For anyone wondering what will happen to HSBC Direct’s  3.50% APY, wonder no longer. As of today, 9/16, the rate will fall from 3.50% APY to 3.25% APY. It appears that they’re shifting emphasis over to their CDs from their online savings account as the 6-month CD rate is 3.75% APY, 0.25% higher than the original savings account rate. Oddly enough, their 12 month is giving 3.70% APY.
Of the best savings accounts , this puts Washington Mutual  with their 4.00% APY online savings account rate farther ahead though the liquidity and capitalization concerns pushed their stock down BIG on Monday. If you are worried that they’ll go under, FNBO Direct  (division of First National Bank of Omaha, which has been in business since 1857) is offering a 3.50% APY and there hasn’t been a peep about them having solvency problems.
This is only a concern for people wondering where they should put their next dollar. I wouldn’t move my funds from HSBC Direct to FNBO Direct or WaMu because the 0.25% to 0.50% APY difference isn’t worth the interest you would lose as the funds shifted from one account to another.