HSBC Direct Bank Reviews & Ratings
Posted On: 6/15/2008HSBC is the best LOCAL BANK to use for NYC for where I live.
I compared all the banks that have local high rate accounts. HSBC is the best bar none with the highest rate now at 3.50% with $1 min and a linked Online Payment Account with a decent rate as well. I highly recommend HSBC to use as your bank if you have a local branch.
HSBC’s limitations are antiquated website and IT systems on the user end and at the ATM machines. They do not have check scanners at the ATMs or record cash deposits immediately and the HSBC Easyview system has been problematic. I switched over to a free servide at Mint.com which is performing better overall.
HSBC is the World’s Largest Corporation to boot with a huge global footprint.
There is no perfection in banks but HSBC is the most competitive offering as of today in my marketplace.
Posted On: 6/11/2008I have used HSBC in Florida and New York City. I liked their online account for full access at their ATM’s too. Linked the online account to a free checking account in the bank. Then I can use the teller windows to deposit and withdraw money to the online account(via an immediate transfer at the ATM machine). Also no max 6 withdrawal limit from online account when using the ATM machine.
Posted On: 6/11/2008i had an online savings account and after they told me they lost my deposit i told them that i would have to put a stop pay on the check and then they later decided to find it after many weeks they then tried to deposit it after being told not to and when they came back with the stop pay they tried to tell me i wrote a bad check and closed my account i dont understand how they can think that you wont put a stop pay on a check mailed for deposit even after they tell you they lost it and are surprised that after many weeks they cant collect on it
DO NOT USE HSBC
Posted On: 6/08/2008I have had only positive experiences with HSBC since opening an online savings account three years ago and a checking account a year ago at the Glendale, California branch. As long as their rates are near the top, I will go back to HSBC. The only down side is the slow ACH transfers but they do allow an unlimited number of banks to be linked with an HSBC account. The monthly statements are easy to understand which is another plus. And besides, the folks at the Glendale branch let me bring my dog into the bank when I need to do some brick and mortar banking.
Posted On: 6/02/2008Wake Up banakholic! HSBC’s interest rate went up to 3.50% APY.
Posted On: 3/30/2008Interest rates keep dropping because the Fed keeps cutting interest rates. HSBC is not trying to lure you in at 3.55% APY just to drop the rate right after you sign up. It amazes me how ignorant this poster is about why rates are dropping.
Is it frustrating? Sure it is frustrating to see rates continue to drop but interest rates are dropping across the board on all banks. You can bank hop all you want and eventually you’ll realize that every bank has to cut interest rates. Look for the quality of the bank not just the rates and you’ll see that HSBC is a trustworthy bank with good customer service and easy web interface.
Posted On: 3/28/2008I’m still happy. Sure I miss the 5.05 but the local banks are under 2% on cd’s now. 3.05 doesn’t look too bad.
Posted On: 3/25/2008I DO ALOT OF ONLINE BANKING HSBC IS MY TOP PICK WITH ETRADE NUMBER 2. I RECOMMEND BOTH HSBC AND ETRADE. I LEFT USBANK WHICH IN MY VIEW IS THE WORST BANK ON EARTH. HSBC IS GREAT I PAY ALL MY BILLS AND HAVE SAVINGS WITH HSBC. GO WITH HSBC AND ETRADE. I RECOMMEND THEM.
Posted On: 3/07/2008I am amused at how many people criticize a bank for their low rates when it stems from the Fed. In any case, opened an hsbc direct account yesterday and it has gone smoothly thus far–I even “tested” their customer service with a call–I was speaking to someone within 30 seconds and they were foreign, but clear and helpful. If you want to be a bank hopper because of rates, go ahead, but rates are bound to go down everywhere right now, so I go with customer service.
Posted On: 2/07/2008When I signed up with HSBC Direct when their rate was at 5.05%. As of today (February 7, 2008), HSBC’s rate stands at a measly 3.55%!
