HSBC Lowers Rate to 4.50 APY
The rate for HSBC’s popular Online Savings Account just dropped from 5.05 APY to 4.50 APY. This drop was no doubt prompted by the Fed’s own rate drop. I got so caught up in the fact that borrowing money became cheaper, than I forgot all about earning less on my savings. Fortunately in my case, I’m borrowing more than I have saved, so this is a net positive for me.
Even after the rate drop, 4.5% is still a very solid return on my savings, especially when you consider the fact that it’s absolutely zero risk. No stocks, bonds, or mutual funds can claim that. Sure, no one will get rich off a 4.5% return, but at least there’s no worry about losing your initial investment. If you don’t have an HSBC Online Savings account, it’s something that you should look into. Many traditional savings accounts pay less than 1% interest - a jump to 4.5% is huge.
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Kathryn said,
Wrote on October 3, 2007 @ 5:22 am
I have both an HSBC and an ING account. The ING pays slightly lower interest, but is much easier to use. I’ve been recommending ING to people I know who are testing the waters of high interest on-line savings.
Penny Saved said,
Wrote on October 3, 2007 @ 8:47 am
I’ve been using an HSBC account for awhile now. I switched when they had the highest rate, and I’m too lazy to switch to anyone else.
I like the HSBC account except for the fact that it takes *FOREVER* to transfer money. You request a transfer, in about 3 business days they’ll deduct the funds from your account, and 3 or 4 business days later, it’ll show up at it’s destination. That’s a PITA, and adds up to lost interest.
Not sure if I”ll switch yet - like I said, I’m lazy
ING was faster when I used it before. So was Emigrant Direct.