ING Direct / HSBC / other

sabotai · 02-24-2009, 02:40 PM

A few quick questions about them

For their online savings, HSBC, from what I've read, always offers a higher APY for their online savings account than ING Direct. What would I be giving up for the that extra APY? What does ING Direct do better than HSBC that might make it worth it to go with them and take the lower interest rate?

How good are their other services? HSBC looks like they only have CDs and MMAs, but how are ING Direct's Retirement and Investment services? (This is more just out of curiosity and looking long term. Right now I'm just looking into opening an online savings account).

Are there other companies out there that also offer high-interest online savings account? Are they any good and should I consider them as well?

Radii · 02-24-2009, 04:05 PM

I don't have a lot to offer here other than the fact that I'm a loyal ING Direct customer. I only use their Orange Savings account, and I understand there are higher interest options out there now, but I have never changed simply out of loyalty and comfort at this point. I've moved money back and forth countless times between my B&M bank and ING Direct and never had any issues.

If I were starting anew I would almost certainly go with the higher interest option if I couldn't find anything wrong with them of course. But if you do find something about HSBC that you don't like, ING is a solid option.

wade moore · 02-24-2009, 04:53 PM

+1 to Radii.

kurtism · 02-24-2009, 08:39 PM

been using FNBODirect.com for some time now, very happy with them.

Philliesfan980 · 02-24-2009, 08:50 PM

I've been using HSBC for a few years now and haven't had any problems. The 4-5 day clearing time between deposits is BS (considering the cash comes out of my checking account on day 1-2 of the transaction), but all of these outfits do this to earn some interest on your cash.

RainMaker · 02-25-2009, 12:59 AM

I have an HSBC and ING account. You aren't really giving up anything for the higher rate at HSBC. ING used to have the best rates but dropped down years ago when they got big. The only difference I've seen is that HSBC takes an extra day or two on transfers compared to ING.

lynchjm24 · 02-25-2009, 07:34 AM

I used etrade. The rate was close the last time I checked and you can invest in everything from Vanguard mutual funds to individual stocks by transferring money in a few seconds.

I used to use Perth Amboy Direct, they had a ridiculous rate at one point, but it went from something like 4.5 to 2.0 one day out of the blue.

sabotai · 02-25-2009, 08:13 PM

Thanks everyone. I checked etrade and they give 2.15% interest right now.

CU Tiger · 02-26-2009, 06:40 AM

I used ING for a while, then found out a local Credit Union was giving out 3.0 on Money Market accounts with no min....

fantom1979 · 03-04-2009, 04:19 PM

This is a week old now, but I just wanted to throw in that I use ING Direct and I am very happy. I use the automatic withdraw from my checking account every payday, so I am saving without even seeing the money.

I don't like HSBC just for personal reasons. I used to work at CompUSA and their credit card was issued by HSBC. I used to get a ton of complaints about some shady stuff they used to do, mainly with how they did service charges and interest. For example, they charged a yearly service fee, and would continue to do so even if you didn't carry a balance, unless you specifically called them and canceled the card.

RainMaker · 03-04-2009, 04:46 PM

Quote:

Originally Posted by fantom1979

I don't like HSBC just for personal reasons. I used to work at CompUSA and their credit card was issued by HSBC. I used to get a ton of complaints about some shady stuff they used to do, mainly with how they did service charges and interest. For example, they charged a yearly service fee, and would continue to do so even if you didn't carry a balance, unless you specifically called them and canceled the card.

Yeah, that's one reason I almost passed on them. I had a Best Buy card in college and those guys destroyed me. I ended up with like $200 in service fees I had no idea what from. Unfortunately, they had a promo a few months back that was nearly half a point better than ING.

Ramzavail · 03-04-2009, 07:28 PM

FYI - the ING direct interest rates just got kicked in the nuts, its down to 1.65%

bosshogg23 · 03-05-2009, 01:29 PM

GMAC has a 2.75% Savings Account with no minimums right now. Also a 6 month CD at 2.60%.

Danny · 03-05-2009, 01:40 PM

ING is down to 1.65. I think I will look for a different account now.

03-04-2009, 04:19 PM	#10
fantom1979 College Benchwarmer Join Date: Apr 2008 Location: Sterling Heights, Mi	This is a week old now, but I just wanted to throw in that I use ING Direct and I am very happy. I use the automatic withdraw from my checking account every payday, so I am saving without even seeing the money. I don't like HSBC just for personal reasons. I used to work at CompUSA and their credit card was issued by HSBC. I used to get a ton of complaints about some shady stuff they used to do, mainly with how they did service charges and interest. For example, they charged a yearly service fee, and would continue to do so even if you didn't carry a balance, unless you specifically called them and canceled the card. Last edited by fantom1979 : 03-04-2009 at 04:20 PM.

02-24-2009, 04:05 PM	#2
Radii Head Coach Join Date: Jul 2001	I don't have a lot to offer here other than the fact that I'm a loyal ING Direct customer. I only use their Orange Savings account, and I understand there are higher interest options out there now, but I have never changed simply out of loyalty and comfort at this point. I've moved money back and forth countless times between my B&M bank and ING Direct and never had any issues. If I were starting anew I would almost certainly go with the higher interest option if I couldn't find anything wrong with them of course. But if you do find something about HSBC that you don't like, ING is a solid option.

02-24-2009, 08:39 PM	#4
kurtism High School Varsity Join Date: Mar 2001 Location: Noblesville	been using FNBODirect.com for some time now, very happy with them.

02-24-2009, 08:50 PM	#5
Philliesfan980 Banned Join Date: Feb 2003 Location: Exton, PA	I've been using HSBC for a few years now and haven't had any problems. The 4-5 day clearing time between deposits is BS (considering the cash comes out of my checking account on day 1-2 of the transaction), but all of these outfits do this to earn some interest on your cash.

02-25-2009, 12:59 AM	#6
RainMaker General Manager Join Date: Jun 2006 Location: Chicago, IL	I have an HSBC and ING account. You aren't really giving up anything for the higher rate at HSBC. ING used to have the best rates but dropped down years ago when they got big. The only difference I've seen is that HSBC takes an extra day or two on transfers compared to ING.

02-25-2009, 07:34 AM	#7
lynchjm24 College Benchwarmer Join Date: Jan 2003 Location: Hartford	I used etrade. The rate was close the last time I checked and you can invest in everything from Vanguard mutual funds to individual stocks by transferring money in a few seconds. I used to use Perth Amboy Direct, they had a ridiculous rate at one point, but it went from something like 4.5 to 2.0 one day out of the blue.

02-25-2009, 08:13 PM	#8
sabotai General Manager Join Date: Oct 2000 Location: The Satellite of Love	Thanks everyone. I checked etrade and they give 2.15% interest right now.

02-26-2009, 06:40 AM	#9
CU Tiger Grizzled Veteran Join Date: Nov 2006 Location: Backwoods, SC	I used ING for a while, then found out a local Credit Union was giving out 3.0 on Money Market accounts with no min....

03-04-2009, 07:28 PM	#12
Ramzavail College Starter Join Date: Aug 2002 Location: Strong Island, NY	FYI - the ING direct interest rates just got kicked in the nuts, its down to 1.65%

03-05-2009, 01:29 PM	#13
bosshogg23 College Benchwarmer Join Date: Jul 2001 Location: Philly	GMAC has a 2.75% Savings Account with no minimums right now. Also a 6 month CD at 2.60%.

03-05-2009, 01:40 PM	#14
Danny Head Coach Join Date: Jul 2001	ING is down to 1.65. I think I will look for a different account now.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)