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.

Flagstar Bank offers a variety of personal deposit and business accounts. There are three checking accounts to choose from and three savings accounts. They offer a money market account and many CD terms. Lending options are available for personal accounts as well as business. Flagstar offers business checking, savings, money market accounts, and credit cards.

The amounts required to open Flagstar accounts is low. The checking accounts all require $50 to open. The savings accounts and money market account all only require $1 to open. All CD terms only require $500 to open.

Flagstar offers three CDs with competitive interest rates. Those CD terms are a 13-month, 19-month, and 25-month. Each term requires $500 to open. These CDs must be opened in a branch location. They are only available for Michigan residents.

Flagstar offers promotional savings accounts. The interest rates for these three accounts are competitive. They offer a SimplySavings, MaxSavings, and High Yield Promo account. They guarantee the competitive rate for the first 12 months. There is no minimum balance or checking account required during the promo period. After the promotional period, you can choose which account fits you best. Monthly fees apply after the 12 months. These accounts are only for Michigan residents.

The interest rates for Flagstar Bank accounts are low. They are competitive with other brick and mortar bank rates. Most account rates do not compare with interest rates for online accounts. Only a few interest rates are competitive.

Along with being low, the interest rates for Flagstar accounts are tiered. To earn the most competitive rates for the high yield savings account requires $1 million. To earn a good rate requires $50,000. The SimplyMax savings and checking account earns the best rate for balances over $25,000. The money market and SimplyPlus checking account requires $10,000 to earn the best rate.

Flagstar Bank accounts have monthly fees. Checking account fees range from $10 to $25 a month. Waive those fees by keeping a balance of $1,000 to $5,000 in the checking. Alternatively, waive fees by having $5,000 to $25,000 between multiple accounts. Savings and money market account fees range from $3 to $35 a month. To waive those fees requires a $300 to $50,000 balance, depending on the account. Having a checking account will also waive the savings account fees.

At this time Flagstar Bank personal deposit accounts cannot be opened online. You must visit a branch location to open a checking, savings, or money market accounts, and CDs. You can apply for a mortgage online. The option to apply online may be available in the future.

Read the full Flagstar Bank review.