HSBC Direct Reduced Interest Rate

A few weeks ago, I opened an HSBC Direct Savings account, which at the time was offering a very attractive 5.05% APY. Then recently, it dropped to 4.50%!! Why the heck did they do that for? What a coincidence it was that they chose to reduce the rate right after I opened an account. So then I looked around at the other banks offering high yield online savings accounts and saw that many of the other banks also reduced their rates ( ING Direct: 4.30%, Emigrant Direct: 4.75%).

Though the 0.55% drop was a hard blow, I decided to stick with it. It is still a great place to save my money.

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