Whenever the Federal Reserve Bank announces an interest rate cut, HSBC Direct quickly lowers theirs. They still claims that they pay one of the highest rates in the country, but it seems to me that they are paying about the same rate that other internet banks are paying.
If I didn’t have a linked checking account with HSBC, I would have closed this account by now!
Posted On: 2/04/2008It was good while it lasted, 5.05% for a while, but recently down to 3.55%. Ahh…we’re getting close to the traditional bank rates here. I’m leaving.
Posted On: 1/29/2008interest rate drops to 3.80%!
im outta here
Posted On: 1/29/2008Does anyone know OneUnited’s current rate? It may be worth switching…3.80% is not what I would call a high rate savings account.
Posted On: 1/29/2008Rates dropped from 4.25% to 3.80% today
Posted On: 1/13/2008Rate keeps going down. You better swiitch…
Posted On: 1/10/2008Just moved my savings out of HSBC into Countrywide. Countrywide transfers are much faster, and HSBC rate just keeps falling. Was good for a while, but go get yourself a better rate.
Posted On: 1/08/2008Transfers take 3 to 7 days while hanging in limbo. at 4.25 apy, 1 dollar is all that remains in my account after finding greener pastures, red tape? they can keep it
Posted On: 1/03/2008Hey, 1/03/2008, What kind of red tape do they give you?….Im about to close out mine there too…went to Countrywide
Posted On: 1/03/2008Recently raised fees for foreign ATMs to an astounding 3%. They also give you a lot of red tape and hassle when trying to close your account.
Posted On: 12/31/2007I have been with HSBC for almost 2 years and never had any issue. The rate is killing me It used to be 5.05% now its 4.25% where as UFB Direct you can also open an account with as little as $1 and they give you 5.22%. Its very easy to open an account.
Posted On: 12/28/2007time to leave HSBC, been with them over an year, almost 2. The interest rate keeps going down, from 5.05 down to 4.25, love the ATM card, been to different countries and made withdrawals for free.. but thats not enough
Posted On: 12/23/2007dropped to 4.5 a few weeks ago, now 4.25% .. time to leave
Posted On: 12/22/2007Been with HSBC for over 1 1/2 years. Ive never had any problems where I needed customer service. As others have stated, the transfer process from a non-HSBC account is painfully slow – usually 3-5 days. I started with them at 5.05% apy. Rate cut to 4.5% a few months ago and now cut to 4.25%. At each cut I received an email. I like HSBC however I will be shopping for a higher rate.
Posted On: 12/20/2007my 6-figure balance at HSBC will be moving ASAP…..down to 4.25%
Posted On: 12/20/2007Just went down to 4.25%. Its been real HSBC, but the partys over.
Posted On: 12/13/2007Bank to bank transfers are fast.Have maintained rate at 4.5% unlike other banks.
Posted On: 12/13/2007Been w/HSBC about a year now…I too received an email notifying me of a .5% decrease in fall 07…Setup was very easy WITH NO ID REQUIRED THROUGH MAIL like other banks such as Zions….It was VERY easy to add an account for bank-to-bank transfers though it has taken 3-5 business days for the money to actually e there each time…thinking seriously about Countrywide–hoping they wont ask for a copy of DL through mail….anyone know?….HSBC has a thorough security log-in process that I like
Posted On: 12/08/2007If you are already use HSBC for your everyday banking or can switch, this is a great account to have. Transfers between your HSBC checking and online savings accounts are INSTANT and can easily be done online. Interest rate was 5.05% for a year before they lowered it to 4.50%, but unlike what somebody else posted, I got an e-mail notifying me in advance. I had no problem with the application process at all. Savings account can be accessed from ATMs and ATM fees at non HSBC ATMS are refunded! Rated best online bank account by Kiplingers. HSBC is the one bank I can stand – I used to use only credit unions because of crappy money grubbing banks.
