Each type of personal deposit account has more than one option. There are four different checking accounts and three different savings accounts offered. This allows you to find the account to fit your needs best. There are only three different term lengths of CDs offered. A six-month, one-year, and two-year terms.

The HSBC savings accounts all require only $1 to open. The checking account does not have an amount required when you open the account. The HSBC CDs require $1,000 to open.

There are a wide variety of different business accounts offered through HSBC. Savings accounts, checking accounts, and CDs are all available through HSBC. There are loans and credit cards for businesses. There are options for corporate accounts. Different cash management options are also available.

Along with business accounts, HSBC offers a wide variety of other products. That includes credit cards and insurance. They offer options for investing and retiring. There are also different loan options to meet your needs.

HSBC checking accounts have a monthly fee. The fees range from $3 to $50 each month. Most of the fees can be waived by meeting certain requirements. One checking account only allows eight checks or withdrawal slips to be written. After those eight you are charged for each check you write.

Interest rates on HSBC accounts are not competitive. They are much lower than other online-only accounts. Their rates are competitive with other brick and mortar banks.

The amounts required to keep in HSBC checking accounts to waive the fees are high. The amounts range from $1,500 to $100,000, depending on which account you open. Some accounts allow the fee to be waived if you have a direct deposit into the account of certain amounts. Know the fees and requirements to waive the fees before you open an account.

To receive the highest interest rates offered on HSBC accounts you must have a large balance. The savings accounts require $100,000 to earn the best rates offered. Lower amount still earn interest, just a lower rate.

Read the full HSBC Direct Bank review.

Most of the BankDirect accounts have a low amount required to open the account. BankDirect checking accounts only require $500 to open. Both BankDirect money market accounts require $500 to open. The basic savings account only requires $100 to open.

BankDirect does not own any ATMs; they reimburse their customers the ATM fees. The first four ATM withdrawals per statement cycle are refunded. The refunds are up to $2.50 per transaction. There is a withdrawal limit of $500 from an ATM each day.

BankDirect offers a variety of personal deposit accounts. There are three different checking accounts and two different money market accounts. There are a variety of different CD terms available. BankDirect offers one savings account. There are no business accounts available.

The BankDirect Money Market Plus account offers a competitive interest rate. BankDirect also offers a mileage money market account. This account earns American Airline miles. Both MMA require $500 to open. The mileage money market account earns much lower interest rates. You earn miles instead of interest. There is no monthly fee for either account.

To earn the high rates offered on the BankDirect Money Market Plus account you must have $10,000 in the account. Amounts under $10,000 do not earn any interest. Only $500 is required to open this account, but to earn any interest requires $10,000.

BankDirect offers a variety of different CD terms. The required amount to open any of the CDs is $10,000. There is no monthly fee. The interest rates for CDs are competitive. The 12-month, 18-months, 24-months and 36-month CDs offer the most competitive rates. To open a mileage CD also requires $10,000.

Two of the BankDirect checking accounts have monthly fees. The interest and mileage checking accounts both have a monthly fee. The fee is waived for the interest checking account if you have at least $2,500 in the account. The mileage checking does not list a way to waive that monthly fee.

Opening an account with BankDirect is not entirely online. To open an account, you must fill out the application online, then print off part and mail it in. You will then receive a welcome kit within one to two weeks. Once you get your kit, you can finish setting up your account.

Read the full BankDirect review.