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Direct Deposit Savings Account

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The HSBC Direct Savings Account usually offers an Annual Percentage Yield (APY) in excess of 4%. Currently, it is 4.65%. Opening an account with HSBC Direct is a smooth procedure with more than one option available for verifying the account to be linked. Instant checking account verification is done with the help of Yodlee online banking solution. The account is made active after the account holder enters the password; which is received by postal mail. Thus, even though the account opening procedure is quick, it takes time before the account can be used. Other things sent to the account holder’s address by postal main include the ATM card with its pin. The entire mailing process can take a week or more depending upon the account holder’s state of residence.

A user-friendly interface on the HSBC Direct Savings Account website leads one to the Account Summary which carries a concise record of the transaction details. The website; however, does not provide an update of the interest accrued on a daily basis.

An online bank-to-bank transaction requires the insertion of a security key. There are no transaction costs charged by HSBC. Unlike other online banks that allow only a limited number of accounts to be linked, HSBC allows for an unlimited number of accounts to be linked. This facilitates the use of HSBC Direct as a central hub for transfer of funds between checking accounts. These accounts can include checking accounts, brokerage accounts, and savings accounts. A deposit to an HSBC Direct account takes place in a day or two; withdrawal from HSBC Direct can take longer and is not really on par with industry-standard times. Fund transfers with HSBC Direct do not attract a service charge from the bank.

The Bank Mail facility enables interaction with the customer service department; the usual response time is between 4-8 hours. Telephonic contact with the call center is not highly reliable and often the wait-time can be over 5 minutes.

Accounts with HSBC Direct are insured by FDIC. There is no minimum account requirement and account holders can enjoy a high APY even with $ 1 in their account. Moreover, unlike other online accounts HSBC Direct allows account holders to maintain a zero balance account.

Overall, HSBC Direct offers a good online banking experience with an attractive APY, no restrictions on the number of linked accounts, and an easy to browse website.

Direct Deposit Savings Account

The Orange Savings Account from ING Direct is an online savings account that has many attractive features. International Netherlands Group (ING) is noted for keeping its costs down which in turn enables it to offer a high Annual Percentage Yield (APY); currently it is 4.15%. Opening an account with ING Direct does not require account holders to have a minimum balance and there are no service charges.

The facility of 24 x 7 internet and telephone banking offers flexibility to account holders. Account can be opened online, by telephone, or by mail. The verification process requires a validated bank account. This also helps for setting up a direct debit system for making regular payments to the online account. The ING Direct website has a detailed FAQ page that one should read before signing up for an account. Filling up the form for an account is a quick process and should one not have required documents at the time of application; the application can be saved for later submission.

A Welcome Pack and a PIN are sent by post to the account holder’s address. Online banking with ING Direct is secure and safe. Logging in to an account requires entering the customer number, the PIN, and the password. ING Direct uses the banking-industry standard 128-bit SSL security. With ING Direct, one can split money into different accounts covering things such as house expenses and travel expenses. Money management becomes easier by having these split accounts. However, paperless transactions mean that record-keeping by maintaining a physical file of the transaction becomes difficult. Also, an account activity record in the case of a joint account does not mention the account holder. Account holders who have been with the bank for at least one quarter can view the details of their transactions on an online transaction statement.

Money can be added to an ING Direct account by means of a check, D.D, or a direct debit from an existing account with another bank. One can also switch funds between ING accounts by using a simple point and click procedure on a very user friendly interface. A reversal of a direct debit from the ING Direct account can take up to 5 days. Since a transfer to another bank can take a minimum of three days; account holders need to plan their withdrawals from ING Direct.

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