HSBC Direct

After years of savings account interest deposits of $0.18, I finally saw the light and switched my savings account to HSBC Direct, an online savings account from one on the worlds largest bank, HSBC.  Now, before I chose HSBC I had to do some research, and you should too. 

I ultimately chose this bank because

1) it had the highest interest rate

2) Free transfers from my traditional bank

3) the savings account comes with an ATM card that can be used worldwide. 

So far I have been very happy with my experience.  In two months I have made over $40 in interest, free money to put towards my future home.  I was able to easily set up an automatic transfer every other week from the traditional bank to HSBC, and I get confirmation emails every time the transfer takes place.  One thing that I am not in love with could be a bigger deal to others than it is to me.  The website isn't the most user friendly.  I have gotten used to it (including clicking 4 different times just to log in) but it is something to take into consideration. 

Unfortunately, I missed out on the 6% offer that was going on this year, but I will be sure to up my bi-monthly transfers if they ever decide to bring it back.  All in all, I think if you have money sitting in a traditional savings account, you are leaving money on the table.  Making the switch to online is painless, and you have nothing to loose but about 4.95% APY!