Posted On: 12/05/2007worst banking experience ive ever had. their bank to bank transfer process is extremely slow and if they suspend your bank to bank transfers impossible to reinstate it. im taking my banking elsewhere.
Posted On: 12/04/2007Probably my worst online banking experience next to Bank of America. I would stay away from these people and their cumbersome and frustrating application process.
Posted On: 11/27/2007interest rate dropped to 4.5 shortly after i opened account.transfers are painfully slow.
Posted On: 11/15/2007Ive had a savings account with HSBC for about 2 years. Ive never had reason to complain. No credit cards so problems others have with due dates doesnt affect me. If you are keeping track of your accounts regularly then you should be on top of those interest rates.
Posted On: 11/13/2007never had a problem online in 2 years
Posted On: 11/05/2007I have had NOTHING but problems with HSBC. Very long time to get account set up. Transfers take 4-5 business days. They reduced their interest rate from 6% to 4.5% overnight with no notice to customers. Customer service poor and wait time exceeds 20 minutes. STAY FAR AWAY FROM THEM!
Posted On: 11/02/2007Irritated about the random drop in interest rate. Very slow transfers in and out. Phone calls tend to get put on hold for 10 minutes at a time. Most of these problems were deal-with-able until they dropped the interest rate.
Posted On: 11/01/2007Transfers take several days to accomplish- they manage to tie up your money for as few days. The recent interest rate drop to 4.5% came as an unpleasant surprise – no notification from bank. Only discovered it when I went to their website.
Posted On: 10/29/2007This is for the posting for the 10/10/2007 posting. I am happy they ask a lot of info when trying to access my account. That makes it harder for someone else to get there hands on my hard earned money. I like HSBC and havent ran into any problems thus far and have had the account over a year now.
Posted On: 10/27/2007Rate to LOW.
Posted On: 10/24/2007Just like the person reported on 10/14/07. I had the same experience which was very upsetting. Beware dont open an account!!!!!!!!!
Posted On: 10/16/2007be careful taking a credit card from them. the statements dont say this, but if you dont pay the bill 3 days before they say its due, they charge you extra fees. this is only in the fine print. it is frustrating to be told when you are paying a bill 2 days early to be told you owe a late fee. paying by phone always incurs a fee. also, when you take a credit card with a specific credit limit, they let charges go thru over that limit without notifying you, then charge fees for that.
Posted On: 10/14/2007They are horrible!! Easy to setup initial deposit but never received account information via mail. Their useless customer service could never figure out how to send all of my account information. Received ATM card, but not the PIN. Received the userID, but never the password. Useless. Stay far far away from these guys
Posted On: 10/10/2007Stay far away from this banking outfit. They have very bad customer service and are incredibly invasive about your personal information. They will require everything short of a DNA sample… and that is probably coming.
Posted On: 10/06/2007Yep, dont like the drop to 4.5%. Looking for higher yield account now…
Posted On: 9/30/2007hsbc free checking and online savings are the best combos in banking world.
Posted On: 9/28/2007Great for people in global cities, limited accessibility outside of the top major cities. Has great online service. Ive been using HSBC for over 5 years and theyre pretty solid. Customer Service through their internal BankMail is reliable and helpful. Im afraid almost all banks are going to drop their rates in the next few months but am definitely looking around for banks with accessible branches. I am happy to keep my money here for now, though.
Posted On: 9/27/2007Like others, Im also frustrated with the interest rate drop to 4.5 without any plausibe explanation. Im here looking for another place to move my fiunds but cant find anything more reliable.
Posted On: 9/27/2007Good website, good security but I am really frustrated about the HUGE interest rate drop from 5.05% to 4.50%. Yikes! Am on this website to look for something more competitive.
Posted On: 9/27/2007Been with HSBC for a year now,very displeased that rate is just 4.5% now.Will be shopping around for higher return now.
