Comments on: HSBC Advance Review

By: gentlekat

gentlekat — Thu, 21 Jan 2010 23:26:36 +0000

Not sure what this bank is like in their brick and mortar buildings, but their on line banking experience is without question the worst banking experience I have EVER had with a bank. I saved 43K with this bank that i put there in case of emergency. Well I had an emergency and they froze my accounts. They said they would be unfrozen within 2 days. It took 6 , but they suspended my local bank so that I could not transfer any money anywhere. After 5 phone calls, and over 4 hours on the phone (yes, my phone counts the minutes), I still don’t have access to my money. I am on hold now waiting for over an hour hoping that I can get my local bank account restored so that I can transfer MY MONEY out of HSBC. The measly interest rate they pay is not worth all the hassle and even if it was up to the over three percent that it was when I opened the account I still would not do business with them. As soon as I get this straightened out I WILL NEVER DO BUSINESS WITH THEM AGAIN.

By: Jayschiffer

Jayschiffer — Wed, 01 Apr 2009 09:20:27 +0000

BEWARE HSBC ONLINE CD’s!!!!!!!!Hsbc has an online form that you use to sign up for a choice of CD’s. You check off the length and the rate as part of the form. The funds I used were from an existing online account through them. Just to make sure the rate was secure even though the form listed it I call twice with various questions and was assured that the rate was what I checked off on the form. The next day I checked and they had given me a lower rate and could really care less. Two weaks later and three long phone conversation with a few people half way around the world and still no call back. What a joke and very decieving. My account is pretty darn big too. Cant believe it!!!!!!! Dont get involve. Even my online savings had some issues.

By: Monevator

Monevator — Sat, 07 Feb 2009 12:39:56 +0000

For a sliver of extra comfort, it’s worth noting that HSBC does a large proportion of its business in Asia, so it’s even less likely to go bust and threaten your savings. It does have some sub-prime exposure via a US acquisition of a few years ago, but it was one of the first banks to warn of these problems.

Might once have seemed paranoid to worry about bank stability when choosing a bank account, but not any more I’d suggest…

By: Erik

Erik — Wed, 04 Feb 2009 20:05:30 +0000

Check out the best rates on short term deposits at big banks versus those at select community banks from CheckingFinder.com. Community banks continue to offer higher yields on short term deposits to serve as economic engines.

COMMUNITY BANKS

Florida Central Credit Union 6.01 FL
First Robinson Savings Bank 6.01 IL
Union State Bank/Bank of Atchison 6.01 KS
Communications Federal Credit Union 5.25 OK
Connexus Credit Union 5.15 WI
Keystone Bank 5.15 AL
First New England Federal Credit Union 5.15 CT
Three Rivers FCU 5.01 IN
Legence Bank 5.01 IL
Community Bank of Pleasant Hill 5.01 MO
Community Bank of Raymore 5.01 MO
United Heritage Credit Union 5.01 TX

MEGA BANKS

• ING decreased their highest rate offered by 25 basis points, from a 2.50% APY on a 1 year CD to a 2.25% APY on a 4 year CD.
• Schwab decreased their 18 month CD rate by 15 basis points, from a 2.65% to 2.50% APY.
• E*Trade decreased their 5 year CD rate by 30 basis points, from a 1.70% to 1.40% APY.
• E-Loan increased their 6 year CD rate by 50 basis points, from a 3.50% to 3.70% APY
• Washington Mutual decreased their 5 year CD rate by 50 basis points, from a 3.00% to 2.50% APY.
• AARP Financial Savings Center decreased their savings rate by 50 basis points, from a 2.00% to 1.50% APY.
• Wachovia increased their 17 month CD rate by 15 basis points, from a 1.85% to 2.00% APY.
• E-Loan currently has the highest rate at 3.70% APY on a 6 year CD.
• E*Trade currently has the highest savings rate at 3.01% APY.

Courtesy of BancVue.