HSBC Advance, the newly named HSBC Direct which is the online banking arm of HSBC, is offering one of the best online savings account rates available these days.  The current savings account rate is 1.24 percent with an annual percentage yield of 1.25 percent.

While their savings account rate might not be the highest online savings account rate available, it certainly is competitive. The national average savings account/money market account rate is around .50 percent. HSBC Advance says their savings rate is 5 times the national average rate according to bankrate.

The minimum opening deposit for an online savings account at HSBC Advance is only $1.00. Online savings accounts are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

As with all savings accounts and online savings accounts, the interest rate can change at any time since it’s a variable rate account. You can also link other HSBC accounts to the online savings account and transfer money in and out of the account.

HSBC Online Savings Account Information: HSBC Advance Savings