The online bank’s biggest draw is offering a top-tier interest rate. At HSBC Direct Savings, the direct bank pays savers an impressive 2.05 percent APY, making it one of the highest APYs available right now. Even better, you can earn the APY regardless of how much, or how little, you park in the account. You only need to deposit $1 to open the account and there are no monthly maintenance fees.
The online bank also pays its checking account customers something, but the APY is extremely low. You won’t, however, have to pay monthly maintenance fees. Plus, you only need to deposit $1 to open the account. If you write physical checks, this account isn’t for you — it doesn’t offer personal checks.
The reviews of the mobile banking app disappoint compared to other online banks ranking on the list, but the app makes available some useful digital tools to help you budget and save for goals.
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