HSBC Advance, the Internet banking arm of HSBC, is offering an online savings account that has a very competitive interest rate. The savings account rate isn’t the best savings account rate around but it bests the national average rate.

The current savings account rate is 1.24 percent with an annual percentage yield of 1.25 percent. The national average savings account rate is 0.53 percent for account balances of $10,000 or more.

Looking for Online savings account rates? Search our rate tables: SavingsAccount.MonitorBankRates.com.

The minimum opening account deposit for HSBC’s online savings account is only $1.00. For more information on HSBC Advance’s online savings account visit: HSBC