Posted On: 9/27/2007Its really upsetting that the rate has dropped to 4.5%. No detailed explanation. It make you wonder what will happen to the others?
Posted On: 9/27/2007good website, no hidden fees but just dropped to 4.50 which is now below many in the 5% range which is very frustrating
Posted On: 9/26/2007I originally funded my HSBC account in April 2007. It started at 5.5%, then went to 5.05%, now I just got an email saying that its been adjusted to %4.5… Needless to say, Im looking for a place to move my money. Positive notes: Great perception of website security and usability. Fairly friendly and knowledgeable phone support.
Posted On: 9/26/2007I just got an email saying that my online savings account now only pays 4.5%. I called to ask why and was told that it was a government adjustment and they had to make this change, which makes no sense to me. Ive been very happy with this bank, keeping both online savings and a checking account so I could transfer money back and forth very easily, but it looks like Ill be shopping for another online bank soon to get a better rate.
Posted On: 9/26/2007Their rate is now 4.5% I dont know when it changed though. Sometime witin the past couple weeks I would guess though.
Posted On: 8/22/2007I have had my account for 2 months and have had no problems. The transfers take a while, but how often do you take money out if you are going to use it as a savings account? Good APR and no hidden fees so far. Stay away from Citibank online though. Citibank said 1$min balance and no fees plus free $50 for opening an account. When I did, Citibank charged me $9.50 for having a balance under $1500. The $0.00 fees became $9.50 and the $1 minimum balance became $1500 after 2 months. I am now putting all my money in HSBC and will watch for any hidden fees. It seems great SO FAR.
Posted On: 8/22/2007I initiated a Bank to Bank transfer on Thursday August 16, 2007 at 10AM and the funds were received Wednesday August 22 at 1:45am.
Posted On: 8/08/2007Overall, I have quite nice experience with them. You can set up transfer links to many bank accounts at the same time. Got a near-personal acknowledge email about a large deposit while the other banks simply ignore you at all. Not the best rate but Ill keep using them.
Posted On: 8/04/2007OK Bank and Rate. Transfers take too long though. It can take 3-4 business days to deposit money.
Posted On: 7/09/2007GREAT BANK, VERY PLEASED WITH THIS MONEY MARKET ACCOUNT.
Posted On: 7/03/2007They will steal your money
Posted On: 6/24/2007No problems, found no hidden fees, and surprised me by a real person answering right away for support
Posted On: 6/18/2007THEY SUCK
Posted On: 6/18/2007Simple transactions. Decent rate. 3-4 business days to transfer.
Posted On: 5/14/2007cant go wrong with HSBC
Posted On: 5/13/2007Most reputed comany I have ever seen and highly recommended.
Posted On: 5/11/2007had some issues with them in the past. Still would recommend them as their customer service is very good.
Posted On: 5/11/2007Well HSBC is one of the best bank for me because its worldwide bank and have a good record with payPal deposite.
Posted On: 5/11/2007wish they still had the 6% bank deal
Posted On: 5/11/2007i put my daughters college money in a HSBC account i opened for her. no problems at all, and transfers are pretty fast
Posted On: 5/11/2007great experience with HSBC. they have 2 branches by my house too
Posted On: 5/11/2007Had serious issues with them while doing my taxes one year 
Posted On: 5/11/2007Had serious issues with them while doing my taxes one year
Posted On: 5/11/2007Had serious issues with them while doing my taxes one year
Posted On: 5/11/2007they came out of nowhere, but their ACH transactions are pretty fast
Posted On: 5/11/2007Nice with the $1.00 deposit and decent APY rate.
Posted On: 5/10/2007Minimum deposit of $1 is too low… They are providing a good services.. Having good experience with this bank in past..
Posted On: 5/10/2007Low deposit mandatory for such a reputable institute.
Posted On: 5/10/2007these guys were cool when they had their 6% APY deal. however, that ended a few months ago.
they have a nice online banking interface though
