HSBC Direct invites consumers to take advantage of their high earning interest savings account which has a current savings interest rate of 1.35% APY. This best savings account only requires an initial deposit of $1.

The small print under the promo page also states that this savings account does not collect any regular monthly or transaction fees. HSBC also does not impose any minimum balance requirements. Account management is all done through internet banking.

Interested consumers can open an account by using the online form provided on their website. The bank will perform two trial deposits to verify that you will be the account owner. After account opening, deposits can be sent as check via mail or by transferring funds from your checking accounts.

Initial funding of your online savings account be sent through electronic transfer, money order, or you can send a check via mail. Do not forget to include a completed HSBC deposit slip when you send in your money.

The bank will email the applicant within two business days to confirm if the application has been approved or if the bank needs more information from you. The bank will also send the username and password needed to access HSBC Direct. Usually it takes 5 to 7 business days before you can log on to your account online.

The website does not detail any fees which may affect your earnings. You can inquire about withdrawal fees, early closure fees, transfer fees, and other fees through 1888-404-4050.

HSBC Direct operates under the umbrella of HSBC Bank USA, N.A. which has about 470 branches across the United States. HSBC Bank USA, N.A. is headquartered in Buffalo, New York. The bank has 140 years of banking history under its belt with about 9500 offices operating in different countries.

All deposits with HSBC Direct are insured with the FDIC.