Virtual Internet Savings
03-13-2007, 09:25 PM
#1
Suzuka Master
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Virtual Internet Savings
Does anyone use these internet savings accounts? How safe are they? I'm guessing 100% safe, since they are all FDIC insured.
For those of you who don't know...On HSBCDirect.com
How safe, and good is HSBC? I just transfered 95% of my savings from BoA to HSBC Direct. I realized I was only getting 0.2% with my BoA savings 
Now with HSBC I get the promo rate of 6%, and after that 5.05% which is 25 times more interest a year. So it only seemed to be the right thing to do, and also it's not as easy to transfer funds from checking/saving (takes 5 seconds on BoA) which is also a good thing (to not use the funds for dumb purchases)
For those of you who don't know...On HSBCDirect.com
From January 29 - April 30, New Money in your account earns 6.00% APY.
By “New Money” we mean funds deposited during the New Money Period, less any withdrawals, that were not previously held by any member of the HSBC Group. New Money excludes your Starting Balance and must be in available funds for the promotional rate to apply.
Your Starting Balance is the available balance in your account as of the close of business on January 26, 2007.
Keep in mind that your HSBC Direct account is designed to hold balances up to $2,000,000. Don't worry, we'll give you notice if you go over that amount.
By “New Money” we mean funds deposited during the New Money Period, less any withdrawals, that were not previously held by any member of the HSBC Group. New Money excludes your Starting Balance and must be in available funds for the promotional rate to apply.
Your Starting Balance is the available balance in your account as of the close of business on January 26, 2007.
Keep in mind that your HSBC Direct account is designed to hold balances up to $2,000,000. Don't worry, we'll give you notice if you go over that amount.
Now with HSBC I get the promo rate of 6%, and after that 5.05% which is 25 times more interest a year. So it only seemed to be the right thing to do, and also it's not as easy to transfer funds from checking/saving (takes 5 seconds on BoA) which is also a good thing (to not use the funds for dumb purchases)
03-14-2007, 08:25 AM
#2
Make MyTL Great Again
I wouldn't call it "virtual internet savings" as that implies that is it fake. It's just an online bank account.
I would consider them 'safe' because they are FDIC insured, and they are not fly by night operations. ING, HSBC, CitiBank are all well established global financial banking houses, I don't expect that they will close up shop anytime soon. A number of people on this forum use at least one of the 3 I mentioned; if you look for threads you will find them.
I use ING, and like you I started to because like you, my bank was giving me crappy interest. I get nothing on my checking acct, and was getting 0.6% on savings. Last year alone my ING account earned well over $500 in interest.
I would consider them 'safe' because they are FDIC insured, and they are not fly by night operations. ING, HSBC, CitiBank are all well established global financial banking houses, I don't expect that they will close up shop anytime soon. A number of people on this forum use at least one of the 3 I mentioned; if you look for threads you will find them.
I use ING, and like you I started to because like you, my bank was giving me crappy interest. I get nothing on my checking acct, and was getting 0.6% on savings. Last year alone my ING account earned well over $500 in interest.
03-14-2007, 10:02 AM
#3
Senior Moderator
I've got my money in an Etrade online banking account.... At 5% I should be able to double my savings in 14 years 
but it's a heck alot better in there then in my local bank.
ING, Emigrant, and HSBC are the 3 most popular discussed here...
They are all "safe", but the different websites offer differing interfaces, and they have different levels of customer service.
I did some googling and checking (on fawallet.com, etc) on Etrade before I signed up, and while some of the opinions I found on the net were bad, my experience with etrade has been nothing short of excellent. I think alot of the compliaints you read about online are posted by stupid people
I always keep some money in my checking acct w/ the local bank, but I've been putting more and more of my savings into "online" accounts....
but it's a heck alot better in there then in my local bank.ING, Emigrant, and HSBC are the 3 most popular discussed here...
They are all "safe", but the different websites offer differing interfaces, and they have different levels of customer service.
