# Do You Reccommend HSBC?
**URL:** https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963
**Category:** In My Humble Opinion
**Created:** [October 21, 2008, 11:08pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963 "2008-10-21T23:08:15Z")
**Posts on this page:** 20
**Page:** 1
### Author:  [@hobscrk777](https://boards.straightdope.com/u/hobscrk777)
#### Post date: [October 21, 2008, 11:08pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/1 "2008-10-21T23:08:15Z")
I’ve been seriously considering closing my savings account in a brick-and-mortar bank (where the interest rate is so low I’m literally losing money once inflation is accounted for). I’m considering HSBC, because they have a good savings account APY (3.25%) and a very attractive 6-month CD APY (4.0%). Also, I’ve seen them in various reviews of online banks, and they seem to have a good reputation.
Is there anything I should know about HSBC? Is there a better online bank? MY number #1 issue here is somewhat of a mix between interest rate and stability/customer support.
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### Author:  [@gotpasswords](https://boards.straightdope.com/u/gotpasswords)
#### Post date: [October 21, 2008, 11:49pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/2 "2008-10-21T23:49:40Z")
I don’t know about them as a bank, but as a credit card issuer, they’re about as bad as Capitol One. That is to say - really, really bad.
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### Author:  [@Desert\_Nomad](https://boards.straightdope.com/u/Desert_Nomad)
#### Post date: [October 21, 2008, 11:54pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/3 "2008-10-21T23:54:15Z")
I had an account with HSBC in Dubai for several years and their customer service was abysmal. This may say more about the Dubai office than HSBC in general. If this is a USD account, then I think Capital One has a similar offer as does ING.
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### Author:  [@AK84](https://boards.straightdope.com/u/AK84)
#### Post date: [October 22, 2008, 12:00am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/4 "2008-10-22T00:00:29Z")
Worlds worst bank.
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### Author:  [@Debon\_Err](https://boards.straightdope.com/u/Debon_Err)
#### Post date: [October 22, 2008, 12:44am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/5 "2008-10-22T00:44:00Z")
No, the world’s worst bank is GE Money Bank. But HSBC is definately a close second. Don’t do it!
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### Author:  [@Busy\_Scissors](https://boards.straightdope.com/u/Busy_Scissors)
#### Post date: [October 22, 2008, 6:40am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/6 "2008-10-22T06:40:03Z")
HSBC is a brick and mortar institution in the UK, I have my mortgage with them. It’s one of the big High St banks over here, they’re as credible as any other big bank in the current climate. Can’t comment on their online services.
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### Author:  [@Illuminatiprimus](https://boards.straightdope.com/u/Illuminatiprimus)
#### Post date: [October 22, 2008, 9:55am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/7 "2008-10-22T09:55:49Z")
I bank with HSBC and have had absolutely no problems with them whatsoever. I wasn’t thrilled that they outsourced their customer services to India but haven’t seen a perceptible drop in quality.
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### Author:  [@tygre](https://boards.straightdope.com/u/tygre)
#### Post date: [October 22, 2008, 12:34pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/8 "2008-10-22T12:34:57Z")
We use HSBC in NY, but our local branch SUCKS. They routinely close a bit early, and they can’t seem to keep the ATM full on weekends – forget trying to get cash late Sunday or early Monday.
We also had a really weird incident where someone else’s account info showed up on our monthly statement. THAT was scary but nothing was compromised.
Oh, and when I set up my daughter’s account, they called me at home an hour later needing to change the account number, claiming we’d been given one that was already in use.
If it wasn’t the only bank on the island, we’d be somehwere else.
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### Author:  [@Dervorin](https://boards.straightdope.com/u/Dervorin)
#### Post date: [October 22, 2008, 2:38pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/9 "2008-10-22T14:38:40Z")
> [@Illuminatiprimus](#):
>
> I bank with HSBC and have had absolutely no problems with them whatsoever.
Ditto. I also have a credit card with them, and haven’t had problems with that either. Their customer service is quite easily intelligible for me, being Indian (the last time I called I got a guy who lived in the same neighbourhood as my grandparents) and so I’ve had no complaints other than that some of their fees were a bit high, e.g. international money transfers and the like.
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### Author:  [@garius](https://boards.straightdope.com/u/garius)
#### Post date: [October 22, 2008, 2:50pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/10 "2008-10-22T14:50:53Z")
As others have said, they’re a high street bank over here and no better (or worse) than anyone else.
Not sure about the US setup, but in the UK their internet banking is brilliant. I can’t remember the last time I actually had to go into a branch to do anything.
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### Author:  [@Illuminatiprimus](https://boards.straightdope.com/u/Illuminatiprimus)
#### Post date: [October 22, 2008, 3:12pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/11 "2008-10-22T15:12:51Z")
Forgot to mention the internet banking, it is indeed a thing of beauty. Also they have paying in machines that actually work so you don’t have to queue to pay in cheques.
