HSBC Direct falling fast…

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I opened an HSBC Direct savings account with a 4.50% APR interest rate about a month ago. On January 29th, I got an email from HSBC Direct announcing an interest rate change for my account:

We are writing to inform you that based on the recent drop by the Federal Reserve, HSBC Direct has adjusted your Online Savings Account rate to 3.80% APY. At 8x the national savings average, you are still earning one of America’s highest savings rates.

Today, I got another email:

We are writing to inform you that based on the recent drop by the Federal Reserve, HSBC Direct has adjusted your Online Savings Account rate to 3.55% APY. At 8x the national savings average, you are still earning one of America’s highest savings rates.

Oof! Nearly a full point drop — and I just opened the account a month ago.

Looks like ING Direct is advertising 3.40%, and Emigrant Direct is still up at 4.05%. Wonder how long that will last…

2 Responses to “HSBC Direct falling fast…”

  1. David Gross Says:

    Did you not hear that the FED lowered interest rates, if they cannot get more than 3% when they lend to other banks, they are not going to give us much more. the only reason they give a little more is the spread between what they charge for a loan to consumer and they pay.

  2. cdr Says:

    It’s been at least two months since it was reported that Wesabe’s automatic downloader doesn’t work with HSBC. You obviously have an account – why no progress?

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