HSBC Direct Online Savings Now 4.80%
Jun 20, 2006 - 9:06 AM by Ken Tumin
HSBC Direct raised the rate on its Online Savings Account from 4.65% to 4.80% APY today. Almost two months after HSBC's 4.80% promo ended, the rate has returned. The rate had gone down to 4.50% APY after the promo on May 1st. Then on May 18th the rate increased to 4.65% APY.
The closest thing to a sign-up bonus is a $25 Best Buy Gift Card (see post), however, this isn't as simple as past signup bonuses for the savings account.
For more info on opening the HSBC Online Savings Account, refer to this post.
Now the question is when and how will EmigrantDirect respond. EmigrantDirect has sent letters to all of its customers about an upgrade in the website scheduled for the end of this month. Perhaps with a new website and another Fed rate hike, Emigrant will do something to stand out like perhaps a 5% APY on the savings accounts and 5.50% APY on all of their My Way CDs. If Emigrant's savings does reach 5%, it won't be alone. OneUnited Bank already has a no-min savings account at 5% (see post).
The closest thing to a sign-up bonus is a $25 Best Buy Gift Card (see post), however, this isn't as simple as past signup bonuses for the savings account.
For more info on opening the HSBC Online Savings Account, refer to this post.
Now the question is when and how will EmigrantDirect respond. EmigrantDirect has sent letters to all of its customers about an upgrade in the website scheduled for the end of this month. Perhaps with a new website and another Fed rate hike, Emigrant will do something to stand out like perhaps a 5% APY on the savings accounts and 5.50% APY on all of their My Way CDs. If Emigrant's savings does reach 5%, it won't be alone. OneUnited Bank already has a no-min savings account at 5% (see post).
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saving advice (anonymous) - #1, Thursday, June 22, 2006 - 2:04 AM
It looks like Emigrant has matched HSBC and raised their rate to 4.8% also - disappointing they didn't become the first to reach 5%
Banking Guy (anonymous) - #2, Thursday, June 22, 2006 - 7:59 AM
It's interesting to note how closely Emigrant is following HSBC's rates. In May, Emigrant did the same rate matching as this time. Both Emigrant and HSBC seems to only want to be good enough now.
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