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For anyone wondering what will happen to HSBC Direct’s ^[3] 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 ^[4], this puts Washington Mutual ^[5] 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 ^[6] (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.