I think HSBC's website is old and clunky, but since it was a "big bank" and had a really good rate, I continued to use it. (I began banking with them in 5/2019). Well yesterday I got an e-mail saying that the APY was reduced *again* this time to .15. OK, whats the point? I closed it and will find a bank with better APY and better website. Ally? Amex? Marcus?
A year ago HSBC Direct Savings was marketed as one of the highest interest rate accounts available anywhere. While every bank has cut interest rates on savings, HSBC has cut the rate every month for several months and is presently at .70% in July 2020. That’s still more than most brick and mortar banks are paying but it is no longer competitive as an online account and I expect more cuts in August and the months after.
I expected HSBC Direct Savings to continue to have an interest rate competitive with other online accounts but that is no longer the case. Had I known this I would not have opened the account.
The general decline in interest rates prompted me to open an account in November, despite what the reviews on this site said.
The process went relatively smoothly, although they insisted on sending me an authorization code through US mail before I could log on to my account for the first time.
The first thing I noticed was that the statement period started/ended based upon the day I opened my account, not on the first/last day of the month as expected.
I recently had another bank do the same thing to me, and a 5 minute phone call (which included the wait time) fixed the problem, so I thought it would be easy to fix.
The HSBC customer representative on the online chat support was completely worthless, and after a sustained interaction I gave up trying to fix the problem that way.
A telephone call resulted in a lengthy wait, but I was finally connected to a customer representative. Based upon his accent, my guess is that he was in Hong Kong. After carefully explaining the problem a couple of times, he was able to successfully fix the problem. although I was unable to verify that until my December statement arrived at the end of the year. (The HSBC website lacks a lot of the information you would normally expect to see, like the start/end dates of the current statement cycle.)
The current problem I have having is that HSBC does not deposit all the interest you earn in a month in that month's statement. Instead, they deposit what you have earned by the 29th, and then just hold the rest of the interest to the next month, which also just pays interest through the 29th.
Eventually, you presumably get paid all the interest you earned, by it is a ridiculously complex system for something as simple as calculating interest on a savings account. I banked way back in the 1970s, and even way back then banks were able to calculate and deposit the full month's interest at the end of the month. It is really annoying for anyone who is trying to manage their income for tax purposes.
I tried fixing this via online chat, and they flat out told me that is the way the system works and they can't change it.
The website which provides you information for your account has virtually no information. It is by far the worst I have seen for decades. I have been online banking since the 1990s. There may have been worse sites back then, I can't recall for sure.
Since I first started looking at an HSBC account, their interest rate has declined from 2.25% to 1.85%.I have enough money on deposit that I thought a 2.25% interest rate would make it worth the problems I expected to encounter based upon the other reviews of HSBC. At 1.85%, I regret opening an HSBC account. It just isn't worth the hassle when any number of other banks will pay you 1.7% with none of problems which come with and HSBC account.
I really wanted to give HSBC 1 star, but the interest rate earns them 2 stars.
So rate was good, however not happy with experience or app.
1) App is clunky and laggy. Mobile deposits are a pain. 1st time - timed out with upload and deposit failed (but no notification or any sort). Waited 1 week to make sure nothing popped and redid it.
2) Securtity/Customer Service 0 After mobile deposit, my account was locked for "security". No emails or other notifications. Just trying to log into my account 5 days later, and couldn't. Then spent almost 1 hour on the phone (approx 40 min on hold), and finally was able/transferred to security specialist who confirmed my identity and removed the hold.
3) Tried opening a joint account and was supposed to be checked. Submitted all the info, then got emails a week later asking for more identity verification. Took almost 2 weeks of no information. Phone calls didn't result in anything, except telling me to wait for approval (on hold for avg 30 min). But then was denied. So reopened as an individual account (instant approval), then was told to add a joint account holder, need to call M-F and call would take approx 30 min (in addition to the minim 30 min wait time on the phone).
4) Lots of personal details required for application.
Overall, rate was good. Slickdeals sign-up bonus was good. But I'm done. Will wait out the 3 months and then be leaving.
We do not have health information for HSBC Direct, because it is no longer an operational bank.
Sorry, we do not have rate data for HSBC Direct.
Sorry, but we do not have location data for HSBC Direct. Its headquarters is located at 1800 Tysons Blvd - McLean, VA 22102