advance’s online savings account as a viable option for one’s savings:
- Usability. I enjoy the HSBC website overall. I personally find it easy to navigate, with clearly marked tabs for categories and easy access to support (and help). It is laid out cleanly and simply, in a clutter free fashion.
- Great customer service. The site offers a variety of options for access to customer service, which should make it very easy for anyone to get their issues addressed at the bank. What also gives me a high level of confidence is the fact that HSBC Advance is affiliated with HSBC Bank, which is its brick and mortar counterpart.
- High interest rates and good returns. HSBC Advance has a high yield savings account available. From what I’ve seen, this savings account remains highly competitive, with an interest rate that is currently at 1.10% APY.
- Variety of banking options. HSBC Advance gives you the ability to link to any number of accounts from other institutions. You’ll also be able to use HSBC ATMs wherever they are located. As a customer, you’ll receive an ATM card which you can use at any of the bank’s ATM machines. You may also decide to apply for a checking account here, which you can then link to your HSBC Advance online savings account.
- Fee structure. HSBC Advance boasts no monthly fees and no minimum balance requirement. Account holders can transfer money without incurring fees, and you can even open an account with just $1!
- Solid reputation. HSBC Advance has a great reputation in the financial industry. Customer support is well regarded — proof being that in 2006, Kiplinger’s Personal Finance magazine honored them with awards for “Best Customer Service” and “Best Overall Online Savings Account”. Not only that: in 2007, Money Magazine gave them the nod for “Best of Breed”.
- FDIC Insurance. All good financial institutions are FDIC insured! And you guessed it — HSBC Advance savings products are covered by FDIC insurance up to the stated limits.
HSBC Advance also has some great tools and technical features that you’ll be able to appreciate as a customer and web user. They’ve got functionality to support a checkbook register online, called “Registers”, and also have “Easy View” which is a feature that allows you to aggregate accounts for easy money management (via Yodlee). With Easy View, you’ll be able to see all your account information in one place, just by using a single password. All in all, I believe that HSBC Advance is definitely one bank you can confidently consider for your savings funds.