I did some googling and checking (on fawallet.com, etc) on Etrade before I signed up, and while some of the opinions I found on the net were bad, my experience with etrade has been nothing short of excellent. I think alot of the compliaints you read about online are posted by stupid people
I always keep some money in my checking acct w/ the local bank, but I've been putting more and more of my savings into "online" accounts....
03-14-2007, 05:59 PM
#4
goldeneye style
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completely safe, fdic insured, thats all you need
the main things that you should look for are interface, quickness of transfers, and if there are any fees
hsbc does not have any fees for the online account, decent interface (ING still has best interface) and decent transfers. liquid enough that you can get it in a few days
ING and HSBC direct are major banks internationally. you dont have anything to worry about
the main things that you should look for are interface, quickness of transfers, and if there are any fees
hsbc does not have any fees for the online account, decent interface (ING still has best interface) and decent transfers. liquid enough that you can get it in a few days
ING and HSBC direct are major banks internationally. you dont have anything to worry about
03-15-2007, 12:52 PM
#7
Make MyTL Great Again
Originally Posted by TBone2004
Originally Posted by TinkyWinky
Limit for FDIC insurance = $100,000?
"Basic Insurance Amount Is $100,000
The FDIC insures deposit accounts such as checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs). The basic insurance amount is $100,000 per depositor per insured bank.
If you or your family has $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage. Your funds are fully insured."
http://www.fdic.gov/deposit/deposits...its/index.html
So if you have a shitload of $, you should split it up.
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03-24-2007, 12:23 PM
#8
Originally Posted by AdamNJ
actually it's per person, per bank
"Basic Insurance Amount Is $100,000
The FDIC insures deposit accounts such as checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs). The basic insurance amount is $100,000 per depositor per insured bank.
If you or your family has $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage. Your funds are fully insured."
http://www.fdic.gov/deposit/deposits...its/index.html
So if you have a shitload of $, you should split it up.
"Basic Insurance Amount Is $100,000
The FDIC insures deposit accounts such as checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs). The basic insurance amount is $100,000 per depositor per insured bank.
If you or your family has $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage. Your funds are fully insured."
http://www.fdic.gov/deposit/deposits...its/index.html
So if you have a shitload of $, you should split it up.
funny thing is that if you have too much money, safe investments such as high interest savings or CDs become risky too
03-24-2007, 01:08 PM
#9
is learning to moonwalk i
Originally Posted by AdamNJ
actually it's per person, per bank
"Basic Insurance Amount Is $100,000
The FDIC insures deposit accounts such as checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs). The basic insurance amount is $100,000 per depositor per insured bank.
If you or your family has $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage. Your funds are fully insured."
http://www.fdic.gov/deposit/deposits...its/index.html
So if you have a shitload of $, you should split it up.
"Basic Insurance Amount Is $100,000
The FDIC insures deposit accounts such as checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs). The basic insurance amount is $100,000 per depositor per insured bank.
If you or your family has $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage. Your funds are fully insured."
http://www.fdic.gov/deposit/deposits...its/index.html
So if you have a shitload of $, you should split it up.
03-24-2007, 08:31 PM
#12
Hold the onions
I just read this on the finance section of the paper today and they recommended keeping most of your money on savings accounts like HSBC account that have a high percentage. Keeping enough in the checking account to cover your bills and pocket money. They even suggested getting those credit cards with promos for 0% for a year and sticking the money in the savings account for some extra help. So how easy was it to set up your HSBC account whoever has one?
03-24-2007, 08:53 PM
#13
I miss my 03 CL-S :(
It's easy - but allow 1-2 weeks for the whole setup including the xfer of funds, getting your ATM card, setting up online banking and linking the HSBC acct up to your other bank accts for EFTs.
I've been with HSBC Direct for a few months and I like it. I had an HSBC checking/moneymarket when I was in NY, and didn't have a problem with them back then either. The 6% on new deposits is nice
I've been with HSBC Direct for a few months and I like it. I had an HSBC checking/moneymarket when I was in NY, and didn't have a problem with them back then either. The 6% on new deposits is nice
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