HSBC Direct Drops Savings Rate
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FacebookGiven the recent rates cuts by the Federal Reserve, this isn’t terribly surprising, but…
HSBC Direct has reduced their savings rate from 4.50% to 4.25% 3.55% 3.5% 2.60%.
If you’re curious how HSBC Direct stacks up against other features, be sure to check out my roundup of the best online savings accounts. And for updated rates, be sure to check out my list of online savings account interest rates.
Published on December 20th, 2007 - 9 Comments
Filed under: Banking
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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!
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Etrade Complete Savings account still holding at 4.93-5.05%yd. No minimum.
Comment by RJ — Dec 20th 2007 @ 11:57 pmMy WAMU on-line savings account is still at 4.65% … I’ve closed my HSBC account, as it has been lagging for a month or two now. Countrywide Bank has some short-term CDs at a 5.5 APY.
Comment by Colin McConnell — Dec 21st 2007 @ 8:16 amAmTrustDirect.com = 5.11% APY
Comment by Tyler — Dec 21st 2007 @ 8:29 amRJ: I think it is a good move on ETrade’s part to keep the savings rate higher than everyone else to keep customer assets.
Comment by MoneyNing — Dec 21st 2007 @ 1:31 pmMoneyNing-
Comment by RJ — Dec 21st 2007 @ 5:45 pmI agree 100%. Good move for them, good for us.
Why not just deposit with IndyMac or Countrywide. They’re offering desperately-high interest rates to boost their retail deposits.
And so long as you don’t deposit more than $100k, you’re safe.
Comment by Credit Kid — Dec 22nd 2007 @ 2:33 pmMy local brick and mortar had a guaranteed rate of 5.25% through the end of the year. I knew it would be going down and was expecting it to be really low, but thankfully they are only lowering it to 4.25% which means that I likely won’t go to the bother of moving the money out of the account.
I might consider Emigrant, but their interface is so bad that the only reason I haven’t closed the account was that I have been too lazy for it.
Comment by Blaine Moore — Dec 22nd 2007 @ 5:59 pmFNBO direct still lists 5.05% yield and UFB direct – 5.22%.
Comment by kitty — Dec 23rd 2007 @ 12:17 amJust wanted to add my two cents on Etrade: Not only are they offering the best rates, their customer service is insanely responsive. I’ve been very pleased with them.
Comment by Luna_C — Dec 23rd 2007 @ 6:49 pm