ING Direct vs HSBC Direct

Difference Between ING Direct and HSBC Direct

Banks are essential for people to store some of their hard earned cash for the rainy days or for them to be able to pay their dues easily through check or online. Two of the market leaders in this field are ING Direct and HSBC Direct; these are branchless banks that function through internet and phone. There are plenty of banks that offer the same services as the aforementioned institutions, but it would help an individual determine the kind of bank he would want for his individual preference or need if they knew the differences between ING Direct and HSBC Direct. Here is a breakdown of the characteristic of each bank in terms of features and facilities that a user can avail of.

ING Direct

ING is an acronym for Internationale Netherlanden Group, a financial giant with Dutch origins who offers which is a financial giant having Dutch origins. It offers customers with services like retail and commercial banking, asset management, as well as insurance. ING Direct boasts of more than 85 million customers in 40 nations around the globe and its group is currently the world’s largest banking company when it comes to revenues produced. ING Direct houses its headquarters in Amsterdam, Holland and operates largely through internet and the phone. It gives its customers simple banking services via its high interest savings account.

HSBC Direct

HSBC direct is another institution that offers almost the same set of services as ING Direct. It is another branchless bank and is part of the HSBC Holdings Inc. whose headquarters can be found in London. As of press time, HSBC stand as the 6th biggest financial company that boast of more than 8000 offices in Asia, Africa, North and South America, and Europe. HSBC was established in 1991 in London by the Hong Kong and shanghai Banking corporation and offers retail and commercial banking services although it has recently added asset management. HSBC Direct was established in American Territory in 2005 and has worked through phones, internet and ATMs, similar to ING Direct. HSBC is also engaged in granting mortgages and savings account to the public in nations like Britain, South Korea, Canada, France, Taiwan and Poland.

Other Differences between ING Direct & HSBC Direct

  1. 1. Interest rates- HSBC offers 3. 25% APY (interest) on savings accounts, while ING Direct offers an APY of 3.0%, slightly lower compared HSBC’s.
  2. 2. Ease of use- while ING Direct and HSBC direct are very convenient and easy to use, HSBC consumers enjoy HSBC’s ATMs which in absent in ING Direct. On the other hand, ING Direct consumers have access to automatic savings account which allows them to transfer cash from other accounts, a service not available in HSBC Direct.