pros and cons of HSBC Direct Savings HYSA?
thinking of parking my savings in HYSA. Currently using Wealthfront and their 0.35% is not at all appealing. HSBC is the only well known global bank that offers better interest rate at 1.7%. are there any down sides to opening an account with them? secret fees?
Taylor Farms belonita May 2, 2020
Cons: HSBC pros: there are no pros with HSBC
LinkedIn U💰S💰D May 2, 2020
I have it. It’s pretty good. No fees whatsoever if you have $75K and you become a Premier client.
Microsoft Yazz31 May 2, 2020
I have ally. No gimmicks, minimums and has a checking account option w/ debit card. Have had account for almost a decade now and love it.
EATON 🍓.. May 2, 2020
Amex Savings accounts offer similar rate
The biggest downside to the HYSAs are that your money isn’t immediately available via debit card/checks, APY can change without notification, and it usually limits withdrawal. Not sure about HSBC, but I have discover which is now at 1.4% (previously 1.5-1.6) but they offer it at no minimum balances and up to 6 withdrawals a calendar month. You should absolutely do an HYSA because most banks’ typical savings accts are garbage APY, but just make sure you can have a day or two without immediate funds if it comes to that. And make sure it’s not just a promotion rate where it drops down to a different APY after a few months
From Bankrate.com about HSBC: “Treat closing the HSBC Direct Savings account like a six-month CD, since if you close it within 180 days there’s a $25 fee. The money deposited into your HSBC Direct Savings account must be new money – from outside HSBC. The account doesn’t have an ATM or debit card available for it”