I recently received a reader question asking me which high yield online savings account is better - HSBC or ING Direct? I had previously written about the appropriate use of high yield savings accounts (HYSA) and in turbulent market times, like now, they are a good place to hold your cash for potential investment opportunities. When choosing any HYSA, you should use the following 5 key criteria to determine which is best for you:

1. Interest rate or Annual Percentage Yield (APY) they offer - You can see what the industry benchmarks are at Bankrate.com. The account you choose should be paying more than this and make sure you look at the standard or normal APY and not only at any promotional rates they are offering. You may need to read the fine print for this. HSBC has historically offered a significantly higher APY than ING.

2. No fees. Always. If an online savings account is charging you account maintenance or other similar fees, move on. HSBC and ING direct are both good in this aspect than they don't charge any fees for depositing or withdrawing funds.

3. Ease of use. You can demo most of the reputable online banking user interfaces via their websites. See what you like and feel comfortable using. ING has a very simple and easy to use interface. HSBC's is a little bit more clunky and slower, but does have some good additional features. Also, ensure that linking to your checking or regular bank account is straightforward, and that you can deposit your pay directly into these accounts. ING and HSBC meet both these criteria, with ING the better of the two.

4. Other features. Most online banks that offer high interest rates can offer these attractive rates because they have low fixed costs - no branches or account frills. However some, like HSBC, do offer a high rate plus branch access and an ATM card. This can be useful for folks who prefer to deal with issues face to face, get cash out faster or who deposit a lot of checks.

5. FDIC Insured. I recently added this criteria based on bank failures like IndyMac, in which some customers have lost part of their savings. Both HSBC and ING are FDIC insured. If you find a financial institution trying to offer you significantly above average APY's, check their insurance status at the FDIC website. If they are not insured, then it is best to avoid them. All deposit accounts worth $100,000 and less are automatically insured by the FDIC. But since it's a person's aggregate deposits, and not their individual accounts, that are insured, any amounts over $100,000 deposited at any one bank are not covered. In a joint account, each depositor is insured up to $100,000 in one bank account. If you have more $100,000 and for other exceptions read the following FDIC rules on your coverage limitations and in some cases having different bank accounts may be better.

I have both HSBC and ING bank accounts. I started with ING as it was here first and I like it for ease of use. HSBC came to where I live later and I signed up with them following a nice promotional offer. They offer great service and I like the fact that I have the option to go to a branch if needed. Overall ING and HSBC are both great choices, with HSBC my preferred choice due to its ATM/Branch access and higher APY. I would suggest you try both (no fees after all) and pick the one you feel that suits your saving, spending and investment needs the best.

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