HSBC Online Savings- A Cut Above?

Answer 1

The current volatility in the Stock Market is starting to drive investors towards a safer method of return on their investments. Specifically, some may put a portion of their money in a low risk, low return market like savings accounts. HSBC Online Savings bank in one such savings account that is a great option for investors or even the person that is saving money for the first time.

Higher Than Average Yields

Before the recession hit with full force, HSBC Online Savings Direct offered an average annual yield of around 5.25%. This was about 3-4 times higher than the average yield of other savings accounts. Now, with the current economy, that percentage yield is a little above 1%, however, this is still 3-4 times higher than many other banks.

Ease and Simplicity

The online process with HSBC Online Savings is simple to navigate. Anyone is eligible to sign up. The minimum balance required to open and maintain the account is only $1. You are allowed a great number of withdrawals and deposits per month. Your interest is compounded monthly and your statements are emailed to you. Withdrawals are taken and credited to your receiving accounts within 3 business days. As long as you don't mind the electronic way of banking (withdrawals, deposits and statements), then this online savings account is right for you.

A Safe Way to Invest

The concept is simple. Place money into an HSBC Online Savings account and watch it grow. Know that your money will grow at a safe rate and that you can take it out whenever you need without penalty. It is a great way for beginners that are interested in the basics of investing. It can teach your children the fundamentals of investing within the electronic parameters they are used to. Until otherwise proven, HSBC Online Savings is one of the top savings accounts providing the highest yields. One cannot go wrong with using this bank.