HSBC Advance reduced its savings account rate from 1.35% to 1.20% APY. Refer to the bottom of this blog post for its recent rate history.
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HSBC Advance (formerly HSBC Direct) Cuts Savings Account Rate
Monday, February 8, 2010 - 2:09 PM CT by Ken - Bank Deals Guy
View current rates for HSBC Advance
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Anonymous - #1, Tuesday, February 9, 2010 - 7:11 AM CT
great. another rate drop. why? is this because there is too much money in the banking system from the government? i thought inflation was supossed to come along and make everything go up, including interest rates
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KenBDG - #2, Tuesday, February 9, 2010 - 3:13 PM CT
From the Fed's point of view, the high unemployment is keeping inflation in check. I have more discussion of this in my last weekly summary. It is very frustrating to see this slow and steady decline of interest rates. I wish I could report some rate hikes for a change.
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Anonymous - #3, Tuesday, February 9, 2010 - 4:56 PM CT
In some other countries, banks are paying 0.01% APY for saving deposits. Maybe we are heading there too.
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