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


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

andybuji   |     |   Comment #1
Confirmed with a CSR in their main Plainview branch that they are taking apps nationally (for now).  Also, 4 stars from Bauer. 
Anonymous   |     |   Comment #2
Also not to be confused with HCSB headquartered in NJ

Hudson City Savings Bank
W. 80 Century Road
Paramus, NJ 07652
HSBC CD Rates (anonymous)   |     |   Comment #3
This wonderful to know that they are working for whole nation now and not just restricted to any region.
david (anonymous)   |     |   Comment #6
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%.
High-Yield Reward Checking Account at HCSB in Texas

Update 11/01/10: The top rate has fallen to 2.78% APY. Please refer to the bottom of the post for the rate history.

HCSB, A State Banking Association is offering a high-yield reward checking account called HCSB Reward Checking. The account offers the following rates and features if certain monthly requirements are met:

  • 2.78% APY on balances up to $25,000
  • 0.75% APY on the portion of your balance above $25,000
  • 0.05% base rate if requirements are not met
  • Refunds ATM Fees up to $20 per cycle

Monthly requirements include:

  • 12 debit card purchases
  • 1 Direct Deposit or ACH auto...
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