HSBC Direct Back Down To 3.25% APY
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In June, HSBC Direct increased their rate to 3.50% APY until August 15 and then further extended it until Septemeber 15, 2008. It seemed like they would extend that “promotional” rate but it just so happens that AIG shakes up the financial markets that very day.
Followed by the may other financial woes and an anticipated rate cut by the Fed. I was doubtful that HSBC Direct would continue to offer 3.50%. As expected, here is part of the email I received from them:
For your Online Savings Account balances, you’ll continue to get one of the highest savings rates anywhere. As of September 16, 2008, you will earn 3.25% APY*, which is 8x the national statement savings average± and 0.20% above the everyday rate we were offering you prior to our summer promotion.
Nonetheless, it is still a great rate. I just hope the banks would stop causing all this ruckus.
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WiseMoneyMatters said:
Interesting. I saw that WaMu raised it’s rates to 4% but it makes me nervous with all of the talk about it closing. If this contract I have on my house goes through, I have about $100,000 in cash that I need to stash somewhere as we shop for a new house. As much as putting it under my mattress sounds good, I should probably put it in some higher interest savings account. I’m definitely keeping an eye on these rates and the health of the banks underneath.
September 23rd, 2008 at 6:35 pm
