HSBC Direct Drops Interest Rate
Tip It!Update: HSBC recently increased their interest rate.
Just a quick interest rate update… On the heels of ING Direct’s decision to cut their interest rate, HSBC Direct has now decided to drop their APY by a whopping 0.55%, from 5.05% to 4.50% 3.55%. As of this writing, Emigrant Direct is still holding out at 5.05%, and WT Direct is at 5.15% for accounts balances of $10k or more. Also keep in mind that ING’s Electric Orange Checking offer 4.90% APY on balances over $50k.
Published on September 26th, 2007 - 4 Comments
Filed under: Banking, Online
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» HSBC Direct Drops Savings Rate» HSBC Direct Climbs to 4.80% APY
» HSBC Drops APY, FNBO Direct and WaMu Hold Steady
» HSBC Direct is Trying to Attract New Money
» Online Bank Interest Rates on the Rise? E-Trade Bank to 3.30% APY
» PenFed CD Rates Increased to 6.00% APY
» HSBC Direct Account Verification
» HSBC Direct Increases to 3.50% APY
Was this article useful? Please sign up to receive our content via e-mail:
4 Responses to “HSBC Direct Drops Interest Rate”
Leave a Reply
Top Cards by Category
Earn $200 Bonus Cash Back after you make $500 in purchases in your first 3 months. 5% Cash Back on up to $1,500 spent in bonus categories each quarter.
Receive 10,000 Membership Rewards bonus points when you spend $500 in your first three months of card membership. Redeem bonus points for gift cards valued at $100. This is a charge card with no pre-set spending limit.
Receive 10,000 Membership Rewards bonus points when you spend $1,000 in 3 months of Card membership.
Earn up to 5% cash back* in categories that change and enjoy a 0% introductory rate for 15 months on Balance Transfers and 15 months on Purchases.
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy amenities for you and your business, like: complimentary airport club access, including American Airlines Admirals Club(R) lounges.
5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*. Up to 1% unlimited Cashback Bonus on everything else. No annual fee
Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.
Reports to 3 major credit bureaus monthly and acceptance at millions of locations worldwide, including website purchases and reservations.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Ethanol Blended Gas = Lower Mileage?
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Federal Income Tax Rates Went Down but Your Federal Tax Withholding Increased. Here's Why...
- Would the "Fair Tax" Gut the Economy?
How to save money on insurance
- Double-Check Your Ally CDs
- Stocks are Not Bonds, CDs, or Savings Accounts
- The Best Values in Colleges - 2012 Edition
- Five Myths About Renter's Insurance
- Own Your Investments, Rent Your Fun
- Citibank to Issue Credit Cards in China
- Heartstrings and Pursestrings
- Saving Money at the Grocery Store: Store Brand Pricing on the Rise
- Missing Tax Paperwork?
- Is Your Investment Allocation Right?
September 27th, 2007 at 12:09 am
Arghhh… and AmDirectTrust just dropped from 5.31 to 5.21 – still a decent rate but I hate to see this happening. I wonder if it’s smart to put money into a CD if you don’t need it in the near future, if rates keep dropping.
September 27th, 2007 at 9:34 am
Kim,
I think that that would be a great idea. Set your ladder up now if you don’t have one going.
I was a little surprised by how much HSBC cut their rates, but not that they did.
I’m still going to wait out and see what my bank does next year, since my 5.25 is locked through the end of 2007. Hopefully it will remain competitive, because I don’t really want to move my money anywhere else right now. It would probably have to go below 4% for me to move it at this point.
September 29th, 2007 at 8:46 pm
FNBO announced that their new rate is 5.05%. I am considering moving to Countrywide 5.5% savings, but will wait a week or so to see if they drop the rate.
For CDs, our local branch of Patriot Bank still has a 5.5% promotion for 11 months. Just moved more money there. I have 2 other CDs mature this month, hope to find something good when they do.
I didn’t closed HSBC when I moved most of the money to FNBO during their promotion. Will probably just close it now.
October 12th, 2007 at 12:42 pm
I attempted to close my HSBC account back in May. After spending way too long on the phone with someone who barely spoke English, I though it was taken care of. My checking account balance was transferred to the online savings account, and then that full amount was transferred back to my other (non-HSBC) checking account. I even got a letter from them confirming the closed account. Unfortunately, I just got a statement from them, saying that my free checking account had been converted to a basic checking account, and they were charging me a $3.00 monthly service fee. After spending another 20 minutes on the phone (with another poorly speaking phone rep), I think I might have the problem solved.
Overall, I would rate my experience with HSBC as utterly horrible, and would never recommend them to anyone.