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High-Yield Reward Checking Account Now Available Nationwide at HCSB in Texas

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HCSB in Texas is now offering its reward checking account nationwide. I first mentioned this account in this February review. At that time, I was told they required a branch visit to open the account. However, I was just informed by one of their banking reps that they now have the application at CheckingFinder.com and it shows up for any zip code. I have more details in my February review.

At 3.51% APY for balances up to $25K (as of 3/09/2010), HCSB's reward checking rate isn't the best. However, the rate for balances over $25K is above average at 1.51% APY. If you look at the interest that would be earned on a $100K balance, it comes out to be about $2,000 which would be equal to a blended APY of around 2%.

It's important to note that HCSB is a relatively small bank with $321 million in deposits (based on 12/31/09 FDIC data). Like many small banks in the past, HCSB may decide to restrict availability. If you see that the account no longer shows up for your zip code at CheckingFinder.com, please leave a comment.

Also note, don't confuse HCSB in Texas with the banking giant HSBC.

High-Yield Reward Checking Account Resources


  Tags: Texas

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Comments
4 Comments.
Comment #1 by andybuji posted on
andybuji
Confirmed with a CSR in their main Plainview branch that they are taking apps nationally (for now).  Also, 4 stars from Bauer. 

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Comment #2 by Anonymous posted on
Anonymous
Also not to be confused with HCSB headquartered in NJ

Hudson City Savings Bank
W. 80 Century Road
Paramus, NJ 07652

2
Comment #3 by HSBC CD Rates (anonymous) posted on
HSBC CD Rates
This wonderful to know that they are working for whole nation now and not just restricted to any region.

1
Comment #6 by david (anonymous) posted on
david
Unfortunately it looks like their interest rates have dropped since this review was posted (now 3.26.% and 1.01 %). It appears that these are teaser rates to lure new depositors for the bank's nationwide expansion. I'm a little hesitant to open an account, for fear that the rates will continue to drop. When I opened my Wamu (now Chase) savings account several months ago, I earned over 3%, now 0.1%.

1