Those looking for a special bank offering special online savings accounts should consider the HSBC online saver products. The bank offers different options of online savings accounts for customers, not only in the US but also in other continents.
It is crucial to learn about the savings accounts offered by HSBC. Then, you will be able to apply for one of the account options online. The bank has the Premier Relationship savings account, HSBC Premier savings account, online certificate of deposit or CD.
The Premier Relationship Savings Account
What will I get with this HSBC Premier Relationship savings account? Primarily, you are going to earn a higher relationship APY by linking the eligible Premier checking account. Then, you will be able to meet one of HSBC’s additional eligibility criteria for the savings account every month.
You will also earn some other benefits, such as:
- The money you save in this HSBC online saving account is going to be FDIC-insured. The insurance will cover the maximum limit allowed by the law.
- Bank Anytime is another service you are going to taste after opening a Premier Relationship savings account online. This means you will be able to transfer between HSCB accounts, set up bank-to-bank transfers, or access online banking anytime you desire.
- It is also possible to build a relationship since the savings balance will count toward the monthly minimum balance requirement of the HSBC Premier.
- Customers will also earn more with the relationship APY. They can get a higher APY compared to the standard APY when customers meet one or more of the eligibility criteria.
How To Get The HSBC Online Saver APY
How can you get the premier relationship savings APY? If customers meet one or more of the eligibility requirements during a specific month, customers are going to receive the relationship APY the next month.
But if customers don’t meet the requirements, they will only get the standard APY. Below are some requirements to get the premier relationship savings APY.
- Spend USD500 on the debit card. The first requirement to meet is to make USD500 or more in payments or purchases using the HSBC debit card that is associated with the linked HSBC Premier checking account. The payments and purchases don’t include ATM withdrawals.
- Receive USD 5,000 in direct deposits. You will also get the Premier Relationship savings APY if there are qualified direct deposits in the HSBC online saver account of USD 5,000 or more into the linked Premier checking account.
- Have a USD500,000 mortgage. The US residential mortgage loan by HSBC comes with different programs but the original loan amount starts from USD500,000.
- Hold the status of Premier Elite.
Do you think you are ready to open a savings account with HSBC? What should customers know before they start opening a savings account?
What You Need To Open HSBC Online Saver Account
To become a customer of HSBC and get the Premier Relationship savings account, you should become an HSBC Premier customer with an existing or new HSBC Premier checking account. Also, you should be 18 years of age or older.
You should also provide account information if you want to fund the new account from outside HSBC. If you try to open a Premier Relationship savings account without having a Premier checking account first, you will be redirected towards the page where you can apply.
The HSBC Premier Savings Account
This is another online savings account available for customers of HSBC. Customers can maximize their Premier relationship so that they can benefit from tiered interest rates which are paying higher rates for higher balances. This savings account will also offer some other benefits, such as:
- Save safely, just like the previous HSBC savings account, your money is going to be insured by the FDIC to the maximum allowed by the law.
- You can also access online banking features such as transfers between HSBC accounts, bank-to-bank transfers, and complimentary bill pay.
- Also, the savings balance will be counted toward the monthly minimum balance requirement of the HSBC Premier.
The annual percentage yields of APY will be different, depending on your deposit. You will earn 0.15% APY if you deposit between USD100,000 and USD250,000. If the deposit is between USD25,000 and USD99,999, you will earn 0.10% APY.
HSBC is going to give you 0.01% APY if the deposit is between USD0 and USD24,900. If interested, make sure that you check the eligibility first before applying for this Premier savings account.
What You Need To Apply
To get the Premier savings account of HSBC online saver, you need to be a client of HSBC Premier first with an existing or new Premier checking account of HSBC. You can only apply if you are 18 years of age or older.
To open an account, you should also provide account information for funding the new account, especially if you want to fund it from outside HSBC. HSBC is going to redirect you to a page to apply for a Premier checking account before applying for this Premier savings account.
Online Certificate of Deposit
This one is the third product of HSBC online bonus saver programs. If you have a Premier relationship savings account, you can make it work harder with the online CD that will lock in the APY to provide steady earnings. What will you get with this online certificate of deposit?
If you’re a Premier customer of HSBC, you will see the savings grow with the online CD. Choose the right term that will let you benefit from the fixed interest rate. Customers can choose from a 24, 12, or 6-month online CD as well as benefit from fixed interest rates.
But you need to deposit at least USD 1,000 or more. Other benefits customers can get include convenient management through online banking and easy account opening. You will also get peace of mind since the savings at HSBC will be covered by the USD0 Liability Online guarantee program.
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The three products of HSBC online saver accounts will let customers choose the right one for them. The online certificate of deposits may be the most interesting one since it will let customers get different interest rates. Get to know everything about HSBC savings accounts before applying for one.