HSBC Advance Online Savings Account - Reader Reviews

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pops
	Wednesday, 07-14-10 12:42 Sorry, I misread the email. The charge is $7.00 and it's for international transfers only.

pops
	Tuesday, 07-13-10 22:18 I received email today from HSBC that says effective July 31, 2010 all outbound ACH transfers will incur a $3.00 fee. Let's see...crummy interest rate...nickel and dime fee imposition. No brainer. I requested closure of that account and transfer of my assets to me either by paper check or transfer to my funding account.

Max

Thursday, 07-08-10 16:03
Be aware that HSBC has a breach of information, I have received a scam call, they knew I had HSBC account, my cell phone ( which is registered under different name). When I called HSBC about it, it took me more than two hours to reach and explain to the customer service my concerns. They blamed it on me, they said I might have lose my personal info or something, when I gave them the phone number of the scammers, they were not interested at all.

Then I decide to transfer all my funds from HSBC to my other bank.

So it took me another hour to reach the actual branch near me, they told me that they can’t transfer money to my other account, that I have to mail a request to theyir office in BC, I am in ON, so another week of waiting. I ask them what other option I have , they said I don’t have any other, so I should wait.

Then I ask for the withdrawal of cash, but they said they don’t have cash on hand and that I have to wait up until next Friday, it was Thursday morning.
Naturally, I was furious, because when I was opening the account they told me that I can withdraw up to 100K if I give them one day notice. After half an hour, of yelling at me that I have no idea how banks work, they decide to give it to me next Tuesday, I wasn’t happy with that too. So after another 15 minutes of arguing they agreed to give me part of the money, but the rest will wait till Tuesday.

Then I ask them if I could do a money draft to transfer all my money and they finally they said OK we could do that for you, but have a seat we will be with you shortly.

So then I was sitting there watching them serving other customers for another half an hour, and I notice that if one has “Premium account ” ( or whatever they call it, it is a black card) one will be treated with smiles and timely, and normal account holders are treated like a second class customers.

So to summarize, The HSBC phone customer service are like a robots and they do not listen to what you say, they have the script of the template answers. And it takes several hours before you can get an answer to “unusual” question.

The branch customer services is unfriendly and rude.

HSBC will not give you cash (more than 10K) as soon as you request it or the next day. (even if they have it)

They don’t care if a scammers are using HSBC name.

They don’t care if there is a concern that HSBC may have a breach of information.

Nothing beats a real banks, CIBC, TD, RBC, BMO etc.

pops

Tuesday, 06-15-10 12:00
Look, folks, this whole banking thing is just business. They design their marketing to appeal to your emotions. We are, after all, emotional critters. They say how much they care about you and the community, put pictures of "just plain folks" like you and me on their advertising, etc., but in reality, they only care about the bottom line. The marketing is designed to give you a case of the warm fuzzies so you'll fall in love and begin a "relationship" with them because they are "good people who care about you." Miss a payment or lose your job and you'll see how secure your "relationship" is with them. You'll get mean letters from their collections department and don't expect them to show up on your porch with a bag of groceries to help you over the hump when you get laid off from your job. It's strictly business. Remember that and always have a plan B. Don't bother writing scathing, jilted lover reviews about them...they don't care and most folks won't take you seriously if your anger is apparent. Don't put all your money in one bank. Spread it out among several so if there's a problem with one, you have the others to lean on while the problem is worked out and you won't miss any obligations because of the actions of one. If one just can't get it's act together, don't get mad...just get out and take your money to another. Your number one consideration should be how much interest they will pay. Secondly, how difficult is it to use their site or get in touch with them if there's a problem? Thirdly, how long does it take to transfer money in and out? The top paying three that I use (Redneck, AmericaNet, Evantage) take a very long time to execute transers. I have other accounts that pay less interest but execute in almost no time at all (American Express, ING, Emigrant.) So stop trying to fall in love with them. Plan ahead and don't waste your anger on them. HSBC is in the middle of the pack for me...slow transfers, low interest rate, and a not too convenient website. I keep $25 there just to hold the account open. Sometimes they offer a teaser rate for three months on new money. So does ING. I'm ready to pounce when they do. Cheers to all and happy banking.

BankRolled

Monday, 02-08-10 16:41
HSBC used to be like an annoying but hot girlfriend. The hotness coming from the high rates.
Now HSBC is no longer hot because of the low rates its just annoying and getting worse.
They hold your money unnecessarily when you transfer to steal interest from you. No pleasant way to describe it because theres no explanation for the fact I did a simple bank to bank transfer on Jan 27th that resulted on the money not appearing in my account until the 2nd. Thats extortion by HSBC and should be illegal. Anyone with a brain knows these things happen instantaneously.
Also they sent me a letter several months back informing me that they would be rolling my checking account over into a Premier Checking account. In fine print you could find out that if you had less than $100k in your accounts they would charge you $25/month in fees for the pleasure. More extortion, how many grannies did you rob from with that one HSBC?
Now the latest in the HSBC saga is they're revoking my free checking and putting me into an account where my checking will get no interest and I will be charged $5/month.
If an institution looking out for the customer and giving good service is your idea of what makes a good bank. HSBC is the opposite of that. They're constantly looking for ways to screw over the customer and take money from you by fair means or foul.
I'm done with them I kept the account because it was a pain having to open a new one. But they've successfully soured me on them for life.
Screw you HSBC.

