What will this mean for HSBC Direct? Bankrate.com did give HSBC Bank USA a 2 out of 5 safe-and-sound rating based on September 30th financial data. It'll be interesting to see how this changes on newer data. Keep in mind that HSBC is the third-largest banking company in the world (see Wikipedia article). Also, HSBC Bank USA is FDIC insured.
So I wouldn't worry. We'll have to see what happens to the rates after this 6% savings account promotion ends on April 30th. Hopefully, they'll be able to maintain competitive rates even after the promo like they have done for the past two years.
Please refer to my HSBC Online Savings Account review post for more info on the 6.00% promotion and details about HSBC Direct.
Thanks to the reader who emailed me the link to this article.