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HSBC Direct 3.50% Rate Extension: Sept. 15th

HSBC Direct [3] 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 [4], 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.