Comments on: HSBC Direct Online Savings Account Review

By: Marty Fried

Marty Fried — Sat, 13 Feb 2010 21:07:16 +0000

I’ve had an HSBC online savings account for a few years, and recently took advantage of an offer to open a Plus checking account and get a free Roku video player. This started my experience with their “excellent customer service” that had so enraged me that I am now looking for a new bank to use. I used the email service, since I’ve heard such bad things about phone hold times, and there is no branch nearby.

I got so much conflicting information, often answers that were not even on subject, and never the same person twice. I didn’t want to keep the plus account after the minimum trial date, but they wanted to charge a penalty if I closed it before a much longer period. I had a secure email resident on their website stating the term, but they would not accept that, saying I needed written proof (it may have been a website offer that was no longer there).

I wrote a letter to them, and never received a reply. Email was always answered saying they would look into it, and never any resolution, except one that finally said the player was shipped and I should have received it (I never said I didn’t).

One other negative aspect is that even though they have my email address, and send material to me using that, when I send secure email online, there is no notification that I have received anything from them like every other bank I’ve used. I have to keep logging in to check for mail.

“Excellent customer service” – what a joke!

By: Don't do it

Don't do it — Tue, 15 Dec 2009 15:22:02 +0000

Horrible experience with this Online Savings account.

Took ages for my registration to go through and get the mail pack, then I save up a bit, then get the courage not to touch the money for a while and it is FROZEN!

I get a letter in the mail without warning that they’ve halted it due to ‘lack of activity’ and that’s it, can’t move funds, can’t close it, can’t do anything. Can listen to my balance on the phone, but not transfer anything out unless its another HSBC account. Gone to a branch, they can’t help as it is run out of ‘head office’. I was told that I would have online access again to drain and close the account down in two working days. Had to write a letter to get this done. Standing in a HSBC :D branch! Now into the third working day and no one at their call centre can give me a straight answer when this will finally happen.

Place your money with ING Direct. That’s where mine is going if I ever get my money back. I will never be banking with these guys again. Been burnt big time. Not even their people on the ground know what is going on with this account when things go wrong. Would you trust them with your money? I’d think about it twice after what I’ve experienced.

By: Anon

Anon — Tue, 17 Nov 2009 04:31:34 +0000

11/16/2009

Nov. 11th Applied on-line.
Nov. 13th Verified trial deposits and withdrawal
Nov. 16th Found application still pending, called 1-888 #, and told to call an investigating agent. Asked why I am calling the investigating agent instead of her calling me. CS lady doesn’t know why but says I should still give her a call. I say never mind and cancel. BTW, there is no cancellation confirmation email, so I should take her for it. It took total of two business days from start to end with another bank. Not worth the hassle. Not too impressed with CS, either.

By: Rose

Rose — Tue, 27 Oct 2009 09:04:47 +0000

talking to your call center agent today is a worst conversation i had, she c’nt answer what i’m asking for she just keep talking but i still dont have her answer on my simple question but instead she’s blaming me that i could not understand her and in the end she pretend that she could not her me. are you aware in this kind of services that you have?

By: Anonymous

Anonymous — Tue, 27 Oct 2009 08:26:40 +0000

I’m really disappointed in your service operator’s c’oz some of them they dont know how to explain properly any information and dont have a manners while having a conversation.

By: Sheryl

Sheryl — Fri, 18 Sep 2009 00:43:08 +0000

HSBC is the worst to bank with so many complications and terrible customer service! ING.DIRECT is the only way to go!

By: MAL

MAL — Fri, 07 Aug 2009 20:29:16 +0000

PhilO,

All banks have been dropping their rates. This isn’t a bait and switch. Wait for the economy to go back up and so will the rates.

Marc

By: patrick

patrick — Fri, 22 May 2009 00:31:12 +0000

i am thinking of opening an account at hsbc and from the reviews i am sure i am

By: PhilO

PhilO — Mon, 09 Mar 2009 20:44:13 +0000

Although I have generally been pleased with my HSBC Online acct, I am VERY disappointed that the rate has been dropping precipitously. In early January 2009 the rate was SIX times the national average, in late January 2009 it dropped to FIVE times the national average, and now it’s FOUR times the national average. In my mind this is a ‘bait and switch’. At this point I’m probably going to close it and find a bank that keeps their promises.

