Do You Want Free Money for Just $1? Read This!

Shutterstock

Many savings accounts offer extra incentives for your money. However, they’re always accompanied by special stipulations that you must adhere to in order to really see the benefits. It’s almost never worth the hassle.

And let’s not get started on the small print and hidden fees. But there is a better solution: the HSBC Direct Savings account for just one buck!

How Does it Work?

You can open an HSBC Direct Savings account for just one dollar. You’ll be thinking President George Washington later. This online-only savings account will earn you an annual percentage yield of 2.30%. In simpler terms, you will receive 2.28% interest per year on the money you have in your account.

The HSBC Direct Savings account only requires a minimum $1 deposit in order to open. The only limits—using the term loosely of course—that you will encounter are a $350,000 daily deposit and a $2 million total maximum. There are no monthly maintenance fees and no penalties for not making regular deposits.

What Are the Requirements?

The following criteria must be met in order to open your HSBC Direct Savings account:

  • You must be at least 18 years old.
  • You must have a unique Social Security Number.
  • You must provide your current US residential address.
  • You must provide your previous addresses during the past 3 years.
  • You must have a valid U.S. ID such as a drivers license, passport, or permanent resident card.

If you can check off each item on the above list, head on over to HSBCDirect or download the HSBC Mobile Banking App and apply. This is an online-only savings account which means all of your banking will be done through the app or their webpage. You can manage, deposit and view your statements all from your computer or smart device.

Should You Open an HSBC Direct Savings Account?

There are many different ways to invest your expendable income. But sometimes certain options tie your money up for an indefinite period of time. If you want to accrue free money while also having access to it at any time, the HSBC Direct Savings account is for you.

As an example, if you deposit between $8,000-$9,000 you can earn yourself an extra $200 for doing nothing. Of course, this isn’t high-roller money, but it could help pay for a car repair or Christmas presents at the end of the year. It really is a win-win option to save your money as you work your way to becoming the next Bill Gates.