Online Savings Accounts :: HSBC Direct vs E-Trade

The most preferred Online Savings Accounts: HSBC Direct or E-Trade

The HSBC (Hong Kong Shanghai Banking Corporation) Direct Online Savings Account is the favoured choice among majority of the consumers. One of the largest banking groups in the world, HSBC is one of the first banks to provide an extremely high interest rate on online savings account HSBC Direct is a lucrative and interesting option for anyone who needs to save money, earn higher rates of interest, and stay liquid. HSBC DIRECT enhances the growth rate of savings at an annual rate of 5.05% APY.

In order to automate the online savings account, the consumers have to link their existing checking account to HSBC Direct savings banking. Once the checking account has been linked, they can transfer money in and out of the account easily and conveniently or spend it with the HSBC Online Banking Savings ATM card. HSBC enables its customers to access their savings account via ATM card.

Besides paying a very high interest rate, the HSBC Direct savings banking offers certain other attractive features; there are no fees or service charges and no minimums. The HSBCdirect is also customer friendly. The signup process is also quick and the account management section is similar to that of any other online banking site. One of the attractive features of HSBCdirect is the ATM card which allows customers to withdraw cash without having to transfer it to another account first. In brief, HSBCdirect offers a very high interest rate, easy online account setup & access, no setup fees, no regular fees, and no account minimums, an ATM card, good customer service, available toll-free 7 days a week and FDIC insurance.

The ETRADE Financial Corporation (Etrade) offers financial products and services to its customers including brokerage, banking and lending products, internet based financial products and services and caters specifically to retail, corporate and institutional customers. The company provides banking and lending products such as checking and savings accounts, money market accounts, certificates of deposit, credit cards, and mortgages.

E-Trade offers a host of incredible features such as 5.05% APY, no fees, an automatic savings plan, link to other bank accounts and $1 minimum to open. In addition, E-Trade offers an exclusive range of online banking services- a high-yield savings account, free checking and bill payment. The major advantage of E-Trade banking is its merger with E-Trade discount brokerage accounts. E-Trade also reimburses fees for five non-E-Bank ATM transactions per month.

Nayanathara. S

Hi-Tech Editorial Division