HSBC Direct Raises Online Savings Rate

Ever since the fall of 2007 (the beginning of the downfall of the economy), the Federal Reserve has cut interest rates many times to prevent a recession. Many banks with high-yield online savings accounts offered a rate of about 5.00% and it was recently around 3.00%.

Now banks are raising the rates!!! Wooooohooo!!

I just received an e-mail notifying me of HSBC Direct raising its rates to 3.50%. A large increase from 3.05%. It is pleasant news to see this and hopefully it is the beginning of more raises to come.

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