HSBC, ING-Orange, or other?

[eLiu]

Hi folks,
I'm looking to get an online bank with a decent interest rate (my current savings/money market rates are *terrible*, i.e. <1%).

I plan on having 3 tiers of savings: investments<->online savings<->local bank. I'll be a grad student so I'm not really making enough money to justify putting money from my stipend into investments every time I get paid (i.e. too many fees). So I plan on having ~$1000 locally with another $3000-4000 in my online savings, and the rest in funds/bonds.

The point of the online bank is so that most of my liquid(?) assets will earn some noncrappy interest (>=3%).

Thanks in advance,
-Eric

 

[Aharami]

HSBC is at 3.5% right now

 

[Terabyte]

http://www.hsbcdirect.com/1/2/...ml&HSBC_ae=c&HSBC_au=1

HSBC is at 3.5% till 8/15/08

 

[Capt Caveman]

I use Etrade.

 

[aceO07]

I use Wamu.com 3.30%

 

[amdskip]

I like ING for the nice interface but their rates are not as high as the others.

 

[Eeezee]

Emigrant used to be awesome, but they're down to 2.65% I think

 

[Terabyte]

Originally posted by: aceO07
I use Wamu.com 3.30%

I use Wamu too because I have a checking account there. Nothing special about it, but I like having everything in one place. I used to use HSBC (well, I still have like $50 there), but yeah.

 

[Special K]

Best Nationally Available High APY Liquid Accounts

Find the one on that list that best suits your needs.

 

[mshan]

If you listen to Adam Bold's "The Mutual Fund Show" on the radio or internet, he always recommends HSBC or Emigrant Direct.

Vanguard Prime Portfolio (VMMMX) is another superb option.

Get This Book :thumbsup:

 

[eLiu]

Cool, so it looks like HSBC is pretty exciting.

Question though... does the HSBC account come with an ATM card (i.e. ATMs only) or a debit card (i.e. I can use it at a B&M store)?

Would it be good to get a "Online Payment Acct" in addition to the "Online Savings"?

 

[Baked]

You get an ATM card from HSBC if you sign up for the online savings acct.

I don't mix my payment bank w/ my savings banks. No mixing!

 

[eLiu]

Originally posted by: Baked
You get an ATM card from HSBC if you sign up for the online savings acct.

I don't mix my payment bank w/ my savings banks. No mixing!

Is there any way to get a debit card intead of an ATM card? I feel like this would be useful.

 

[alphatarget1]

I use HSBC Direct but they hold your fund for 3 days in and out. I do get an ATM card though but there are no HSBC ATMs in TX.

I stilll have an ING account, um, with 1 dollar in it.

 

[Baked]

I think you need to open a checking acct. to get a debit card. The ATM card's for checking our your online savings acct. balance.

 

[Jumpem]

I use ING. I wouldn't have an account with a Chinese bank.

 

[thomsbrain]

IMO, E*Trade has the best combo of rate, interface, features, customer service, and the all-important ability to make instantaneous transfers between savings and brokerage accounts.

ING generally has a lower rate than the competition. Capital One has a terrible interface and occasionally sloppy customer service. HSBC has TERRIBLE customer service. They withdrew money from my checking without my authorization and I literally had to threaten in writing to report them to the D.A. to get them to close my account. Stay away from HSBC.

 

[Svnla]

I have most of my "safe" money <down payment for a new house> at HSBC. I also have accounts at Emigrant, Presidential, and Citi Direct.

I don't get the "bad interface/not cool/bad webpage design/etc." factors for chosing a bank. To me, a good savings bank = HIGH rate and FDIC insured. That's all that matter to a consumer IMO.

 

[eLiu]

Originally posted by: thomsbrain
IMO, E*Trade has the best combo of rate, interface, features, customer service, and the all-important ability to make instantaneous transfers between savings and brokerage accounts.

ING generally has a lower rate than the competition. Capital One has a terrible interface and occasionally sloppy customer service. HSBC has TERRIBLE customer service. They withdrew money from my checking without my authorization and I literally had to threaten in writing to report them to the D.A. to get them to close my account. Stay away from HSBC.

Do you know what Etrade's policies on transfers into/out of savings are? i.e. do they hold your funds for 3 days like HSBC? (that 3 days thing kind of bothers me)

 

[irishScott]

I had a 3.25% AmTrust Direct account, but it just dropped down to 2.65 Time to move. Also, for some reason if you forget your password 3 times they lock you out until you call customer service as opposed to the standard 1-3 days of lock out. Interface is standard.

I'm looking at both e-trade (for the afore-mentioned brokerage-savings convenience) and ING. Of all of the banks I've seen, ING has remained the most stable. A lot of the high rates are promotional anyway, and will probably be gone in a few months.

http://money-rates.com/savings.htm

 

[bucwylde23]

I currently have an EMigrant savings account... would it be worthwhile to switch to another bank since the current rate is something like 2.7%?

 

[SoulAssassin]

Originally posted by: eLiu

Originally posted by: Baked
You get an ATM card from HSBC if you sign up for the online savings acct.

I don't mix my payment bank w/ my savings banks. No mixing!

Is there any way to get a debit card intead of an ATM card? I feel like this would be useful.

It kinda violates the principle of a savings account.

 

[alphatarget1]

Originally posted by: Jumpem
I use ING. I wouldn't have an account with a Chinese bank.

That is a pretty retarded comment.

http://en.wikipedia.org/wiki/HSBC

It's a British bank.

 

[ajtyeh]

Originally posted by: Jumpem
I use ING. I wouldn't have an account with a Chinese bank.

wow... ignorance