Big Rates are Lower but still in top 5% of all banks with HSBC Savings

Since October of last year the rates have been falling towards zero at most banks.  The big banks such laugh at you when you ask for over 2% but HSBC at least is trying to give you all they can.  This week the rate dropped again to 1.45% which is still in top 5% of all bank rates! This is still above E*Trade, Citibank, Emigrant Direct, and other popular banks.

In the last few weeks we have noticed that the Fed cut rates and the big and small banks both followed this time. HSBC direct who has had a consistent rate for several months at 5.05% but fell sharply more recently to the rate of only 4.25% then now down to 1.45% slowly over the past year. 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 HSBCDirect.com. Read more about HSBC Direct,

HSBC Direct in the United States is now marketing a new offer but it is only for new money brought into this high interest savings account. If you are opening a new account this offer may work for you or if you plan on depositing new money in an exisiting account you can benefit. The high 6% rate is only until April 30th, 2007. The major catch to this offer is that any withdrawals you make hurt your earnings at the higher rate and bring you down to the lower 5.05% rate below.

HSBC Direct High Interest Rate

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 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 Direct 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

Some Past updates to HSBC Direct 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.

Find HSBC Credit Cards