HSBC Raises Its Savings Account Rate

HSBC Bank raised the interest rate today on their Online Savings Account from 3.50% to 3.75% APY. Now it's the best savings account without a required minimum deposit or balance. Other banks like Presidential or Key Direct may have slightly higher interest rates, but they require a substantial minimum balance or deposit.

Also, HSBC's $50 signup bonus is still active until the end of September. However, as I mentioned in this post, there are a few requirements that may not make this a great deal for everyone.

So now I wonder when EmigrantDirect will raise the interest rate on its American Dream Savings Account? Even though EmigrantDirect didn't have the highest savings account rate, it could boast that it was the highest with no fees or minimums. Perhaps EmigrantDirect will take the bold step to set themselves apart from the competition and raise their rates to something like 4%. It worked well for them earlier this year when they were one of the first to offer 3% on their savings account. This was when ING's Orange Savings Account hovered in the low 2% range.