HSBC Drops APY, FNBO Direct and WaMu Hold Steady
Stumble It!
Digg It!
Tip It!
del.ico.us
FacebookOver the past couple of months, HSBC Direct has been offering a promotional rate of 3.5% APY*. As of this week, however, they’ve dropped their rate to 3.25% APY*. That means that WaMu and FNBO Direct are at the top of the heap amongst the major online banks.
For their part, WaMu is offering an attractive 3.75% APY*. While has had their share of troubles, they’re FDIC insured, so there’s no real risk as long as you respect the FDIC insurance limits.
Alternatively, you might want to check out FNBO Direct (here’s a link to my FNBO Direct review). In fact, Bankrate considers FNBO Direct to be the safest online bank, edging out ING Direct for the honor.
*All rates are current as of 09/16/08, but may have changed since then.
Published on September 16th, 2008 - 3 Comments
Filed under: Banking
email this article
- bookmark it
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 Interest Rate» HSBC Direct Climbs to 4.80% APY
» WaMu Increases Online Savings Interest Rate
» HSBC Direct Online Savings Account Access
» HSBC Direct Drops Savings Rate
» HSBC Direct Account Verification
» $25 FNBO Direct Online Billpay Promotion
» Online Savings Account Rate Changes
Was this article useful? Please sign up to receive our content via e-mail:
Great deals...
Readers’ choice...
Recent articles...
- Effect of Foreclosure, Short Sale, and Bankruptcy on Your Credit Score
- DIY Garage Kayak Racks: Fast, Frugal, and Effective
- Lending Club $25 Bonus Reminder
- Coupons are a Waste?
- How to Save Money on Pet Care
- Best HSA Custodian?
- Considering a High Deductible Health Plan
- Pay Back the Homebuyer Tax Credit?
- How to Find a Good Deal
- How Much Does Your Debt Cost?
Recent comments...
- Tim Rosen: Pros and Cons: Pros: a.) A systematic discipline to save/invest on a regular basis, for a...
- Matt Jabs: @Tim: Thanks, I hope this article helps get even one person on the...
- Tim Rosen: Excellent Matt! A very practical, real-world plan that I believe anyone can "flesh out"....
- Jerry Robertson: Your article has great information about the large companies going out of business, but...
- laura: I have a foreclosure on my credit from Jan 2007 and my FICO score...
- nickel: Ron: Good question, and I have no idea as to the answer. It could...
- Christina: While foreclosures wreck less havoc on the score than a bankruptcy (according to your...
- Ron: Why do you think those large mortgage lenders are switching over to Vantage? Does...
Most talked about...
- Dave Ramsey is Bad at Math
- $8,000 Homebuyer Tax Credit
- Dish Network Customer Service SUCKS
- How to Claim the First-Time Homebuyer Tax Credit
- $15,000 Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- Would the "Fair Tax" Gut the Economy?
- Tax Stimulus Rebate Payments to Start Early
- Pay Off Mortgage Early? Or Invest?
- The Best Online Savings Accounts (Updated!)
- Life's Too Short to Drink Cheap Beer
- $7500 First Time Homebuyer Tax Credit
dollarsavingsdirect.com (part of emigrant direct) is offering 3.75% also
Comment by Adam — Sep 16th 2008 @ 3:21 pmWith the drop in HSBC’s APY, I think the service and ease of use factors now make ING Direct the better choice for most prospective customers. Don’t know if FNBO is better than ING in the longer term…time will tell.
On a seperate note credit tightening and potential Fed interest rate cuts will pressure savings account APY’s for the rest of the year. This means I would be wary of companies like WaMu offer higher than average market rates.
Comment by Andy — Sep 16th 2008 @ 3:56 pmI’m curious about something. Now it’s Thursday, there’s talk of a WaMu purchase or merger.
If I signed up for a one-year CD from WaMu, and another bank goes ahead and then buys or merges with WaMu, does this new entity have to honor the WaMu CD?
Or can they say, “we’re terminating this because we don’t want to pay 5% interest so here’s your deposit and whatever interested you earned to date, have a nice day?”
Comment by Marion — Sep 18th 2008 @ 6:36 pm