As you probably have noticed, interest rates have been low for years now. Everyone that has a loan has rejoiced at this situation, but those trying to earn some money on their investments have struggled with the current interest rates. The HSBC Advance online savings account can help with this dilemma.

The national averages for the annual interest rates on savings accounts are not very high. Most are below 0.5%. So the HSBC Advance online savings account is quite the bargain. It has the following features:

1.1% annual percentage rate

At about 5 times the national average this is a great increase even if the interest rate itself is still low compared to historical averages.

No regular monthly fees

Monthly fees quickly eat up your interest payments with the current low interest rates, so it is good to find an account without fees.

Low minimum deposit

The HSBC Advance online savings account only requires $1.00 to open.  So what are you waiting for?

No transaction fees

There are still fees for orders such as stop payment orders. Read the fine print before you open an account so you are aware of what charges may occur.

FDIC insured

Currently FDIC insured accounts are guaranteed up to $250,000.

Fast application process

You can apply online within minutes.

Established bank

HSBC bank has been around for over a century. In the current climate of failing banks, it is nice to know your bank has a good track record.

Online banks have been around for about a decade now. Unless you have your heart set on walking into your local bank branch to deposit money, they are very convenient. Taking away that local temptation to withdraw money, will also give you an edge in increasing your savings. The best way to increase a savings account balance is to deposit money regularly and then consider it off limits.

Of course, there are still convenient ways to access your money. You can link your HSBC Advance online savings account to any number of checking accounts at any bank. You can also withdraw money at any  ATM machine. This will come in handy when you are ready to withdraw the money for the purpose you saved it for. Just remember, this is a savings account, not a checking account. If you want to take advantage of that increased interest rate, you need to keep your money in there for as long as possible.

In my experience, accounts such as the HSBC Advance online savings account offer great annual interest yields in better economic times too. Since the overhead costs are a bit lower than for the brick and mortar branch locations, the consumer gets a slight benefit. It is never a huge increase, but if you save steadily, it will make a difference. On $10,000 just a tenth of a percentage point adds $10 in interest to your account. For the HSBC Advance online savings account the difference is about eight tenths of a percentage point right now.

Overall, this account has some great features, so when you are ready to add a savings account, keep this one in mind as you compare your options. Personally, I have found online savings accounts to be an excellent tool for my savings portfolio. The only drawback I have found is that when you do not access the account frequently, there is a tendency to forget the passwords you set up. So make sure, you have simple answers to those security questions everyone establishes these days.