Best Reviewed
Online Banking
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- Offers separate, interest-earning bill-paying account
- Good customer service
- No paper checks available
- Only a 2-star rating for stability
- Middle of the pack for customer service
- Not the easiest web interface
HSBC Advance (formerly HSBC Direct) is an Internet bank, but you can also conduct business at HSBC Bank, which has branches in several states. Gone are the days when HSBC Advance ranked around the top for its return on online savings; reviews now position it more in the middle of the pack. Terms are good: You can open a savings account with only $1, and there's no minimum balance to maintain. Three ATM fees (from non-HSBC ATMs) are reimbursed each month. A free online bill-payment account is also available, with quick transfers between that and savings. For a savings account that gets higher ratings from reviewers, experts recommend ING Direct.
HSBC Bank is included in the most recent customer-service ratings at Keynote Systems, Inc., the most detailed and recent ratings we found. BankRate.com includes the parent bank of HSBC Advance in its Safe and Sound bank ratings. We found older reviews of Internet banks at CNNMoney.com and Kiplinger.com, plus even earlier comparison rankings at Forbes.com. Two blogs include HSBC Advance in their reviews of the best Internet banks; GetRichSlowly.org is constantly updated.
Our Sources
HSBC ranks second to last among the 24 banks rated here for customer satisfaction, though it isn't made clear where it ranks here for more specific tasks and factors.
Review: Keynote Scorecards for Financial Services/Banks, Editors of Keynote Systems, Inc., April 28, 2010
2. Bankrate.com
HSBC Bank USA earns a 3-star rating out of 5 here for banking stability.
Review: HSBC Bank USA, National Association, Editors of BankRate.com, March 31, 2010
3. CNNMoney.com
Rated one of Money magazine's top three online banks in 2007, HSBC Direct gets points for paying interest on its bills-paying account, which is separate from a savings or checking account.
Review: Online Banks: Best of the Breed, Carolyn Bigda, Aug. 3, 2007
4. Kiplinger.comDetails/Subscribe
This 2007 review names HSBC Direct as the best overall online savings account, praising its customer service, ATM card, easy terms and high savings return. A December 2009 review of Internet banks at Kiplinger.com picks Ally Bank as the current favorite.
Review: The Best Cyberbanks, Thomas M. Anderson, February 2007
Forbes.com offers some short editorial reviews that unfortunately don't bear any dates. HSBC isn't particularly recommended. Editors say there's "probably no compelling reason to leave your existing bank to come here."
Review: Forbes Best of the Web: Banking, Jeanhee Kim
This review mentions HSBC Direct's rating as "best online savings account" by Kiplinger magazine. This is based partly on features and rates, partly on users' assessments of "excellent customer service, great rates, and a good user interface."
Review: Best High-Yield Money Market & High-Interest Savings Account, J. D. Roth, Aug. 10, 2010
About three dozen users give HSBC Advance mixed reviews here, with some complaints about poor customer service and slow electronic transfers -- though some users are very happy with both.
Review: HSBC Advance Online Savings Account -- Reader Reviews, Contributors to eMoneyCentral.com
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