HSBC direct, ING, emigrant direct and citibank direct?

Question

Which one is the best? I'm having a real headache trying to decide which one to pick.

Answer 1

I use both HSBC Direct and ING Direct. I also looked into Emigrant Direct.

I first learned of ING, liked what I learned, and started using them for holding my "working capital". I found every aspect of their service to be good. They transferred money quickly, their minimum balance is rock bottom ($1), they have no fees, and I found their website to be very easy to use. I think their current APY interest rate is 4.35%

Later, I saw that HSBC Direct was offering a promotional rate that was much higher than ING. I started using them with the idea I would switch back to ING after the promo ended. As it turns out, I did not switch back. Their web site is more cumbersome, their transfers are slower, and their people are harder to work with (dialect problems) BUT their current APY rate is 5.05%. I would stay with ING for maybe 0.1% or 0.2% difference, but not for over 0.5% difference on balances that sometimes exceed $100,000. Like ING, they have reliably processed my transactions, but it's just a little more difficult. (These comments apply to their Personal Internet Banking product.)

I looked into Emigrant Direct. To get their best rate, you have to have either a credit card of theirs or you must direct deposit your paycheck ... I can't remember the exact details. At any rate, it wasn't convenient for me to accept their terms, so I took a pass.

I may have briefly looked at Citibank Direct. I didn't see any benefit to changing from HSBC Direct. If I'm going to go to the trouble of making a change, I want to be getting something better (like HSBC over ING). Otherwise, why switch?

In summary: For the amount you are going to deposit, evaluate whether $ difference per month is worth the smallish extra hassle of HSBC.

Answer 2

Since I have three out of the four you've mentioned I'd like to give you my opinion.

I have never heard of Emigrant Direct.

ING Direct is quite good if you need a direct savings account that earns a high interest. They didn't even asked for documents they've done all of it with all the information they asked me online.
Although they check with credit reference agencies to assure the veracity of your information.

Citibank usually provides good facilities which I believe are one of the best especially when you work abroad, the reason I've said this is that they provide you multi-currency accounts and pre-approved credit cards. You can simply access your dollar funds abroad thus efficient. eg. You can issue US$ checks while in the UK and vice versa. One thing I dont like about them is the charges they impose and the amount of required balances you need to have. Not that that is a problem but sometimes when you need your funds you need to sort it out to make sure you still have money enough for the maintaining balance.

HSBC has been the easiest for me. They even give me free atm withdrawals abroad and commission free travel money as well as complementary travel insurance for me and my family for a year. For a minimal fee a month, they provide you facilities you actually need. I was given an international debit card and a pre-approved credit card linked to your account.
Another thing I love about HSBC that Citibank might also be providing but I'm not sure of is that if you intend to travel and work abroad or simply rellocating they will help you open and arrange for an account even before you get there. This is the good thing about these international banks.

Answer 3

My experience with Citibank is overall good. I have never used emigrant. I am indifferent about ING and I would not recommend HSBC. HSBC try to show that they give good service but they are like drugs.

Answer 4

It depends what you're looking for in an account.

I prefer ING. If you need an account with instant access to your money, stay away from them. My ING account is linked to my regular checking account and it takes 2-3 days for transactions to occur.

The reason I am staying with them is simple. There are no fees or minimum balances. If their savings APR goes up, so does mine. If their savings APR goes down, mine stays where it is as long as I have money in my account (even if it is only $0.01). The current APR on my savings account is 4.4%, which isn't bad considering the only limitations I have are the 2-3 day waits.

Answer 5

I can tell you this, don't choose citibank, because it caused me a lot of trouble. After I paid they still send me late notices as if I haven't paid my loan and they damaged my credit report; right now I'm fighting agains citibank in court and is not easy so be careful and choose wisely