HSBC Direct Increases to 3.50% APY
Tip It!This is just a quick note to let you know that HSBC Direct has increased their APY to 3.5%* through August 15, 2008. This puts HSBC well ahead of online banking favorites such as ING Direct and Emigrant Direct. If you’re curious how it stacks up in other features, be sure to check out my roundup of the best online savings accounts.
*For updated rates, be sure to check out my list of online savings account interest rates.
Published on June 2nd, 2008 - 7 Comments
Filed under: Banking
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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June 2nd, 2008 at 4:58 pm
What will be the interest rate after august 15th for the HSBC?
June 2nd, 2008 at 5:12 pm
Your guess is as good as mine. There’s no good way of predicting bank interest rates that far out unless the bank guarantees a certain rate (like HSBC did in this case).
June 3rd, 2008 at 12:14 am
the same people who have frequent security problems? sike.
June 3rd, 2008 at 7:38 am
Do you know anything about IndymacBank? They have MoneyMarket account that gives 3.85% on deposits over 10K.
June 3rd, 2008 at 10:57 am
HSBC wouldn’t give me an account because they didn’t like the info on my application, compared to my credit report. When pressed, they refused to tell me what the inconsistency was, so I couldn’t fix it. They just kept telling me to pull my credit report, which I had done. Went across the street, applied to ING, and had an account with them in less then a week. Heck with HSBC!
June 3rd, 2008 at 11:52 am
“This puts HSBC well ahead of online banking favorites such as ING Direct and Emigrant Direct.”
True, but almost certainly for the promo period only. I base that on the past occassions when HSBC has raised their rate and then lowered it significantly after the promo.
Also, just for information purposes, 3.50% is still not a leading rate. IndyMac Bank, OneUnited, Provident Direct, Century Bank Direct, and even AARP all are, and have been, offering a higher rate. Similar to the HSBC offer, E-LOAN is offering a promo rate of 3.75% through the end of July.
July 15th, 2008 at 11:58 am
I just did a comparison of HSBC and ING direct, and you need to be a little bit wary of promotional rates. HSBC is not so bad as their regular rate is 3.45%. However that could drop to market average after the promotion.