HSBC Direct

HSBC Direct currently offers a 6.0% APY for all new savings accounts through April 30th. Its standard rates (non-promotional) are 5.05% APY. This rate has risen over time and continues to be the highest offered by a major online bank. The graph below compares their rates to the national averages.



HSBC Direct also has no monthly fees, no minimum balance requirements (aside from $1 to start the account), and many other features. It was one of the first online banks to offer an ATM card and also allows free transfers to other bank accounts that you attach to it.

We called HSBC Direct to inquire about their offerings and were surprised that they were not only available 24/7, but also had a very friendly and helpful staff. While we found ING Direct's staff more willing to stay on the line longer, HSBC Direct's staff was definitely helpful and to the point.

Overall, we would recommend HSBC Direct for those looking for an online savings account - especially if they open an account under the ridiculously high promotional rate! Check out their offerings by visiting HSBCDirect.com.