HSBC or ING Direct?

cc1 · 09-08-2008, 08:34 AM

Hi. I'm new to the forums and being frugal. I am looking to set up a savings account that earns a higher interest rate than my current one. After reading some posts it seems ING Direct is more popular here. Your experiences/advice is appreciated.

Which do you have/prefer and why:
HSBC or ING Direct?
How easy is it to withdraw after you've met your savings goal?

Cazzi · 09-08-2008, 08:59 AM

The highest interest rate on savings I've found is smartypig.com. The rate is 3.9%APY with no minimums and no fees. Check it out.

Caz

KelR1 · 09-08-2008, 11:59 AM

I've never had an account with HSBC, but I've had an ING Orange Savings account for about a year, and no complaints. It's very user-friendly, easy to use and navigate, and it offers a decent interest rate. It's very simple to deposit and withdraw money. It takes a couple days to reach your linked account. There are no fees. Plus you can get $25 when you open an account and $10 for each person you refer who opens an account too! If you need a referral just let me know.

cc1 · 09-08-2008, 07:37 PM

Thank you Caz and KelR1 for your responses.

jaimekristen · 09-13-2008, 05:36 PM

I've been with both HSBC and ING. I like ING much better. My experience with HSBC was with their local banks, and they were horrible! The cashiers didn't know any of their policies, and it ended with them taking out my bills twice. Any time I had to speak to a manager or call into customer service I received very poor service.

That was a few years ago, and since then I have been a member of ING (for about 6 years actually). They have been great every single time I needed to call their customer service. I also have a checking with them, and have 6 different savings accounts (to categorize my money). I also have my Roth IRA's with them. So so far they have been everything I had hoped to find in a bank. I earn a pretty good rate consistently (not necessarily the highest rate each month, but they do compete) and they have been great to work with. So personally, I like ING better.

-Jaime

--------------------------------------------------
Idaka Blog

jmarti22 · 09-20-2008, 06:43 PM

I have had both ING and HSBC and I would go with the HSBS Online savings account only because it is so easy and offers a high interest rate 3.50%. Sometimes they even hace special promotions like recently they had the summer rate of 3.90% on their online savings. ING was difficult to manage...I dunno just personal experience. Good Luck!
OBTW Smarty PIG is only if you want to save for a specific goal and that money is reimbursed as a gift card after a certain period of time.

alexmbt · 09-21-2008, 01:27 PM

Not sure if you have made your choice yet but I would recommend checking out this blog entry as it provides some good advice:

http://blog.choosebetween.com/2006/0...vs-ing-direct/

Also, a good point was made in the comment section highlighting thefact that ING does not offer checks or an atm card.

If you plan to have a checkings and a savings accoung don't you think it makes sense to have them at the same bank.

good luck

cashing_in · 09-21-2008, 09:58 PM

The US federal reserve saved American International group and the international market from a sure slide.
Wait for sometime before going for any financial institution.

Cazzi · 09-22-2008, 02:12 AM

HSBC has just lowered its savings account rate to 3.25%. Smartypig is still 3.9% and it can be used for general savings as well as specific goals. All you need to do is call your account "miscellaneous" and make your so-called goal large so that you can save as much as you want. Also when you want to withdraw your money, you have the option of transferring your money back to your account in a different bank if you don't want to take it in the form of a gift card. I still think it's the best thing out there for the high interest you earn on savings.

brokegradstudent · 09-22-2008, 04:23 PM

Quote:

Originally Posted by alexmbt

Not sure if you have made your choice yet but I would recommend checking out this blog entry as it provides some good advice:

http://blog.choosebetween.com/2006/0...vs-ing-direct/

Also, a good point was made in the comment section highlighting thefact that ING does not offer checks or an atm card.

If you plan to have a checkings and a savings accoung don't you think it makes sense to have them at the same bank.

good luck

ING does offer checks and an ATM card through their Electric Orange high yield checking account. You can fill out the check online, and they mail the paper check for you. You even earn a little interest (1.75% APY right now) on your checking account balance, which is a nice bonus. The biggest inconvenience is depositing checks, because there aren't any brick and mortar locations. You either have to mail in the check or deposit it into one of the bank accounts that's linked to your ING account and transfer it over. If depositing money were easier, I'd probably switch over to online banking only.

