HSBC Bank USA has officially launched a new online savings account, offering an unusual 4 percent interest rate and no monthly fee in a bid to attract a nationwide customer base. The new account from the Delaware-based bank, which has the largest market share in Western New York, is the bank’s latest effort to boost its retail deposit base both within its current markets and nationally. It dovetails with the introduction of new free-checking accounts.
The new online account for consumers pays interest at 7.5 times the national savings average, according to research firm Bankrate.com, and has no minimum balance. Accounts must be opened online and can be funded with electronic transfers from any U.S. checking or savings account at any bank. Deposits can also be made by mail or through an HSBC ATM, but not through branches.
Consumer advocates at HSBC Watch remind customers and potential customers that HSBC owns disgraced predatory mortgage lender Household International, now part of HSBC Holdings and HSBC North America. “Using your money to boost their deposit base also enables HSBC to export the finance company’s predatory lending abroad while ignoring consumer complaints nationwide in the U.S.” said HSBC Watch.
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