HSBC Direct lowers rate! Duh duh duh!
Well, it’s just 2 days after announcing that I opened a Bank of America Money Market Savings Account, and whining about how they almost instantly dropped the rate on me from 5.3% to 4.65% APY. I figured I’d just keep my money in my HSBC Direct account at 5.05% APY.
Well, I just got the email today from HSBC that they’ve dropped their rates too!
Dear MICHAEL,
We are writing to let you know HSBC Direct has adjusted your Online Savings Account interest rate to 4.50% APY*.
This rate remains among America’s highest, at 10× the national savings average**—so you can continue to maximize your savings growth with HSBC Direct, recognized as the “Best Online Savings Account†by Kiplinger’s Personal Finance.
Well, BoA, here comes my money!
Oh, and yeah, here comes the slew of all the PF bloggers proclaiming the news 🙂
I just got the same email. Dangit. Now I’m seriously considering opening an eTrade savings account (still 5.05%), except I have a feeling almost every bank will be lowering their rates during the next 30 days. All of which leads me to believe that I should wait until the end of October before trying to hop savings accounts to chase better rates. At the very least, that will afford me the necessary time to do a thoughtful review of the eSaving account offers out there.
FNBO already did its rate-lowering and is at a delicious 5.05%. Come and drink the tasty FNBO-flavored Kool-Aid.
it will be interesting to see the battle of percentage rates between HSBC, ING Direct and Emmigrant Direct!
Funny,.. I haven’t seen this email yet. May just have to jump ship.
Yep Rob, it’s officially on their site too.
igobanking just lowered theirs to 5.17%.
can’t believe HSBC dropped that much. ING only dropped .2%. Glad igobanking only dropped .13%.