HSBC Direct Bumps Up Rate: 3.50% APY

Posted by Sun on June 4, 2008
Post viewed 658 times, 2 so far today

Advertisements

I almost forgot I still have a HSBC Direct account until I received an email notice this Monday from HSBC regarding the change of their HSBC Direct Online Savings Account rate. The new rate, effective June 2, is 3.50% APY with no minimum balance requirement (well, technically you do have to have at least $1 in your account to earn interests).

While the new rate is much better than their previous rate at 3.05% APY, which is in the lower half of my latest online bank interest rates table, the offer is only good for about two months, till August 15. After the promotional period, the rate will be determined by the market condition at that time, whatever that will be. For sometime, HSBC, like Emigrant Direct and ING Direct, was a leader in online savings offering, but these “old” direct banks all faded away lately. E-Trade Financial also did a rate increase last month, but at a much smaller pace.

When HSBC had their last promotion more than a year ago, I did jump in to take advantage of the 6.0% APY offer, but not this time. I just got my brand new Capital One Online Savings Account with a superior rate. Unless somebody offers a 4.00% APY, I am not going to move my money

If you enjoyed reading this post, please consider subscribing to my full RSS feed (What's RSS feed?). Or you can also choose to have free daily updates delivered right to your inbox.

Featured Financial Products

Get the most out of your money with these online banks that pay top interest rates: EverBank: 4.75% APY, FNBO Direct: 3.50% APY, WTDirect: 3.31% APY.
Feeling the pain at the pump? Find out how you can get up to 5% cash back with these gas rewards credit cards. It's the money you have to spend anyway. Why not get some back?