HSBC Bank - Online Savings Account Available in Sterling, US dollars, or Euros
May 16, 2008
HSBC Bank is justified in it's slogan as "The world's local bank" because they have branches in countries around the world including England, Hong Kong, Mexico, France, Taiwan.
Customers of HSBC Bank US are insured by the FDIC, but customers of HSBC Banks in other countries are not subject to FDIC insurance. HSBC Bank has been a favorite of US citizens living abroad because of the ease of convenience of opening a new checking account in a foreign country for the period of time the person is visiting or living in the new country and with easier access to money in the local currency. Converting money out of US dollars involves risk due to currency fluctuations when converting back to US dollars (the local currency may have appreciated or depreciated against the US dollar). In addition, banks charge a fee for converting currencies - although HSBC Bank's fees appear to be below the average.
HSBC Bank US is offering a 3.05% APY savings accounts for online banking customers through their online banking site at hsbcdirect.com. The HSBC Bank US online savings account offers no minimums, no fees, and online banking features as well as keeping a yield consistently in the top 30 highest yielding savings accounts posted on Money-Rates.com. Other currencies in which HSBC is offering savings account rates include:
United Kingdom Pound Sterling
The pound sterling is the currency of the United Kingdom. HSBC Bank UK is offering the following savings rates for funds held in an online savings account denominated in the sterling:
Premier Interest (AER): 5.00% variable
Minimum Balance: Â£10,000
Maximum Balance: Â£500,000
European Union Euro Currency
The Euro is the official currency of the European Union (EU) used in 15 member states in Europe. The online savings account denominated in Euro by HSBC has the following features:
Premier Interest (AER): 3.90% variable
Minimum Balance: Â20,000
Maximum Balance: Â1,000,000