In the reviews, customers say the app is difficult to navigate and designed poorly. The bank's mobile app is poorly reviewed, so if you plan to bank with your phone regularly, then you may want to open a savings account with another institution. See the HSBC Direct Savings Terms & Charges Disclosure for more information. The Awards provide readers with the best cross-industry suggestions for young adults looking to commit to better financial practices in 2019. Stories, strategies, and tips for better personal finance. How SFGI Direct’s savings account compares. Charges and fees may reduce earnings. You can visit a branch if you live in certain parts of California, Connecticut, Delaware, Florida, Maryland, New Jersey, New York, Pennsylvania, Virginia, Washington, and Washington DC. About SFGI Direct SFGI Direct is an online division of Summit Community Bank where you can bank safely and easily with competitive rates on a savings account. The minimum deposit required to open an account is $1, but there is no minimum deposit fee. Since there is no monthly fee, there's nothing special you need to do to avoid it. The main difference between the two savings accounts is the app — unlike HSBC Direct, the Capital One 360 app has received positive reviews in the Apple and Google Play stores. † Make up to 6 withdrawals a month, and open an account in just minutes. If you're already using ABN AMRO Internet Banking, you can easily open a Direct Savings account online. You can also view any accounts you have through HSBC brick-and-mortar branches in your app. With a high-yield savings account from Fidelity Bank Direct, an initial deposit of $500 and contributions of just $100 a month, that goal is within reach. HSBC Direct Savings and Ally High Yield Savings are both known for low costs and competitive rates. 4 Data rate charges from your service provider may apply. You'll also like Ally if your main priority is a high APY. Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. Learn about opening a TreasuryDirect account. Account active I am able to make deliveries to several places within the country and beyond. Available nationwide, Dollar Savings Direct is offering you 0.50% APY on your funds for opening a new Dollar Savings Direct Savings Account. A Comenity Direct High-Yield Savings Account gives you the best of both worlds: highly competitive rates and access to your funds any time you need them. There are some fees to be aware of. ATM/Debit card is not available for this … Other banks apply one single APY to all savings balances. HSBC Direct Savings Account has been ranked as one of the best Savings Accounts for 2020 by The Ascent, a personal finance brand owned by The Motley Fool that rates and reviews essential products for everyday money matters. 5 Federal Reserve Regulation D Transaction Limitations apply. So if you want a combination of online and in-person banking, HSBC will be the better fit. For example, if you had £20,000 and you needed £5,000 of it in two months' time, you could stick £5,000 in the top easy-access account, and then put the rest into a one-year fix. The additional variable rate currently % p.a. Interest is accrued daily and credited to your account every month. HSBC Direct Savings is an online-only account, but HSBC has over 200 branches nationwide, so the bank could be a good fit if you want the option to speak with a banker face-to-face. The first direct Fixed Rate Savings Account offers a guaranteed rate on lump sum balances over a 12 month fixed term. HSBC Bank (Member FDIC) has an online-only savings account with no monthly service or excess transaction fees, and you only need $1 to open an account. Should you open an HSBC Direct Savings Account? New York, Los Angeles, Chicago, Atlanta, Houston, Seattle, Miami, San Francisco, and Washington D.C. HSBC named Best Savings Account for Young Adults by Money Under 30, a leading online site providing free personal finance assistance to young adults. Deposit products offered in the U.S. by HSBC Bank USA, N.A. Some banks tier the rates savers earn based on the balance. See the HSBC Direct Savings Terms & Charges Disclosure for more information. Neither company charges monthly fees. During the coronavirus pandemic, the Federal Reserve has suspended its rule that banks must penalize customers for exceeding six transactions per month from savings. 1 HSBC Direct Savings is an "online only" product, which requires use of automated telephone banking, eStatements, and Personal Internet Banking.This is an HSBC consumer account and is not available as an HSBC business account. This could make HSBC a good fit if you want an above-average rate and are comfortable banking digitally, but still want to visit a branch from time to time. HSBC Direct Savings Account has been ranked as one of the best Savings Accounts for 2020 by The Ascent, a personal finance brand owned by The Motley Fool that rates and reviews essential products for everyday money matters. Below is all the information you need to earn 0.50% APY Rate on your funds when you open a Dollar Savings Direct Savings Account. The pros of the HSBC Direct Savings Account, The cons of the HSBC Direct Savings Account, HSBC Direct Savings compared to similar high-yield savings accounts, Fee-only vs. commission financial advisor, See Business Insider's picks for the best high-yield savings accounts », the Federal Reserve has suspended its rule, Capital One 360 Performance Savings Account, The best high-yield savings accounts right now, How to calculate how much money you need to retire, 24/7 live chat; call 7 a.m. to 12 a.m. That's a nice change from brick-and-mortar banks, which may charge a $5 to $10 monthly maintenance fee. Experience simplified transactions and elevated customer care. as well as other partner offers and accept our. since. 1 The Annual Percentage Yields (APYs) and balances for an HSBC Direct Savings account which are accurate as of {{currentDate}} are: 0.15% APY on balances of less than $15,000, 0.15% APY $15,000 or more but less than $50,000, 0.15% APY $50,000 or more but less than $100,000 and 0.15% APY $100,000 or more. These limitations shouldn't be a problem if you just want to bank online. 6 The HSBC Group operates through a network of affiliates and subsidiaries around the world. I'm sorry to report that SFGI Direct has followed many of the online banks by cutting its online savings account rate.