By: Chris

Chris — Wed, 24 Dec 2008 12:17:24 +0000

Yes, their interest rate is fairly good and their online system works ok but if you have any problems at all (as I did when they suspended all my linked accounts for no reason), that require you call Customer Service… then I feel sorry for you. You will spend hours on the the phone with a completely undertrained Indian from a call center on the the other side of the world, that just talks you in circles. They refuse or do not have the ability to transfer you to a supervisor or english speaking operator.
I closed by account because of their appalling Customer Service and I simply do not like the idea of a call center on the other side of the world, that turns over staff daily, to access to my sensitive information including Social Security, driver license, secret questions and answers etc. etc.
I moved my saving to GMAC, after calling customer service first, to make sure who I am dealing with.

By: Cap

Cap — Sat, 08 Nov 2008 23:10:44 +0000

George: Indeed HSBC's transfer is quite slow, but its semi-clearly stated in their terms. You can also check out Etrade, which has higher rate than either ING or HSBC, and Etrade's quick transfer is as fast as ING's. Check out the Etrade review on this blog for more information.

By: George

George — Sat, 08 Nov 2008 21:57:53 +0000

I am not happy with HSBC slow transfer. I even tried to talk a lawyer to bring a class sue to HSBC.

HSBC transfers in money in the same day from out bank, but it always delays for 3-4 days to transfer money from HSBC out to other bank. HSBC eats 2-3 days of saving interest. It is huge money for all customers.

On the other hand, INGdirect finishes transactions (in and out) in less 2 days. I like INGdirect

By: joe

joe — Mon, 03 Nov 2008 17:42:28 +0000

Worst banking experience I’ve ever had. When I opened the account I was able to transfer my money from an existing account from another bank to HSBC Direct. When I tried to transfer more money into the account several weeks later it said that the bank account from which I transferred funds (JP Morgan Chase) was blocked and my HSBC account was locked. I spent several days on the phone trying to get the account unlocked (customer service on the phone is bad and involves being on hold for 5-10-20-30 minutes at time) at which point they unlocked the account and sent me a check for the sum. A month later I transferred money into the account again. I went to check on my balance and the website and customer service both say that my account was closed before the transfer was made and this money has been frozen, earning no interest and they can’t seem to re-open my account or unfreeze the huge amount of my personal savings that I have sitting there. Awful and frustrating experience.

By: Kelly

Kelly — Mon, 11 Aug 2008 18:57:36 +0000

Thank you for this thorough review. It helped me immensely, and the screenshots were just what I was looking for.

By: baboo

baboo — Fri, 05 Oct 2007 21:13:23 +0000

Good review and replies, I did shortlist a few banks and HSBC was one of them. This review helped me to put it at the top of my list even on top of Wachovia bank has a CD at 5.42%APY

I had talked to HSBC customer service and the minimum balance for 4.5% is $1.00 NOT $5000 as mentioned by Dave W. Dave do you work for vanguard?? :-)

By: Jackie

Jackie — Mon, 01 Oct 2007 23:42:21 +0000

HSBC online cd is obsurdly slow. I closed my cd account on 9/11 and I still havent received my check. It’s A LOT of money and it’s no where to be found and I can’t contact the processing center directly. They have to call me. I will never bank with them again.

By: Dave W

Dave W — Wed, 26 Sep 2007 18:50:04 +0000

Now (September 26, 2007) they are offering 4.5%. The minimum balance is $5000 to get the 4.5%. No word in the fine print on the rate you get with less than $5000.

Go to http://www.vanguard.com. Money market savings account of 5.05%. That’s .55% higher than HSBC.

By: Mark

Mark — Mon, 21 May 2007 20:17:28 +0000

They have you click the Security Key interface just in case you have a spybot that is capturing key clicks. They are providing you with a security service, even if it is a pain in the butt.

By: Cap

Cap — Sat, 14 Apr 2007 13:50:48 +0000

Huh. Good suggestion, never thought about doing that since I assumed they wouldn’t let you. Turns out you can easily right click > paste it in.

Ah. Mr. Random Guy, you are a life saver.

By: SomeRandomGuy

SomeRandomGuy — Sat, 14 Apr 2007 05:38:34 +0000

For the security key, i just type it out in the address bar or word processor or something and paste it into the slots.