HSBC & M&T Bank are both large local banking companies and they are both offering “online” savings accounts which pay more then 4.00% APY, daily compounding, with no fees or minimum balances.
They are more then safe. FDIC insurance upto $100k.
“Online” simply means that there is no overhead for the bank to pay on these accounts. You open them online, print a form, sign it, mail/fax it in. Voila.
Overhead meaning: the bank did not have to pay a teller to sell you the account; pay an account rep to sit down & chat with you for an hour; pay for the electricity for you to be able to sign the paperwork (which they also pay for) in the warm lighting of a branch office; etc…
You CAN STILL ACCESS THE ACCOUNT VIA WEB & TELEPHONE & BRANCH banking.
