Comments on: HSBC Direct Drops Interest Rate

By: Thad

Thad — Fri, 12 Oct 2007 16:42:21 +0000

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.

By: kitty

kitty — Sun, 30 Sep 2007 00:46:20 +0000

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.

By: Blaine Moore

Blaine Moore — Thu, 27 Sep 2007 13:34:58 +0000

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.

By: Kim

Kim — Thu, 27 Sep 2007 04:09:01 +0000

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.