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### Author:  [@jack8beans2](https://boards.straightdope.com/u/jack8beans2)
#### Post date: [October 22, 2008, 4:18pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/12 "2008-10-22T16:18:03Z")
I have had really bad experiences with HSBC.I would not recommend them at all.
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### Author:  [@hobscrk777](https://boards.straightdope.com/u/hobscrk777)
#### Post date: [October 22, 2008, 11:29pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/13 "2008-10-22T23:29:13Z")
It sounds like HSBC is getting more negative reviews than I was anticipating. I’d like to expand this thread a little into asking you what banks, online or brick-and-mortar, you _would_ recommend. As before, my preferences are a high savings account interest rate, a high CD APY, and a hassle-free/good customer service. I expect the high interest rate qualification will exclude most B&M institutions, but if you would recommend one anyway, please do so.
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### Author:  [@LavenderBlue](https://boards.straightdope.com/u/LavenderBlue)
#### Post date: [October 22, 2008, 11:46pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/14 "2008-10-22T23:46:13Z")
We had an account with them in NYC. I agree with other people’s opinions. They were not good. We had constant issues with them over all kinds of fees that should not have been levied. Their customer service was awful: long waits and befuddled operators. I also did not find the online website very user friendly.
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### Author:  [@cletus](https://boards.straightdope.com/u/cletus)
#### Post date: [October 23, 2008, 1:40am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/15 "2008-10-23T01:40:06Z")
Regarding other online banks the one I see mentioned most often would be ING and their orange savings account. A quick check shows it is paying about the same interest as your stated HSBC numbers. You might want to look over their site.
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### Author:  [@bare](https://boards.straightdope.com/u/bare)
#### Post date: [October 23, 2008, 2:18am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/16 "2008-10-23T02:18:43Z")
I didn’t care for my several years with HSBC either.
I’d seriously look for a local bank or credit union, careful to check their ratings with [Bankrate.com - Compare mortgage, refinance, insurance, CD rates](http://www.bankrate.com/brm/safesound/ss_home.asp)
Problem with the banks offering higher than usual rates of return is that they are generally suspected or proven to be on shaky ground, which is part of the reason Washington Mutual got the axe. (they were offering generous rates too, to try and reverse folks losing trust and removing their funds.)
You might look into Wells Fargo, which is supposedly in ok condition still and offers similar rates to what you are looking at.
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### Author:  [@amarone](https://boards.straightdope.com/u/amarone)
#### Post date: [October 23, 2008, 2:59am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/17 "2008-10-23T02:59:28Z")
> [@hobscrk777](#):
>
> I’ve been seriously considering closing my savings account in a brick-and-mortar bank (where the interest rate is so low I’m literally losing money once inflation is accounted for). I’m considering HSBC, because they have a good savings account APY (3.25%) and a very attractive 6-month CD APY (4.0%). Also, I’ve seen them in various reviews of online banks, and they seem to have a good reputation.
> Is there anything I should know about HSBC? Is there a better online bank? MY number #1 issue here is somewhat of a mix between interest rate and stability/customer support.
I have an online savings account with them and have never had a problem. They have just announced a lowering of the interest rate to 3.0%, btw.
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### Author:  [@ZipperJJ](https://boards.straightdope.com/u/ZipperJJ)
#### Post date: [October 23, 2008, 3:10am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/18 "2008-10-23T03:10:50Z")
What is your location? That might help in suggesting B&M banks.
I really love National City Bank, which is out of Ohio. Their customer service is great, and they have some high CD deals right now. But…they are not doing well right now ☹
Before I found something slightly better (but more risky), I was going to go with ING Direct. They seemed to consistently have the highest interest rates. They also are giving $25 for new signups, if you have a code…I don’t have a code to give (just threw my offer away) but maybe you will get one in the mail?
Don’t go with Bank of America. They suck rocks.
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### Author:  [@Debon\_Err](https://boards.straightdope.com/u/Debon_Err)
#### Post date: [October 25, 2008, 3:46am UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/19 "2008-10-25T03:46:59Z")
Usually you will find the best rates and customer service with a credit union.
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### Author:  [@ivylass](https://boards.straightdope.com/u/ivylass)
#### Post date: [October 25, 2008, 12:17pm UTC](https://boards.straightdope.com/t/do-you-reccommend-hsbc/468963/20 "2008-10-25T12:17:18Z")
> [@Illuminatiprimus](#):
>
> I bank with HSBC and have had absolutely no problems with them whatsoever. I wasn’t thrilled that they outsourced their customer services to India but haven’t seen a perceptible drop in quality.
I use them for a small savings account…no problems. But I don’t do my main banking with them, so maybe that’s why I haven’t had any problems.
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