HSBC Direct's New Online Savings Rate + Rate History

HSBC, which bills itself as "the world's local bank," announced via email on 9/25/09 their new savings rate effective 9/23/09. HSBC lowered the annual percentage rate (APY) they pay on their "online savings account" to 1.35%. The prior rate was 1.45%. They should tell us this in advance, not two days after the fact.

Dear xxxx,
Thank you for choosing HSBC Direct for your savings needs. We wanted to let you know that your Online Savings Account rate was adjusted to 1.35% APY* as of 9/23/2009.

Rate history for HSBC Direct Online Savings Account

1.35% on 9/23/09
1.45% on 8/15/09
1.55% on 5/15/09
1.65% on 4/29/09
1.85% on 3/27/09
2.25% on 2/20/09
2.45% on 1/26/09
2.60% on 1/6/09
3.00% on 9/21/08
3.25% on 8/15/08 (about)
3.55% on 2/4/08
Was 4.25%, lowered to 3.80% on 1/29/08

HSBC Direct Online Savings Account Info:

• Annual Percentage Yield (APY) for the Online Savings Account is accurate as of 09/23/2009.
  
• APY is variable and subject to change.
  
• Minimum deposit to open is $1.00.

More information:

• HSBC CD Rates

==> CD Rates at Largest US Banks <==
A survey of CD rates at largest US Banks

Best Highest Yield Savings Account APY Rates

A survey of the best rates for top paying savings accounts. The top rate is at Tennessee Commerce Bank with only a $250 minimum opening balance to get the top rate of 2.30% APY.

With rates so high, don't be suckered by banks offering annuities. Make sure you read the article "Beware of Annuities" so you are well armed before you enter the bank seeking high rates.

Institution	APY %	Min Bal to Open
Tennessee Commerce Bank Franklin, TN	2.30	$250
UFBDirect.com Irvine, CA	2.00	$500
OneWest Bank, FSB Pasadena, CA	1.85	$10,000
Flagstar Bank Troy, MI	1.81	$10,000
Heartland Bank Direct St. Louis, MO	1.76	$500
Ally Bank Midvale, UT	1.75	$0
Bank of Internet USA San Diego, CA	1.75	$100

For more information about the above accounts, read the full survey at

Best Highest Yield Savings Account APY Rates