CMok
	Saturday, 01-30-10 17:04 In response to "gentlekat" post - Yes, HSBC did the same thing to me, freeze my account. They need me to call back after 4 business days (I called the 3rd day, they were not ready yet) to unfreeze the account, only then I can made transfer once again, which will take another 4 business day. Really messes up my bills!!!

gentlekat

Thursday, 01-21-10 18:19
Not sure what this bank is like in their brick and mortar buildings, but their on linge experience is without question the worst banking experience I have EVER had with a bank. I saved 43K with this bank that i put there in case of emergency. Well I had an emergency and they froze my accounts. They said they would be unfrozen within 2 days. It took 6 and then they suspended my local bank so that I could not transfer the money. After 5 phone calls, and over 4 hours on the phone (yes, my phone counts the minutes), I still don't have access to my money. I am on hold now waiting for over hoping that I can get my local bank account restored so that I can access MY MONEY. The measly interest rate they pay is not worth all the hassle. As soon as I get this straightened out I WILL NEVER DO BUSINESS WITH THEM AGAIN.

Anon
	Saturday, 05-16-09 00:16 The external accounts are easy to distinguish for me, great bank, customer service always gets back within 24 hours of emailing them. Although the rate is horrible at the moment.

Tim

Monday, 05-04-09 23:28
I signed-up for an Online Savings Acct w/ HSBC about a year ago. The rate started at a nice 3.5% and has consistently gone down since then. It is now less than half that (1.65%). Also had a major problem w/ their website - it would not distinguish between a checking and savings I had at another bank. When I went to make a transfer, had to guess and of course guessed wrong. That wound up costing me $56 from my other bank! Their customer support is all from India and less than responsive. I'm moving my money somewhere else.

hey yo
	Monday, 12-08-08 18:23 The rates are dropping and I am thinking about switching next month and it does take 3 to 4 days to transfer that kinda sucks. Otherwise no problems.

jmart
	Monday, 08-18-08 13:25 HSBC is terrible. Their entire Web site has been inaccessible for all customers for the last 36 hours. I am an etrade customer as well, and as soon as I can access my savings again, I'm moving all of my money from HSBC to etrade.

Bobby boy
	Saturday, 07-19-08 20:36 E*trade is hands down the best, I had my money in HSBC but had too many issues with customer service for my liking.

ManilaBoy40
	Saturday, 07-12-08 20:53 "With all the negative feedbacks here about HSBC, I'm still with them after more than 5 years and will always be..."

Bob
	Saturday, 07-12-08 17:50 Of all the on-line accounts I have had, HSBC is the SLOWEST in transferring money to/from your account. Emigrant, ING, and Countryside transfer overnight. I have no idea why HSBC must have 3 business days. If you calculate ahead of time, those 3 days of lost interest usually do not make up for the very slight higher interest rate they sometimes pay.

joromo77
	Sunday, 06-22-08 13:13 I wish I stayed with HSBC, this is a good rate. It's tough because it seems like once you move your money the place you move from gets better and where you moved to gets worse. I get sick of it, and I know that's what banks are banking on...people not feeling like moving there money over and over again. GEEZ!!

Kelly

Wednesday, 06-04-08 22:40
Just an FYI to those who are not aware of this promo.

Your Online Savings Account rate has increased to 3.50% APY*, effective June 2, 2008. That's up from 3.05% APY. And it's 9x the national savings average.** This at a time when some other savings rates have been falling.

This great new rate will be available through August 15, 2008. After which, you'll continue to get our great everyday rate. So the faster you deposit, the faster your money will grow.

ooi

Friday, 03-28-08 12:38
HSBC Direct has never rebated up to $6 non-bank ATM fees as promised unless you send numerous bank mails to correct it. HSBC Direct's customer service is really a mess where every CSR tells you a different story with the same question. For the same case#, you get different CSR answering your question with different answer. After 7 months with HSBC Direct (see earlier review this page), I do not recommend this bank for poor customer service.

sdrum
	Tuesday, 01-29-08 13:56 At 3.8% (as of 1/29/08) they're way at the bottom of the heap. Obviously there must be a lot fo folks who aren't paying attention.

sdrum
	Saturday, 12-22-07 09:01 On Thursday HSBC sent out an email blast to customers announcing their rate drop to 4.25%. At least they are up front about what they're doing, but anyone who keeps money on deposit there at a full 1% below what Countrywide is being lazy.

peg
	Friday, 12-21-07 10:07 great bank. convenient. but rates continue to drop. am thinking about switching.

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