HSBC switching to Citizens, any better Online Banks?

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theac
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HSBC switching to Citizens, any better Online Banks?

Post by theac »

In Feb 2022 my savings and checking accounts at HSBC will automatically switch over to Citizens Bank.

I'm thinking of just closing the HSBC accounts and opening some online accounts better.
I use Schwab Bank for the bulk of my cash, and HSBC has just remained as a backup and has had small balances of a couple thousand in the last few years.

Any recommendations for a good online bank?
I've noticed many on here have mentioned using Ally Bank, so was considering that. I'm not in a big rush to make the move, but just planning ahead for before Feb.

Also, I have my pension Direct-Deposited at HSBC, plus have HSBC checks which I rarely use anyway. I imagine if one were to stay at HSBC, when the switch happens, you'll be needing new checks, a new Debit Card, and maybe even updating with your pension on the Direct Deposit?

Thanks for any insights
"We keep you alive to serve this ship. Row well...and live." Ben Hur...and The Taxman! hahaha (a George Harrison song)
kiddoc
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Re: HSBC switching to Citizens, any better Online Banks?

Post by kiddoc »

Ally has been our hub account for many years now. No complaints or regrets. Though they are not top-of-the-market for savings rates anymore, they still provide excellent service and many free services.
We also have a joint checking account at Fidelity for side-gig income that goes into investments. Not as many features as Ally but easy to transfer to investment accounts and works just fine as checking acct if you already have other accounts with Fidelity.
"The four most dangerous words in investing are: 'this time it's different.'" - Sir John Templeton
CZjc1330
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Re: HSBC switching to Citizens, any better Online Banks?

Post by CZjc1330 »

We have a Discover Bank online savings account. Pays 0.40%. Can write 6 checks a month. CDs at 0.55% for 12 mos. Telephone service 24/7.
Have had the account for 20 yrs. No complaints, good service.
Good luck.
NuBogleHead
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Re: HSBC switching to Citizens, any better Online Banks?

Post by NuBogleHead »

The banks that offer both checking and savings that are generally recommended are CapOne 360, Ally, and Discover. Schwab is also a good choice is you want to keep everything together.
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anon_investor
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Re: HSBC switching to Citizens, any better Online Banks?

Post by anon_investor »

Another vote for Ally. I have checking, savings and no penalty CDs with them. Their high yield savings pays 0.5% APY right now. You get unlimited free checks. I like how you can use the mobile app to control the functions of the debit card, not just lock it but even turn it into ATM only. This saved me once, blocking 2 fraudulent debit charges. They have 24/7 live phone support, though you can do everything online including withdraw a CD early.
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Wiggums
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Re: HSBC switching to Citizens, any better Online Banks?

Post by Wiggums »

We have money at Ally and Capone 360
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theac
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Re: HSBC switching to Citizens, any better Online Banks?

Post by theac »

I researched Ally and a few others online, and Ally looks like what I'm looking for.

Will call them soon with a few questions such as their ATM Fees that are reimbursed up to $10 a month per account. But I sometimes use Int'l ATMs , and on their site looks like that refund only applies in the US non-affiliated ATMs? That's not a deal breaker for me though.

On that note, if you have a Money Mkt Acct and a Checking Account, both with Debit Card, do they share the same card, or is it a separate card for each?

It looks like it's very easy to open their accounts online, then you can just do an ACH transfer deposit soon after opening them.

Thanks for the replies. :happy
"We keep you alive to serve this ship. Row well...and live." Ben Hur...and The Taxman! hahaha (a George Harrison song)
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JoMoney
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Re: HSBC switching to Citizens, any better Online Banks?

Post by JoMoney »

I've been moving towards using my Fidelity CMA as primary "bank", I would think your Schwab bank account would be as good :?

I've also considered using Alliant Credit Union. They seem to have good offerings for checking and credit cards, like a "high rate" interest bearing checking account that refunds up to $20/mo ATM fees (including International.) Credit card that rebates 2.5%
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tomd37
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Re: HSBC switching to Citizens, any better Online Banks?

Post by tomd37 »

OP - Is there any way you might qualify for membership in the Navy Federal Credit Union, either through your service or that of a family member? You might consider finding out if you qualify and then see if they might meet your needs.
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softwaregeek
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Re: HSBC switching to Citizens, any better Online Banks?

Post by softwaregeek »

I have a small backup bank account at Bank of America.

I had to have it as part of getting a mortgage discount but I kept it because they have a free museum access card which is worth more to me than whatever pitiful interest I would get on a small account anywhere now.

I probably got $200 worth of value out of the musuem card in 2019.
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theac
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Re: HSBC switching to Citizens, any better Online Banks?

Post by theac »

tomd37 wrote: Wed Dec 01, 2021 8:34 am OP - Is there any way you might qualify for membership in the Navy Federal Credit Union, either through your service or that of a family member? You might consider finding out if you qualify and then see if they might meet your needs.
No I wouldn't qualify for that Credit Union.

Still haven't had a chance to call Ally, been a bit busy,
but looks like a good easy option.
"We keep you alive to serve this ship. Row well...and live." Ben Hur...and The Taxman! hahaha (a George Harrison song)
Rudedog
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Re: HSBC switching to Citizens, any better Online Banks?

