They just dropped their Online Savings rate .25% without warning... good customer service?

Posted: Oct 21, 2008

I had to use their customer service reps once when I lost my pin #. They make you answer a bunch of questions before giving you any information. Then they mail you the pin number via snail mail. I enjoy that their more security conscious than other banks out there.


If you withdraw money from another bank's ATM, they refund you the bank fee's (up to three times in a month).

Online transfers are a bit too long. I simply withdraw from my bank and deposit directly into HSBC savings. If done before 5pm, money will be in account by 9am the next morning.


FYI: with this account, you cannot deposit money into your account using a bank teller. They said this type of account does not allow such deposits. You must make all your deposits via the ATM.

Posted: Oct 29, 2008

I opened an online account with HSBC about a month ago, the opening process was slower than with ING, but their savings rate is slightly higher as of today (+.25%). I haven't had any problems moving money back and forth between my regular checking account but it does take longer than I expected ~5 days. One feature that they do lack is that I cannot see how much interest I've earned during the current month.

Posted: Nov 14, 2008

Well, I had my savings account with HSBC for about 3 1/2 years now without any problems but I never had to contact customer service till now. I just got married, Updating my last name has been a horror story, it's been over 3 weeks and they just got their forms to me to be mailed back. I have to admit the customer service for the on-line banking is nothing short of inadaquacy, the normal response time for any question is 2 days for simple questions. If or when you call-in, a person will tell you they can't help you over the phone. you'll be told you must use the bankmail link, so you sign on to your account, type your question then they get back to you the next day with the lovely response of: your message has been forwarded to our processing center, Yeah good luck with that; I'm still waiting for my name change. It's a great bank to use until you want customer service. I not feeling the love, It's time for me to find another bank.

Posted: Nov 20, 2008

@ Jeff,

what do you mean you can't see how much interest you earned during the month? It clearly shows it in the summary page.

Posted: Nov 22, 2008

Transfering funds from your savings to your regular checking account is just too long. If you need your funds right away, this is not for you.

Posted: Jan 4, 2009

Castro,

the workaround is to withdraw the money from regular checking and deposit via ATM. If done by 3pm, will be available the next business day.

Also, I just got an email saying the rate has been lowered from 3.00% to 2.60%.

Posted: Jan 5, 2009

down to 1.85% now

Posted: Mar 9, 2009

Ever since the Fed cut the rates, I have been getting emails nearly bi-monthly taking my online savings account rate down farther and farther. The email today said its going to be 1.85% but when I look online at the reports they are giving to the rate monitoring services they are reporting the lowest rate as 2.85% (as of today). Needless to say, we will be transferring to another bank that actually makes it worth having a savings account.

Posted: Mar 9, 2009

HSBC Direct has once again lowered their rates on online savings accounts to 1.65% APY (Actually this drop occurred a few weeks ago. This superfluous drop no longer merits having an account with HSBC.

Posted: Apr 8, 2009

I canceled all of my HSBC accounts. The rate is no longer remotely competitive, and the "free checking" account that they opened for me was automatically converted, without my consent or even notification, into a "basic banking" account that charges fees for having a low balance. I hadn't checked this account for a while and they had taken out fees every month, even allowing the account to go into a negative balance, without telling me.

I called to complain and they said they could refund ONE fee ($3.00). I told them I wanted to immediately end all banking relationships with them, and have begun that process. Of course it is a painful and annoying process - emails and phone calls required. I submitted a complaint to the Better Business Bureau.

This isn't a complaint about the savings account directly, but I thought it was still worth mentioning. I wasn't that happy with the savings account either. The website is clunky, especially the login screen... And customer service not up to par. YMMV, of course, but I had just a terrible experience with these guys.

Posted: Apr 12, 2009

They also charge $20 fee if you for any reason need "account verification letter" which is normally given for free in most other banks.

Posted: May 18, 2009

Beware -- they change their rates without warning. Predeposit research did me NO good.

Posted: Jun 4, 2009

I had the same problem with them when I opened an account this past Spring. They advertised a higher rate, and then once I was up and running, they lowered their rate.... 3 times within the same month! I closed my account immediately when I saw this. What a come on! I don't trust any banks.

Posted: Aug 23, 2009

These comments are humorous. Most complainers of low/changing rates are not aware that banks pretty much across the board change their rates anytime the Fed adjusts the Funds rate. When you see one bank changing rates, chances are that most of them are--and the ones that aren't are probably behind the rate adjustment curve. Also, it's funny to read how people are "going to park [their] funds" somewhere else due to bad customer service. Go to any competing banks' comment sections on this site and you will see the exact same rants. It seems that the internet age has proliferated a new breed of consumer.

I've used HSBC for a couple years. Their rates have always been competitive. And, my money has always been accessible anytime I needed it. 2-3 day turnaround is fine for a savings account. If that's not good enough for you, then you should get a checking account--that's what they are for. HSBC's service is reliable, trustworthy, and GLOBAL. Go try flying off to India or somewhere and try to access your acct with Hillbilly Bank #1 USA or whatever, and see where that leads you. Jeez.

Posted: Sep 18, 2009