HSBC Online Savings

Answer 1

Amid an economic climate that is less than ideal and continually uncertain, people around the world have been forced to rethink their spending. Indeed, many of them have traded spending for saving, which has reinforced the importance of a good savings account that offers excellent rates and benefits to the average consumer.

Known around the world as one of the best commercial and consumer banks, HSBC has recently unveiled its Online Savings Account, a free account that is available to any of its customers -- or new ones entirely. It promotes a great rate on savings and comes with all of the traditional benefits included with regular savings account. However, it can be managed online and is entirely paperless -- making green in addition to financially beneficial.

Great Rates and Fees

Typically, savings accounts have high minimum deposits to even get started -- hundreds of dollars that cash-strapped consumers in these harsh economic times might not have. That makes it hard to even get started saving. HSBC's online savings account is different in this regard, however, as the company requires a pretty easy and basic opening deposit: just one dollar.

On top of this excellent opening deposit requirement, the account comes with no minimum balance in order to continue saving without incurring monthly charges just for having the account. That, again, is a huge boon to consumers in uncertain financial times who may be putting away just small amounts each week or month. Additionally, there is no requirement to open or maintain a separate or linked checking account with HSBC at all. The savings account is permitted to stand on its own, with no fees, for as long as the customer wishes to maintain it.

Online Benefits and Branch-Free Operations

The HSBC Online Savings Account is completely branch-free, meaning that all transactions can be done online or at an ATM with the company's debit or ATM card issued at the time the account was opened. That helps the bank keep fees low, but it means that customers will need to be within range of an ATM. Conversely, a customer who wishes to direct deposit their savings could open this competitive savings account from anywhere within America and never have to interact with a bank ATM.

HSBC is leading the way in the "small savings" market, which enables customers to save only as much as they can, only when they are able. Its small opening deposit and lack of monthly minimums or fees make it perfect for the average consumer who is just trying to ride out a tough economic climate with a modest savings.