HSBC Direct is offering some pretty high rates on its online certificate of deposits. Their three best rates are 2.35% for 18 months, 2.30% for 12 months, and 2.05% for 9 months.

There are a few nice things about HSBC’s CDs. There’s a minimum deposit requirement of only $10, which is really low. In addition, the early withdrawal penalty is only 30 days of interest. Most banks have penalties of 90 days of interest for 1 year or longer. This low penalty is nice because of the added risk of high inflation in the next year or so. If interset rates rise sharply, this early withdrawal penalty will let you cancel your CD without too much of a loss.

CDs can be opened and funded online. If you are an existing HSBC Direct customer, you can fund your HSBC Direct Online CD using one of your existing HSBC Deposit Accounts or mail us a check or money order if you wish to fund your HSBC Direct Online CD from an non-HSBC account.

HSBC Direct also offers an online savings account that has historically had some decent rates. Unfortunately, the rate is currently at 1.65%, which is lower than FNBO Direct’s savings account. But if you’re trying to keep all your banking with a single bank, it could be worth it for the convenience factor.