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HSBC Direct 3.50% Rate Extension: Sept. 15th

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HSBC DirectHSBC Direct recently sent out an email to account holders notifying them that the 3.50% APY promotional rate was being extended an additional month to September 15th. The email is a bit silly, it’s obvious that customers like higher rates for longer periods, but the rate is good. 3.50% APY is among the best in the nation and one of the largest from a reputable, brand-name bank.

Is it worth it to transfer funds from one bank to another for this rate? Probably not, but opening a new account doesn’t cost you anything (no minimums, no fees) so you could always put new savings into this bank. I have several of these high yield accounts and when I’m looking to save, I simply transfer from my checking account to the bank with the highest rate. This leaves me with several online bank accounts and goes a little against the simplifying my personal finances concept, getting the best yield is worth a little extra headache.

Dear JIM,

Customers like you have told us how much they love our big fat rate. And as far as our customers are concerned, we can’t give them too much of a good thing. So that’s exactly what we’re going to do.

* You’ll keep earning 3.50% APY* on all balances in your Online Savings Account.
* That’s 9x the national savings average.±
* Deposit more now to take full advantage of our great rate extension.

Now’s the time to watch your savings grow. So deposit more today.

Deposit more now Sincerely,
Kevin Martin
Executive Vice President,
Head of HSBC Direct U.S.

{ 7 comments, please add your thoughts now! }

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7 Responses to “HSBC Direct 3.50% Rate Extension: Sept. 15th”

  1. Everyman says:

    That extra 50 bps might be enough for me to move my money from ING (currently at 3.00%). But if the rate will go down in September, the benefit will be pretty small. I’d say if you could easily move your money between the two, it’d be easy. It always seems that the money gets tied up for a day or two, however, when moving between institutions.

  2. Patrick says:

    I just got this email today as well. HSBC has been offering some of the the highest interest rates for the last few years. With our current bear market, it’s hard to take my money out of HSBC even with such a low rate.

  3. Sam says:

    This makes them one of the highest yielding online savings accounts. This is the first time in months that I ’ve heard of any bank increasing their interest rates. This may be a good sign for more banks to follow their lead. The market has been semi-steadily moving upward the past 3 months. Are things finally looking up?

  4. Jimmy says:

    Um… my bank has been offering a 3.5% online savings account for months
    http://www.provident-direct.com/

  5. Jason says:

    Sam, how has the market been “semi-steadily moving upward the past 3 months”? For the last 3 months = Dow: -10%, S&P: -8%, Nas: -3%

  6. jim says:

    Jason: I think he was referring to banks raising interest rates, not the stock market itself.

  7. Andy says:

    They just changed their rate to 3.25%. Given ING’s better user interface and features, I think HSBC will struggle to be the best choice.


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