Sep 30 2008

Switching From HSBC Direct to ING Direct

Click here to start saving with ING DIRECT!I opened up an HSBC Direct Savings account last year when it was offering 5.05% APY. Very little was done with the savings account throughout the course of the year since I had very little money to put into it. Recently, I’ve implemented an automatic savings plan after doing a good amount of messing around with HSBC’s web interface. Then, HSBC Direct locked me out because I entered security information inaccurately after two attempts.

When I start to actively use the account, it seems very cluttered and uneasy. Thus, I’ve turned to the highly praised ING Direct Online Savings Account. The decrease in interest is not of concern to me since it is just a 0.25% difference in APY and I do not have a large amount of money for it to have a significant effect on my interest earnings.

Plus, my savings mentality has been spreading continuously since I’ve started blogging and my family and friends have growing increasingly concerned towards saving for the future. With the referral bonuses and signup bonuses, I can actually make more money compared to HSBC Direct’s higher APY.

The sign-up process was very quick. I don’t have to wait for snail mail for my account details. So far it has been a pleasant experience, as expected.

HSBC Direct - Strategy

HSBC Direct is still a great option but ING Direct just may be the better option for me.

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