Online Checking Accounts: Part 4 - HSBC's Online Payment Account


[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]

This week's prima donna is HSBC's Online Payment Checking Account. This is a brand new product from HSBC which was introduced on 31st May, 2007. Without wasting any time, let us explore its features:
  • APY: 2.50% - Even your spending money will be helping you save.
  • Instant Transfers to HSBC's Online Savings Account
  • Free Bill Pay
  • ATM/Debit Card
  • Online Account Opening
  • You control who you pay and when. Add as many companies or people as you like.
  • Pay electronically. It’s paperless, fast and efficient.
  • If you use a non-HSBC ATM in the U.S., you will be reimbursed the first 3 ATM surcharge/convenience fees each month.
  • Secure Online Banking: Your information is password protected and encrypted with the latest security technology.
  • Learn More
HSBC is FDIC insured and has a 3 star rating by Bankrate which means that it is a performing financial institution. If you wish, you may further check its credentials and performance using the steps listed here.

This is a new product from HSBC so we have to wait and watch its performance. But since it comes from a trusted and well established brand like HSBC, it will definitely fare well. For those who already have an Online Savings Account with HSBC, this checking account is a blessing. However, compared to IngDirect's Electric Orange Checking and Everbank's Free Net Checking accounts HSBC's Online Payment Account has a low APY. This might prevent many potential customers from switching to this product.

That is it for this week. Join us next week for the fifth part of this series.

See Also:

The Series So Far:

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