News Release
HSBC DIRECT ENHANCES OFFERING WITH NEW WAY TO EARN HIGHER INTEREST ON EVERY DOLLAR, EVERY DAY
- 2.50% APY Payment Account Maximizes Earnings on Everyday Funds -
- Instant Fund Transfers Allow for Increased Fluidity Into 5.05% APY OSA -
29 May 2007
NEW YORK -- HSBC Bank USA, N.A., the U.S. banking unit of one of the world's largest financial services companies, today announced that HSBC Direct has introduced a revolutionary way for consumers to grow their money with the launch of HSBC Direct's Online Payment Account
This new Online Payment Account product, with a yield of 2.50% APY1, offers instant fund transfers between the HSBC Direct Online Savings Account (OSA). This allows customers to leave funds in the high-yield OSA longer, and fluidly manage their money so that they can maximize the value of every dollar, every day. Customers can also earn interest on money in the Online Payment Account used for everyday expenses, and then promptly move anything they do not spend back into high-yield savings, getting the most earning power from both.
The HSBC Direct Online Payment Account gives customers access to their cash at any HSBC ATM, and at more than 395,000 non-HSBC ATMs nationwide2. If a third party charges a customer to use their ATM in the U.S., HSBC will rebate up to three of these fees based on transaction date order during the calendar month3. In addition to all bill pay capabilities and full access, the HSBC Direct Online Payment Account allows customers to link to an unlimited number of outside accounts and conduct an unlimited number of transactions. While the HSBC Direct Online Payment Account complements the HSBC Direct OSA, customers are not required to have an OSA in order to take advantage of the Online Payment Account. The HSBC Direct Online Payment Account is available to both new and existing customers.
"Over the past year, the number one request we received from our customers was to institute a high-yield online payment account reinforced by the high quality of service associated with HSBC Direct. By addressing our customers' needs, we have developed an offering which allows them to instantly transfer funds between their HSBC Direct accounts, while continuing to earn a competitive rate, and automatically access cash for monthly bills and expenses," said Kevin Newman, senior executive vice president, personal financial services for HSBC in the U.S. "Used alone or in conjunction with the HSBC Direct Online Savings Account, the HSBC Direct Online Payment Account is a key tool to maximize earnings across all bank balances and manage cash so that there is never a day or dollar where their money does not have the opportunity to grow."
In addition to instant fund transfers between the HSBC Direct Online Payment Account and OSA, key features include automatic bill pay capabilities, a 2.50% APY, which is nine times the average traditional interest-bearing checking account4, an ATM/debit card and more.
HSBC Direct Online Payment Account customer benefits:
- Instant transfers between Online Payment Account and OSA
- Yield of 2.50% APY
- ATM:
- Free transactions at any HSBC ATM
- Three completely free non-HSBC ATM transactions per month (if customer is charged by a third party, HSBC will rebate up to three of these fees based on transaction date order during calendar month)
- No fees charged by HSBC on non-HSBC ATMs
- No monthly fees
- Bill payment services
- Direct deposit enabled
- Single card can be used for ATM and Debit transactions from Online Payment Account and OSA
- Linkage to unlimited number of external accounts
- Unlimited account transactions
- 24/7 customer service via phone and email
"As we expand HSBC Direct, we are continuing to enhance our product offering with saver-oriented features based on our understanding of customer behavior and needs," continued Newman. "The HSBC Direct Online Payment Account, as a complement to the HSBC Direct OSA, is a true example of a savings-powered proposition that was developed as a direct result of listening to our customers. This product will allow our customers to earn interest on their every dollar every day. Additionally, we will continue to offer our award-winning customer service initiatives with the HSBC Direct Online Payment Account."
To learn more about HSBC Direct Online Payment Account, visit www.hsbcdirect.com.
Media inquiries to:
Francine Minadeo, HSBC
francine.v.minadeo@us.hsbc.com
Kristen Crofoot, Financial Dynamics
kristen.crofoot@fd.com
1. Annual Percentage Yield (APY) is accurate as of 5/29/07. APY is variable and subject to change. Minimum balance to obtain open account APY is $1.
2. According to Financial Services Fact Book (http://www.iii.org/financial2/technology/atm/) there are currently over 395,000 ATMs nationwide.
3. Rebate will be credited to customer's account on the first business day of the following calendar month.
4. According to Bankrate.com. as of 5/22/07.
About HSBC USA Inc.
HSBC Bank USA, N.A. has nearly 450 branches in New York State, a network of branches in Florida, California, Delaware, Pennsylvania, Washington State, Oregon and Washington, D.C. It is the principal subsidiary of HSBC USA Inc., an indirectly-held, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC USA Inc. is one of the nation's 10 largest bank holding companies by assets.
HSBC Direct is HSBC Bank USA's online-only banking business that offers deposit accounts with highly competitive interest rates, no monthly fees or minimum balance requirements. For more information or to open an HSBC Direct Online Savings Account, visit www.hsbcdirect.com.
