[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
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.
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