Well HSBC beat Emigrant-Direct in terms of account opening speed.
Not that there was a contest.
I applied for an account on 9/28/05 and as of today, I’m almost fully setup.
Anyhow I got 3 letters in the mail today from HSBC. One is my password for online access, one provided me with the account and routing number (and also letting me know an ATM card is on the way), and another is the ATM card the previous letter mentioned.
I should note that just yesterday I received a letter containing my online user ID. After the login I proceed to change the 20 digit User ID to a more reasonable 8, and I also changed the provided password to something easier to remember.
I was getting ready to setup Bank to Bank transfer, link up my checking accounts and test out the transfer speed, but unfortunately I needed to setup a security key to do this. Setting the security key isn’t an issue, but it turns out I need my ATM card number and PIN to complete the setup. Although I got my ATM card already, I still haven’t received the PIN yet. I can call them, but I think I’ll just wait.
If you’re curious on the website interface, here’s a peek: (click to enlarge)
One noteworthy feature of the HSBC Online Savings Account is the HSBC ATM card, with it you can use deposit and withdrawal funds for free at HSBC ATM locations worldwide — if you have a HSBC checking account linked to the online savings account (thanks Rahul for the correction).
It’s a great feature to use when you’re traveling abroad, you can retrieve cash from your savings easier, and receive favorable exchange rates.
10/11/05: Received my PIN so now my account is fully setup.
04/17/06: Completed my full review of HSBC Direct.
10 Comments to “HSBC Online Saving Opening, Part #2”
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October 10th, 2005 at 1:09 pm
Even I am at the same position as you are with the application of the HSBC Online Savings Account and the Free Checking Account. I agree with you on all the things u mentioned. However, what I felt is that its turning out to be a lengthy process as every new piece of info is sent to you in a diffent mail. I had to wait several days before I got my PIN. I still havent received my initial set of free checks for my checking account.
October 11th, 2005 at 4:32 pm
yeah I know what you mean. so far all these traditional banks that offer “online accounts” love to use snail mail.
I got my ING Direct setup in like 2-3 days.
Got my PIN today though, so I’m fully setup. the great thing is I can setup direct deposit through other services, since unlike ING, HSBC isnt stingy about their routing and account number. So I’m linking it up to everything, and testing out the deposit speed thru various insitutions.
November 6th, 2005 at 3:51 pm
You cannot use the ATM card from the savings account abroad – I verified this by calling them. YOu can only use your ATM card if you have a checking account with them (and that card can link to your savings account).
Rahul
November 8th, 2005 at 12:03 am
thanks for the correction.
you’re right its for the checking account only. I suppose you can simply grab one of their free checking account (I think which also has a $50 opening bonus) and link it to the savings.. then you can use the ATM card, or request that MasterMoney debit card.
November 23rd, 2005 at 1:23 pm
Cap, I am desperately searching for the routing number so i can setup transaction download in quicken (why quicken needs this is a mystery) and I can’t find it on any of my letters from HSBC. I opened my acct a month ago and still no card. Now I’m getting worried I am missing some mail. Anyway you could post the routing #? Google turned up nada so far ;) Much obliged…
November 23rd, 2005 at 1:47 pm
hey Caitlin, the routing number is 022000020 for my account. It should be the same deal for yours.
The number was included in one of the letter I received.. I think it was the third one. they may have missed sending it to you. it includes account number and routing number.
both digits are the same length.
you may have missed some mail, I felt like they just randomly mailed whatever to me, from various departments. ah well.
December 6th, 2005 at 4:18 pm
Thanks for the review, I confirmed my two trials deposits ($1.23 total – score!) but I’m still waiting for my stuff in the mail…
January 20th, 2006 at 12:11 pm
How long does the intro rate of 4.25% last?
January 20th, 2006 at 4:44 pm
it’s not an intro rate. HSBC’s rate is a variable rate that has been at 4.25% for a few months now. The rate increase and adjust accordingly to the market. Since its introduction, HSBC has been steadily increasing their rates.
although the rates may drop… I think HSBC will keep the rate at 4.25%, at the very minimum, for the rest of this year.
February 5th, 2006 at 5:17 pm
well HSBC recently introduced a promotional rate of 4.80 APY till April.
talk about complicating things.