Big Rates are Lower but still in Top 5% of all banks with HSBC Advance Savings
Since October of 2008, the rates have been falling towards zero at most banks. The big banks such laugh at you when you ask for over 1%, but HSBC at least is trying to give you all they can. HSBC Advance has re-branded itself and even with a new name they are still the same trusting bank you knew with the Direct name. Their rate now is at 1.00% APY and this is still above E*Trade, Citibank, Emigrant Direct, and other popular banks.
Keep in mind this rate is getting lower and lower but is still higher than most major banks including Chase or Bank of America. I doubt you can get this interest rate inside the bank but you are sure to get it online at HSBCAdvance.com.
HSBC Advance High Interest Rate
HSBC recently has changed their name to HSBC Advance from HSBC Direct.
If there was an award for the most consistent and highest paying savings account online it would go to HSBC Direct. When I first got into a HSBC Direct account I was scared because I thought they would lower the interest rate after the initial promotion which was way higher than anyone else. HSBC Direct was higher than Emigrant Direct and still is (this changes every month or so). If you want to grow your money HSBCDirect.com is the way to go with an Online Savings Account with high interest yield of 4.80% APY (as of 6/20/06). HSBC Direct gives you this rate on your existing balance and the same great rate on all new deposits with no fees and no lock-up period.
HSBC Advance (formerly HSBC Direct) Benefits:
- Highest APY
- Bank to Bank Transfers – automatically transfer funds from an unlimited number of bank accounts
- Free ATM card
- Trustable brand name, walk-in banks
- Highly secure online bank to bank transfers
- FDIC-insured safety and security
HSBC Advance Hassles:
- Bank to Bank transfers may be too secure meaning you have to use your mouse to key in password instead of typing it in
- They have too many international websites where you could get lost trying to find where to sign into your account if you do not have it bookmarked
HSBC Advance(HSBCadvance.com formerly hsbcdirect.com)
Routing Number: 022000020
Phone: 1-800-975-HSBC (7 days a week, 24 hours)
Some Past updates to the former HSBC Savings Rates:
June 2008 – Rate increased to 3.50% APY
3/20/08 Update: HSBC Lowered rate to a 3.05% APY
2/4/08 Update: HSBC Lowered rate to 3.55%.
1/29/08 Update: Rate is now lowered to 3.80%
6/30/06 Rate Update – HSBC Direct Changed rate from 4.80 to 5.05% APY. They are winning the high interest rate war of the banks.