HSBC Direct Raises Savings to 4.80%
Jan 30, 2006 - 5:53 PM by Ken Tumin
It looks like HSBC Direct intends to be the online savings account leader. It just raised its Online Savings Account rate from 4.25% to 4.80% APY. As was the case in December when it raised the rate to 4.25%, not all of the website has been updated with the new rate. The new rate is currently being shown at HSBC's rates page.
It has been reported on this fatwallet thread that the rate has been verified by an HSBC customer service representative. Another poster reported that HSBC's phone recordings are specifying that this is a promotional rate that'll last till April 30th. So this seems to be HSBC's version of ING Direct's Winter Save Up Sale (see post). The question now is will the 4.80% apply to all savings or just new deposits. We'll have to wait for the details to be published at HSBC.
Based on HSBC's rate history, I had predicted a rate bump to 4.50% this week. HSBC has been consistent in matching the Fed funds rate.
Here's a list of my latest HSBC posts that may be a good reference for those thinking about signing up:
For the commenter who informed me of this news, thanks!
It has been reported on this fatwallet thread that the rate has been verified by an HSBC customer service representative. Another poster reported that HSBC's phone recordings are specifying that this is a promotional rate that'll last till April 30th. So this seems to be HSBC's version of ING Direct's Winter Save Up Sale (see post). The question now is will the 4.80% apply to all savings or just new deposits. We'll have to wait for the details to be published at HSBC.
Based on HSBC's rate history, I had predicted a rate bump to 4.50% this week. HSBC has been consistent in matching the Fed funds rate.
Here's a list of my latest HSBC posts that may be a good reference for those thinking about signing up:
- $25 Sign-up Bonus for the HSBC Online Savings Account
- My experiences with opening an HSBC Direct Online Savings Account
- Date line from signing up to receiving the bonus
- Delays in transfering money to your HSBC account
- HSBC Smart Checking Package $50 Bonus
For the commenter who informed me of this news, thanks!
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Anonymous - #1, Monday, January 30, 2006 - 7:34 PM
I'm loving it! May the rate war never end!
Anonymous - #2, Wednesday, February 1, 2006 - 6:35 PM
4.80% terms...
Annual Percentage Yield (APY) is offered on accounts opened through 04/30/06. After 4/30/06, all deposits will earn the variable APY available at that time. Minimum balance to open an account is $1.00
Anonymous - #3, Sunday, February 26, 2006 - 10:29 AM
Here is a link for the HSBC's free checking bonus of $10...
http://www.us.hsbc.com/1/2/3/personal/checking/freecheckingoffer?code=CHECK
Banking Guy (anonymous) - #4, Sunday, February 26, 2006 - 5:49 PM
Thanks for providing the link. I also have some info on this deal in this post.
Anonymous - #5, Tuesday, June 20, 2006 - 8:34 AM
Has HSBC online savings rate gone back up to 4.8% as of June 20/06? Or is there fine print am missing?
CreditSpecialist (anonymous) - #6, Thursday, August 9, 2007 - 10:34 PM
It's already 5.05% APY!!!
Banking Guy (anonymous) - #7, Friday, August 10, 2007 - 7:44 AM
I'm afraid I don't keep these old posts updated with the latest rates.
Please refer to my latest weekly summary for the latest rates on savings accounts and CDs.
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