Hi all,

I have heard and read about online savings account that yields high APR from HSBC, Capital One and ING Direct. HSBC says the current APY is 5.05% How reliable are these banks?

I was thinking about opening an online savings account with HSBC. Saving account in local banks yield nothing at all. Any experiences with these banks, especially regarding online savings account???

I have ING Direct and have had no problem since I opened it.Transferring money between saving and checking accounts takes couple of days.I would recommend it.

I have had accounts in all three (HSBC, ING and capitalone) for years. They are no different than your local bank. They are FDIC insured just like any other bank in US. The only difference is that you have to wait at least 3 days to withdraw money after you transfer from the account. So tese account are not meant for emergency purpose. But you have to read the fine prints before you open an account in any one of these.

Let me know if you are interested in INGdirect. I will show you how you can make extra $50 just by openning an account there.

u_day,
i am just curious. why do we need so many accounts?

i mean FDIC insures $100k so that's a lot of cash to have in each accounts. would not you agree (O:

Thapap,
FDIC insures $100k per account per bank.