Post by Rudedog »

Ally Bank and Capital One........work well for us.
chw
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Re: HSBC switching to Citizens, any better Online Banks?

Post by chw »

Been with Aly for many years. Good combo of excellent platform, rates, and 24/7 customer service. Can’t go wrong- just watch FDIC deposit limits.
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anon_investor
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Re: HSBC switching to Citizens, any better Online Banks?

Post by anon_investor »

theac wrote: Wed Dec 01, 2021 7:45 am On that note, if you have a Money Mkt Acct and a Checking Account, both with Debit Card, do they share the same card, or is it a separate card for each?
You get separate debit cards for the checking and money market account.
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anon_investor
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Re: HSBC switching to Citizens, any better Online Banks?

Post by anon_investor »

softwaregeek wrote: Wed Dec 01, 2021 11:20 am I have a small backup bank account at Bank of America.

I had to have it as part of getting a mortgage discount but I kept it because they have a free museum access card which is worth more to me than whatever pitiful interest I would get on a small account anywhere now.

I probably got $200 worth of value out of the musuem card in 2019.
I have a BoA account, what is this museum access card you speak of?
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gatorking
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Re: HSBC switching to Citizens, any better Online Banks?

Post by gatorking »

anon_investor wrote: Thu Dec 02, 2021 6:16 am
softwaregeek wrote: Wed Dec 01, 2021 11:20 am I have a small backup bank account at Bank of America.

I had to have it as part of getting a mortgage discount but I kept it because they have a free museum access card which is worth more to me than whatever pitiful interest I would get on a small account anywhere now.

I probably got $200 worth of value out of the musuem card in 2019.
I have a BoA account, what is this museum access card you speak of?
https://about.bankofamerica.com/en-us/w ... lQHpX_Mvrq
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anon_investor
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Re: HSBC switching to Citizens, any better Online Banks?

Post by anon_investor »

gatorking wrote: Thu Dec 02, 2021 6:38 am
anon_investor wrote: Thu Dec 02, 2021 6:16 am
softwaregeek wrote: Wed Dec 01, 2021 11:20 am I have a small backup bank account at Bank of America.

I had to have it as part of getting a mortgage discount but I kept it because they have a free museum access card which is worth more to me than whatever pitiful interest I would get on a small account anywhere now.

I probably got $200 worth of value out of the musuem card in 2019.
I have a BoA account, what is this museum access card you speak of?
https://about.bankofamerica.com/en-us/w ... lQHpX_Mvrq
Thanks! I will bookmark this!
FedGuy
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Re: HSBC switching to Citizens, any better Online Banks?

Post by FedGuy »

Since I saw a few recommendations for Capital One 360 in this thread, I thought I'd share my negative experience.

I opened a Capital One 360 account a couple of years ago. I had soured on my primary bank (Citibank) and thought that Capital One would offer an ideal combination of online savings-level interest rates plus a brick and mortar presence for when I needed it. I opened the Capital One account, transferred the bulk of my emergency fund into it, and let them sit for a year or so.

Recently I needed to ACH funds from Capital One into an account at another bank. I set up the ACH instructions and got the message saying that two small test deposits would be submitted to the receiving bank account and that I should log back in after receiving them to confirm receipt. The test deposits never came.

A week or two later I tried again and got an error message. So, I called Capital One for help. Despite calling about 90 minutes before the stated close time listed on the website, I received an automated message telling me that I had called outside of their hours of operation and that I had to call back some other time.

A day or two later I was finally able to get a Capital One representative on the phone. She eventually told me that she had identified and corrected the problem. She told me that I would receive the two test deposits in my receiving bank account shortly. I also received an email to the same effect.

The test deposits never arrived.

Meanwhile, setting up and receiving ACHs from Discover Bank proceeded without a hitch.

I will probably close the Capital One account.
Doctor Rhythm
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Re: HSBC switching to Citizens, any better Online Banks?

Post by Doctor Rhythm »

Since the poster right before me shared a bad experience there, I’ll counter that I’ve the “2 small deposits” thing numerous times with them without a problem while chasing signup bonuses. These kinds of errors are annoying but sporadic and difficult to predict, and choosing a bank based on reports is problematic. The main systemic complaint (ie, predictable problem) with CapOne raised on this forum has been the fact they don’t proactively inform you about interest rate drops or that you could earn higher interest switching to a different account type (Performance Saving versus MM). This doesn’t bother me personally as I don’t expect a business to help customers reduce its profit margin.
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anon_investor
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Re: HSBC switching to Citizens, any better Online Banks?

Post by anon_investor »

Doctor Rhythm wrote: Sun Dec 05, 2021 6:30 pm Since the poster right before me shared a bad experience there, I’ll counter that I’ve the “2 small deposits” thing numerous times with them without a problem while chasing signup bonuses. These kinds of errors are annoying but sporadic and difficult to predict, and choosing a bank based on reports is problematic. The main systemic complaint (ie, predictable problem) with CapOne raised on this forum has been the fact they don’t proactively inform you about interest rate drops or that you could earn higher interest switching to a different account type (Performance Saving versus MM). This doesn’t bother me personally as I don’t expect a business to help customers reduce its profit margin.
Except an alternative,Ally Bank, does proactively tell you when they are about to change rates and even suggest you open a CD (they even have no penalty CDs).
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