Not long ago, we reported on the current HSBC Direct savings account rates, when there was a great HSBC online savings account special going on.  That special has ended, but the HSBC savings account rates at HSBC are still worth considering, so we here at Savings Account Rates Info decided to update you one what’s available.

The best of the HSBC savings accounts right now is still the Online Savings option.  This account gives a 1.65% annual percentage yield (APY) with only a $1 minimum to open.  Compare that to the HSBC savings account rates for regular, in-branch savings at 0.05% APY with a $100 minimum.

HSBC money market rates are also worth looking at.  For deposits under $15,000, the current yield is 0.20% APY, going up to 0.60% when over $15,000, then 0.80% APY at over $50,000.  These are good HSBC money market rates worth considering if you’re looking for that type of account.

For reference, both interest-bearing checking accounts at HSBC can be compared with HSBC savings account rates at 0.01% APY.

As before, these rates can change and none of these accounts are guaranteed or fixed.  HSBC savings account rates are generally competitive, however, and the HSBC savings accounts online tend to be some of the top performers rate-wise.  All accounts at HSBC are FDIC insured.

Since HSBC is one of the largest banks in the world, with over 100 million customers worldwide.  So, we here at Savings Account Rates Info decided to have a look at what kind of HSBC savings account rates are available — especially for high interest savings accounts.

We were originally tipped off by Kiplinger’s Personal Finance Magazine naming HSBC Direct the “Best Online Savings Account” back in 2006.  They appear to have only improved since then.

Currently, HSBC Direct has high yield savings accounts at 3.00% with no annual fees, minimum balance requirements, and with FDIC insurance.  So with a goal of $10,000 and starting with a $2,000 deposit at 3%, the $10,000 goal is reachable in five years with only a $123 per month deposit.  That’s a pretty impressive high yield online savings account investment plan.

With an internet savings account, it’s possible to open your account without vising or even being “based” at a branch of the bank.  So whether they’re in your geographic area or not, you can easily open and maintain a savings account with HSBC Direct.

While we were already impressed with this setup, we were interested in gaging the HSBC Direct high yield savings accounts in a different way.  Comparing a savings account to a Money Market Account is usually apples and oranges.  In this case, HSBC’s savings account earnings actually outperformed a national average Money Market Account (2.39%) by six tenths of a point.

While your needs will vary, if you’re looking for one of the best online savings accounts, we recommend that you have a look at the current HSBC Direct savings account rates to see what HSBC has to offer you.