Savings Bank Ratings – An Unbiased Review of 2 of the Best

If you want “Savings Bank Ratings”, you’ve come to the right place. What’s the best one? Here’s an unbiased review to help you find out.

HSBC

This company has one of the better savings accounts around. Here are the features:
Interest rates

Their accounts consistently has among the top rates around-nobody will dispute that.

Why?

Because of their low “overhead” expenses. HSBC is not an “internet” bank per se-they do have physical branches-but they have far fewer locations than most other large chains.

This helps them to minimize building expenses-and for this reason they can afford to offer better deals than the other national banks. This is one of the most important things to look for in any savings bank ratings.

Minimum balance?

No–this is another benefit that separates from the pack.

Sign-up Cost

All it takes to open an account is one measly dollar. You can’t beat that.

Sign-up process

Opening an account is quite simple, and it doesn’t take very long-unlike some chains where it can literally take days.

Customer service

Their customer service is adequate-but it’s nothing to write home about. It’s pretty much “middle of the road” when compared with most others.

ING direct

This is the other one we will take a brief look at. This company operates ENTIRELY on the internet-they have no physical locations at all.

Interest rates

Because they are “online only” they are famous for their extremely high interest rates-this is probably the best “holding spot” for your money in between investments.

Sign-up cost

Like HSBC it’s just $1 to open an account with them… and they also don’t hit you with any month fees either.

Security

One little glitz is that if you make a lot of online transactions, it’s hard because they actually stop your account for 2-3 days every time you do something online that alters your account. This is done for security measures obviously, but it can be a pain.

Personal Banking: Choosing the Right Bank for You

Whether you’re looking for a checking account, savings account, a combination of the two or some other type of personal banking product, such as a certificate of deposit or line of credit, your choice of bank will really make a difference. Many banks are currently offering competitive promotions to lure customers, such as $50-$150 for opening a new checking and/or savings account, cash-back earnings for direct deposit customers and free services such as checking and online bill pay. Some banks are even offering gifts such as iPads and Kindles to new customers. While these incentives are nice, and may help if you are choosing between a couple banks that seem comparable otherwise, they should not be the main factor in your decision. To make the right choice, consider some of the factors below:

Do Your Homework – Make sure to shop around and compare the services, fees, conveniences and special perks of several different banks in your area and/or online. This will give you an idea of what the norms are so you can confidently choose the bank that is best for your unique wants and needs.
Check for FDIC Insurance – Never open an account with a bank that isn’t FDIC insured. The FDIC regulates the nation’s financial institutions, ensures that they are reputable and responsible, and insures deposits into checking accounts, saving accounts and certificates of deposit for as much as $250,000.

Convenience is Key – Some banks only exist online; some have a limited number of branches; and others offer numerous branches around the country or the world. Banks may also vary in the number of ATMs that are available, and whether they charge fees for using another bank’s ATM. These are all important convenience issues to consider.

Figure Out the Fees – It’s crucial that you understand exactly what fees a prospective bank will charge, which may include monthly service fees as well as hidden fees for things like checking your balance on another bank’s ATM. As far as the fees for over-drafting your account go, banks must now have customers “opt-in” to allow them to cover overdrafts (for a hefty fee).

Your Unique Needs – Before bank shopping, it’s important to write a list of what is most important to you in a bank. This list may include nearby branch locations, ATMs across the country, direct deposit services, investment opportunities, mortgage loans, student loans, lines of credit or debt consolidation, just to name a few.