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POSTED ON BY Ken Tumin
This Bankrate article has a good discussion about the high yield savings accounts today and how banks like HSBC are using high yield promos like a gift toaster to attract new customers. Both HSBC Direct and Citibank's e-Savings account have attracted about 300,000 customers. Citibank's recent move in dropping the rate on its e-Savings account points out that these banks will often offer temporary high rates. After the promo is over, the rates may fall and no longer be competitive. Banks hope that most people will feel the rates are good enough to stick with them. It'll be interesting to see what happens to HSBC's rates after April 30th. Will they return to a decent 5.05%? Or will they follow Citibank and drop the rates even more? Please refer to my HSBC 6% promo post for more info.
The Bankrate article also mentions new savings/checking accounts and promos at other banks including Salem Five Bank's new eSavings account (see my post), iGoBanking (see my post), Everbank's FreeNet checking (see my post) and ING Direct's new Electric Orange checking account (see my post).
The Bankrate article also mentions new savings/checking accounts and promos at other banks including Salem Five Bank's new eSavings account (see my post), iGoBanking (see my post), Everbank's FreeNet checking (see my post) and ING Direct's new Electric Orange checking account (see my post).
Your average Joe is not going to be aware of this fact when they see the HSBC 6% promo rate.
Another good choice is CFE Credit Union. They have 36mo CDs with a rate of 5.54% APY.
If you don't live near one of these, I would suggest using the credit union finder tool that I describe in this post.
I hope this helps.