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Looks like HSBC is getting into the online checking game.

Like ING's Electric Orange checking account, HSBC is offering customers a (relatively) high-yield checking account that they hope will link with their HSBC online savings account.

The new account, technically called the Online Payment Account, offers a yield of 2.50% APY, online billpay, access to HSBC's ATMs, "instant transfer" to your HSBC online savings account and an unlimited number of transactions to an unlimited number of third-party accounts. It also has direct deposit and no monthly fees.

To top it off, HSBC will refund fees from non-HSBC ATMs — up to 3 a month — and doesn't charge anything on their end.

For those who have HSBC ATMs nearby, this sounds like a great deal — one that would potentially replace a regular checking account. (Even with the Electric Orange account, you need another checking account to link to.) The account is also available to consumers without an HSBC online savings account.

Apparently, you can also use one debit/ATM card for both payment and savings accounts.

(Link via a href="http://www.mymoneyblog.com/archives/2007/05/hsbc-direct-unveils-online-checking-account-sort-of.html">MyMoneyBlog)