I’ve long expressed a desire to simplify our finances, and have finally taken a small step in that direction. Over the years, I’ve accumulated a number of online savings accounts. These include accounts from ING Direct, Ally Bank, Everbank, and so on.
While we’re still using a couple of these accounts, the others have fallen out of favor for one reason or another. The account that we’ve used the least in recent years has been HSBC Advance (formerly HSBC Direct) — largely due to their non-competitive interest rates. I therefore decided to go ahead and close this account.
Closing our HSBC account
The account closing process was actually quite easy. I logged in and transferred the residual balance out to our linked checking account. I then clicked on the “Bank Mail” tab, selected Savings Acct Inquiry, and sent the following message:
We have drawn our savings account balance down to zero (not including the interest earned in April which has not yet posted). We would like to close our account and have the outstanding interest mailed to the address on record:
I then waited for a reply. Not long thereafter, an HSBC rep got back to us:
We have not processed your request to close the Online Savings Account. If you close your account before the interest is credited, you will not receive the accrued interest.
Hmmm. Good info, I didn’t know that. I thus waited a couple of days for the interest to post, and then wrote back to close the account. Shortly thereafter, we received a check in the mail for the interest that we would’ve otherwise lost.
One down, several to go…