May 17, 2009

HSBC Online Savings Falls to 1.55%

HSBC was among one of the highest interest offering banks so far. HSBC Direct's Online Savings Account, effective immediately as I write was reduced from 1.85% to 1.65% in April 2009 and now it is further reduced to 1.55%. I think now I must expedite my decision to migrate to another bank.


  1. Most of my money is in HSBC online savings.. have to think about something else now... Any idea how will the rates be in the future? Are other banks such as GMAC going to reduce rates also?

  2. Well saying anything about the future isn't possible Jay but one thing is for sure that banks are trying to attract as many customers to bank with them. GMAC's/Ally's high rates are one such move. Lets keep our fingers crossed and get the most out of what's going on in the market. :)