I thought I should write on something totally different, I emphasis a lot on debt but as we see more banks in distress and the economy unstable. Let’s talk about savings accounts shall we?
A direct online savings account may be the answer for you. HSBC is a full service banking institution that offers different types of accounts, such as investments, savings, currency exchange, credit cards, and basic online banking. When it comes to direct HSBC online savings accounts, you have several choices.
Your choices include online saver account, serious saver account, fixed deposit accounts, and currency savings account. The online saver account, is direct HSBC online savings, that is interest bearing as well. This account is available for USD, Euro, and Sterling.
You can always have access to your money at any time day or night and you have the ease of online account management. Online account management allows you to transfer funds or view online statements. The interest is calculated on a every day basis and each month, any interest your account has accrued will be paid.
The serious saver account is also one of the many direct HSBC online savings accounts that are available. With this account, you must have an opening deposit of $10,000 £5,000, or €10,000. Your account can be managed in two different ways, by phone or on the internet. The rates are determined by your account status, such as premier or not.
The fixed deposit account is a different type of direct HSBC online savings account. This type of account accepts fourteen different currencies and earns the highest rate of interest of all the savings accounts offered by HSBC. The great thing about this type of account is that the interest rate you earn is fixed for as much as five years. The more your deposit increases, the more your rate of interest increases as well.
To open a direct HSBC online savings account is absolutely free; there is no deposit fee or fees annually as well.
Another great thing about the fixed deposit account is that you can save money on bill payments or money transfers internationally. The downside is the amount of the initial deposit you have to make. The amount must be equivalent to $10,000 USD.
You might want to watch withdrawals with this type of account as well. If you withdraw before the account reaches maturity, you will have to pay a handling fee of £250, as well as any costs that HSBC is responsible for to fund that payment.