High APY Online Banks :: EverBank vs. HSBC Direct

The choicest High APY Online Banks: EverBank or HSBC Direct

EverBank, is one of the leading financial services company based in Florida, U.S and mainly focuses on providing banking, mortgage banking, and investing solutions to its customers. EverBank offers an incredibly high interest rate on online checking accounts. EverBank has a widespread network of 13,000 affiliate ATMs that accepts deposits and consumers can withdraw money at 800,000 VisaPlus ATMs. EverBank also provides reimbursements for up to $6 in ATM fees per month. Everbank's checking account is preferred by a majority of consumers owing to its innumerable benefits. Everbank is renowned for its high yielding money market account and is guaranteed to be in the top 5% of yields.

Moreover, Everbank provides an FDIC-insured CD with a multi-year term which tracks the return of the S&P 500. Everbank WorldMarkets offers foreign currency accounts which enable the consumer to take advantage of other currencies relative to the U.S. Dollar. Everbank also offers brokerage services through its EverTrade affiliate and can also link to the consumer's local bank by ACH. Besides, the consumer can also safely and conveniently mail his/her deposits to Everbank using their free postage pre-paid envelopes.

HSBC is the second largest financial company in the world and has created an indelible mark in the financial services sector, with 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. The HSBC bank is the second largest corporation in the world with regard to assets. HSBC's Online Savings Account is favoured by customers because of its high-yield, low-minimum online savings account. HSBC Direct provides 5.05% APY with a temporary 6.00% APY promotion, no fees, link to other bank accounts, web interface and $1 minimum to open. HSBC Direct Online Savings Account offers e-Savings Account certain other benefits too such as no monthly fees, no minimum balance requirement, unlimited transactions at HSBC ATM with no fees and transferring funds online to and from the consumer's other bank accounts

In addition to the greater rates offered by the Online Savings Account, it's extreme popularity could be attributed to another convenience factor - it doesn't take a lot of money to open the account and all balances on deposit earn the same high yield. The account requires only a low minimum opening deposit of $1, this means that it only takes a $1 to earn the incredibly high interest rate offered on the account.

Nayanathara. S.

Hi-Tech Editorial Division