While there are many online banks to choose from today, HSBC Advance is the second largest bank in the world. HSBC Advance, the on-line version of HSBC Bank USA, has many features that other online banks offer with a few differences. In this HSBC Advance Review you will learn the advantages and disadvantages of having an online bank checking or savings account.
Advantages of HSBC Advance Online Account:
High Annual Percentage Yield (APY):
When compared to other online savings accounts that offer little or no interest on a savings or checking account, HSBC has consistently been at the top of the bank rate list by offering a high annual percentage yield.
No Fees:
HSBC Account holders are not charged any fees or minimum monthly balances (it only takes one dollar to open an account) for having your money in the account or transferring it to another financial institution. Many on-line banks charge you to transfer your money to another account. You have the option of being issued a debt card at no charge and are free to use at any HSBC ATM.
Easy and Secure Online Account Management:
Disadvantages of HSBC Advance Online Account:
New Account Opening Process:
The process of opening the HSBC Advance account, transferring money to the account, and receiving your account login information can take up to three weeks. Opening the account online is easy and requires the usually information; your Social Security number, drivers license number, home address, employer’s name and address, and the routing and account numbers of the bank account to fund your HSBC savings account. Sending test deposits to your current bank account takes 3 business days to confirm your identity. Most accounts will be placed on hold for the verification process and will have to be contacted directly by phone, this can take an up to 5 business days. After the phone call verification you will receive an email to login to your account. However, the password to your account is mailed (snail mail) to your home address which can take another 5 business days to receive. Many competitive online banks can be opened, accessed, and funded in less than 5 business days.
Transferring money to or from your HSBC Advance account:
Compared to other online banks, HSBC Advanced has had complaints of a longer than average time to complete a financial institution transfer. The average lag time is only a day or two compared to other online institutions, but could make a difference to some account holders.
HSBC Advance Review – The Bottom Line
HSBC Advance, which opened in 2005, is one of the most popular online bank accounts and was rated “Best Online Savings Account” by Kiplinger’s Personal Finance in 2006. They offer some options the other banks do not such as, unlimited linked bank accounts with EasyView account management. The new account opening process will not make some people happy or the day longer account transfer times, but you do earn more interest on your money once it’s in the account. The best online bank account is one that is going to fit your needs best and for a lot of people HSBC Advance does the job.