09-08-2008, 08:34 AM	#1
cc1 Junior Member Join Date: Sep 2008 Posts: 10 Reputation: (10)	HSBC or ING Direct? Hi. I'm new to the forums and being frugal. I am looking to set up a savings account that earns a higher interest rate than my current one. After reading some posts it seems ING Direct is more popular here. Your experiences/advice is appreciated. Which do you have/prefer and why: HSBC or ING Direct? How easy is it to withdraw after you've met your savings goal?

09-21-2008, 01:27 PM	#7
alexmbt Junior Member Join Date: Sep 2008 Location: New York Posts: 2 Reputation: (10)	Not sure if you have made your choice yet but I would recommend checking out this blog entry as it provides some good advice: http://blog.choosebetween.com/2006/0...vs-ing-direct/ Also, a good point was made in the comment section highlighting thefact that ING does not offer checks or an atm card. If you plan to have a checkings and a savings accoung don't you think it makes sense to have them at the same bank. good luck __________________ Alexander Matjanec www.mybanktracker.com

09-21-2008, 09:58 PM	#8
cashing_in Junior Member Join Date: Aug 2008 Posts: 8 Reputation: (10)	The US federal reserve saved American International group and the international market from a sure slide. Wait for sometime before going for any financial institution. __________________ Find Information on Accountants and Bookkeeper at Respond Bookkeeping

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09-08-2008, 08:59 AM	#2
Cazzi Junior Member Join Date: Sep 2008 Posts: 5 Reputation: (10)	The highest interest rate on savings I've found is smartypig.com. The rate is 3.9%APY with no minimums and no fees. Check it out. Caz

09-08-2008, 11:59 AM	#3
KelR1 Member Join Date: Mar 2008 Posts: 53 Reputation: (10)	I've never had an account with HSBC, but I've had an ING Orange Savings account for about a year, and no complaints. It's very user-friendly, easy to use and navigate, and it offers a decent interest rate. It's very simple to deposit and withdraw money. It takes a couple days to reach your linked account. There are no fees. Plus you can get $25 when you open an account and $10 for each person you refer who opens an account too! If you need a referral just let me know.

09-08-2008, 07:37 PM	#4
cc1 Junior Member Join Date: Sep 2008 Posts: 10 Reputation: (10)	Thank you Caz and KelR1 for your responses.

09-13-2008, 05:36 PM	#5
jaimekristen Junior Member Join Date: Jan 2008 Location: New Hampshire Posts: 8 Reputation: (10)	I've been with both HSBC and ING. I like ING much better. My experience with HSBC was with their local banks, and they were horrible! The cashiers didn't know any of their policies, and it ended with them taking out my bills twice. Any time I had to speak to a manager or call into customer service I received very poor service. That was a few years ago, and since then I have been a member of ING (for about 6 years actually). They have been great every single time I needed to call their customer service. I also have a checking with them, and have 6 different savings accounts (to categorize my money). I also have my Roth IRA's with them. So so far they have been everything I had hoped to find in a bank. I earn a pretty good rate consistently (not necessarily the highest rate each month, but they do compete) and they have been great to work with. So personally, I like ING better. -Jaime -------------------------------------------------- Idaka Blog

09-20-2008, 06:43 PM	#6
jmarti22 Junior Member Join Date: Sep 2008 Location: Houston Posts: 15 Reputation: (10)	I have had both ING and HSBC and I would go with the HSBS Online savings account only because it is so easy and offers a high interest rate 3.50%. Sometimes they even hace special promotions like recently they had the summer rate of 3.90% on their online savings. ING was difficult to manage...I dunno just personal experience. Good Luck! OBTW Smarty PIG is only if you want to save for a specific goal and that money is reimbursed as a gift card after a certain period of time.

09-22-2008, 02:12 AM	#9
Cazzi Junior Member Join Date: Sep 2008 Posts: 5 Reputation: (10)	HSBC has just lowered its savings account rate to 3.25%. Smartypig is still 3.9% and it can be used for general savings as well as specific goals. All you need to do is call your account "miscellaneous" and make your so-called goal large so that you can save as much as you want. Also when you want to withdraw your money, you have the option of transferring your money back to your account in a different bank if you don't want to take it in the form of a gift card. I still think it's the best thing out there for the high interest you earn on savings.