This is an online bank that says they will pay 5.05% interest on a savings account. I want to make sure this is a legit business without any shady dealings. They don't make known what they do with the money you put in their "bank".
2006-10-06 04:14:04 · 5 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
They're as good as any other bank - a friend of mine works at their call centre.
Ethics-wise (presuming that you're talking about ethics) - you can ask them for an information sheet regarding this.
In a nutshell though, they're pretty much exactly the same as HSBC, but without the branches.
2006-10-06 04:18:19 · answer #1 · answered by gromitski 5 · 0⤊ 0⤋
HSBC is a legitmate bank -- I have had a car loan with them for several years now and just opened a credit card account with them. They are not just an online bank, but I do really like their online services. Maybe I'll look into getting a savings account too!
2006-10-06 11:30:00 · answer #2 · answered by Kelly F 3 · 0⤊ 0⤋
HSBC is a legit bank, first of all. As long as they are FDIC insured and youre signing up for their high yield savings account, they dont do anything to your money, you can't lose it.
2006-10-06 11:16:49 · answer #3 · answered by Annette J 4 · 0⤊ 0⤋
I have been with them for 11 years and they are like any other bank but better. Contact them 24/7 0800 24 24 24
2006-10-06 11:55:38 · answer #4 · answered by xenon 6 · 0⤊ 0⤋
They invest alot in liquid assets such as commercial paper, which has a higher yield that what they are paying the customer and are relatively less risk. They also make investments in bonds and other fixed income securities. The fact that they ahve no branches, makes their overhead costs lower which allows the higher rates.
2006-10-06 11:23:03 · answer #5 · answered by Captain Trips 2 · 1⤊ 0⤋