HSBC Direct Savings Product Named One of the ‘Best Savings Accounts for 2020’ by The Ascent
December 20 2019 - 9:00AM
Business Wire
The product’s low fees, high APY and
user-friendly platform solidified HSBC’s spot on this year’s
short-list
HSBC Bank USA, N.A. (HSBC), part of HSBC Group, one of the
world’s largest banking and financial services organizations, today
announced that its Direct Savings product was named one of the
“Best Savings Accounts for 2020” by The Ascent, a personal finance
brand owned by The Motley Fool that rates and reviews essential
products for everyday money matters.
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The Ascent's editorial team analyzed over 100 financial products
and compiled in-depth reviews of the top credit cards and savings
accounts on the market. Savings accounts were evaluated based on
fees and annual percentage yields (APYs).
According to the Ascent, "HSBC's Direct Savings account offers
an excellent combination of low fees and minimums, a user-friendly
platform and one of the highest APYs in the industry. This
high-yield savings offering from one of the largest banks in the
world is one of our favorites on the market."
The Ascent's selection was based on a variety of qualifying
factors, including:
- High APY — The HSBC Direct Savings account currently offers a
2.05% APY, which is among the best interest rates offered by
high-yield savings accounts.
- $1 minimum deposit — To open a new HSBC Direct Savings account,
you'll need an initial deposit of just $1, which must be made from
new money.
- No maintenance fee — Unlike many branch-based savings accounts,
the HSBC Direct Savings doesn't charge a monthly maintenance
fee.
- Mobile check deposit — You can use the HSBC Mobile Banking App
to make check deposits into your account, and to move money between
accounts.
- FDIC insured — The HSBC Direct Savings account is FDIC-insured
to the maximum amounts allowed by law.
- Live chat — HSBC offers live chat assistance to customers
online and on the mobile app, which can be a major time-saver as
opposed to waiting on hold to speak with a customer service
representative.
- Financial tools — Account holders can use HSBC Money Management
Tools to assist with things like budgeting, savings goals and
more.
"It's an honor to have our Direct Savings product recognized as
one of the ‘Best Savings Accounts for 2020,’” said Alvaro Teixeira,
Head of Customer Value Management for HSBC's U.S. Retail Banking
and Wealth Management business. "We're excited to be able to offer
our customers a smarter way to save with a competitive APY, and an
opportunity to reach their financial goals faster."
The Ascent, a subsidiary of The Motley Fool, offers
unbiased ratings and reviews of hundreds of personal finance
products and services, as well as jargon-free advice on topics
ranging from how to navigate getting out of debt to choosing the
best credit card for your lifestyle. To date, The Ascent has helped
more than 12.7 million people across the US improve their financial
health.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.)
serves customers through retail banking and wealth management,
commercial banking, private banking, and global banking and markets
segments. It operates bank branches in: California; Connecticut;
Washington, D.C.; Florida; Maryland; New Jersey; New York;
Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the
principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of
HSBC North America Holdings Inc. HSBC Bank USA, N.A. is a Member of
FDIC. Investment and brokerage services are provided through HSBC
Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance
products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group,
is headquartered in London. HSBC serves customers worldwide from
offices in 65 countries and territories in our geographical
regions: Europe, Asia, North America, Latin America, and Middle
East and North Africa. With assets of US$2.728bn at 30 September
2019, HSBC is one of the world’s largest banking and financial
services organizations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191220005036/en/
Media: Matt Klein +1 212 525 4644 matt.klein@us.hsbc.com
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