Post HSBC Promo - Savings Account Alternatives
Jul 7, 2007 - 1:13 PM by Ken Tumin
With the end of HSBC Direct's 6% promotion, you may want to consider other savings accounts with low minimums that offer rates 0.25% or higher than HSBC's current standard rate of 5.05% APY. Below are a list of four savings accounts with low minimum requirements, rates of 5.30% APY or higher and with some history behind the high rates. But as we learned yesterday from Amboy Direct's rate drop, there are no guarantees that they'll remain the rate leaders.
- AmTrustDirect's e-Money Market - 5.36% APY since 2/15/07, 5.30% APY from 9/27/06 to 2/14/07. $1K to open, but no minimum/fees afterwards (see post)
- UFB Direct's High Yield Money Market Savings - 5.31% APY. It has remained between 5.27% to 5.32% since 9/13/06. No minimum balance (see post) [Update 7/7/07: 5.31% is now only available in a new account (post)]
- iGObanking's Savings Account - 5.30% APY since 11/27/06. No minimum balance (see post)
- GMAC Bank's Money Market Savings - 5.30% APY since 4/20/07, 5.10% APY from 3/16/07 to 4/19/07, more rate history here. $500 minimum to open and avoid fees (see post)
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Adam (anonymous) - #1, Tuesday, May 1, 2007 - 12:32 PM
FNBO went to 6% till the end of september today https://www.fnbodirect.com/01d/html/en/
goldie (anonymous) - #2, Tuesday, May 1, 2007 - 12:48 PM
CSR at FNBO mentioned an allowance of 3 linked accounts for ACH transfers. As I posted in the Finding good bank deals, the only down side that I see is the lost interest with the 3 day transfer and they hold your money for 6 days, but earn interst the day of deposit; also is a 6 transfers restriction on withdrawals from the account in a month applies.
Anonymous - #3, Tuesday, May 1, 2007 - 1:01 PM
Not sure if it's just my statement cycle or not, but HSBC posted my April interest on the 27th. I wouldn't be surprised if I don't get the promo for the 28th thru 30th. So long, HSBC!
Anonymous - #4, Tuesday, May 1, 2007 - 1:30 PM
If you are in California and in a high tax bracket, consider parking your money in the Vanguard California Tax-Exempt Money Market Fund (VCTXX). Current yield of 3.68% is equivalent to a taxable APY of about 5.80% if you are in a 28% federal and 9.3% state tax bracket.
Anonymous - #5, Tuesday, May 1, 2007 - 1:56 PM
Do you have to pay AMT for the Tax-Exempt Money Market Fund?
Anonymous - #6, Tuesday, May 1, 2007 - 3:38 PM
AMT can take a big bite out of CA tax free fund. Upto 20% of this funds returns are subject to AMT.
Also every quarter VCTXX yields goes up to around 3.6 for few days and then comes back down to 3.3.
Banking Guy (anonymous) - #7, Tuesday, May 1, 2007 - 3:58 PM
Thanks for the info on FNBO. I had almost forgotten about them. I just did a new post on this promo here.
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