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How to Close an HSBC Online Savings Account

Posted By Jim On 09/10/2009 @ 12:06 pm In Banking | 33 Comments

In another move to simplify my personal finances [3], I closed my HSBC online savings account [4] today. At the current interest rate of 1.45% APY, it was in the bottom half of the online banks listed on my high yield savings account rates table [5]; simply not worth keeping around anymore.

HSBC Account Closing Process

Closing the HSBC online savings account was simple. Log into your account and find the BankMail button in the left navigation menu. It will be one of the last buttons at the bottom. When you click on it, another window will pop up (disable pop-up blockers if you don’t see the window appear) for you to create a new BankMail.

For the subject of the BankMail, select “Other.” For the message, you will need to provide three pieces of information:

  • What you want them to do (close the account);
  • Why you want them to do it;
  • How you want the remaining funds to be sent to you.

My message:

I would like to close this account because the interest rate is too low. I would like to receive the remaining funds as a check sent to my address on file. Thank you.

I had $35 in my account so I requested a check. If I had more, I would have electronically transfered out everything and then requested that by check. You probably could transfer it down to $0 as there is no account minimum but you could leave $1 just to be sure.

I received the follow within a few days:

Dear Jim Wang:

Thank you for contacting HSBC Bank USA, N.A., the world’s local bank.

We regret to hear that you want to close your Online savings account. However, we respect your decision and will forward your account closure request to the Online Processing Center. Please allow 2 business days for the account to fully close. The amount in your account will be mailed to the address on record. Please allow 7 to 10 business days for delivery.

It’s easy to reach an HSBC associate to answer your questions. To send a secure BankMail, use the BankMail link conveniently located in the left gray navigation menu while you are logged into your Personal Internet Banking service. Our Customer Relationship Center is also available, 24 hours a day, 7 days a week to meet all of your HSBC banking needs.

Sincerely,

XXXXX XXXXX
Internet Banking Specialist

That’s it, another account consolidated. One step closer to a simpler financial life.


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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/how-to-close-an-hsbc-online-savings-account.html

[3] simplify my personal finances: http://www.bargaineering.com/articles/simplify-your-personal-finances.html

[4] HSBC online savings account: http://www.bargaineering.com/articles/r/hsbcdirect.php?tag=closeHSBC

[5] high yield savings account rates table: http://www.bargaineering.com/articles/high-yield-savings-accounts-rates.html

Thank you for reading!