Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
A week or so ago, I received a somewhat cryptic e-mail from HSBC Direct apologizing for “recent system issues” and saying that they were working to “test and re-engage the impacted systems” such that they could “return to full-system functionality.”
The full text of their e-mail follows:
I want to update you on our recent systems issue and extend my apologies for any inconvenience you may have experienced in trying to access your HSBC Direct account.
Our teams have worked diligently to test and re-engage the impacted systems to ensure that we are able to return fullâ€“system functionality to you as soon as possible. Most of the impacted systems are now up and running and we continue to work through any remaining issues.
As part of HSBC Group, one of the largest and most highlyâ€“capitalized financial institutions in the world, with over 140 years of experience helping our customers achieve their financial goals, we remain committed to meeting your needs and understand how important continuity of our online services are to you.
I will continue to keep you updated on our progress, and again I sincerely apologize for any inconvenience this system issue may have caused you. And I thank you for saving with HSBC Direct.
Executive Vice President,
Head of HSBC Direct U.S.
Obviously, this doesn’t sound like good news, but it wasn’t until last night that I realized the extent of their problems. Upon logging in, I was greeted with the following message:
When I clicked through, I learned that checking and savings account deposits had been interrupted, account statements were affected, credit card payments were delayed, and people were facing a myriad of penalties and fees. See below for the complete rundown.
The good news is that they (eventually) owned up to their problems and are attempting to make things right. Unfortunately for them, online savings accounts are a dime a dozen, so there’s little reason to stick with them in the wake of such problems.
Fortunately, none of our transactions were directly impacted by this. Nonetheless, we’ve lost confidence in them and will be moving our funds elsewhere. In this case, elsewhere is FNBO Direct, which offers 3.50% APY and is also rated as the safest online savings account out there. In case you’re curious, I’ve written a review of FNBO Direct.
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