If you visited HSBC Direct today, you may have noticed their new website. It has a new, Flashier look and easier access to features, like savings calculators. Once you log in to check your account, you’re presented with the same interface that has been around, at least since the time I opened my account last year.
The new website has an area called “Buzz” in which HSBC provides snippets from the media. I flipped through and saw quotations from Suze Orman, Yahoo Finance, Kiplinger, but no bloggers.
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So if I sign up for HSBC do I get to enter their savings calculator’s fantasy world where there are no taxes on interest? I find it disturbing that they don’t even mention that their numbers are all wrong because they are ignoring tax.
I’m not talking for HSBC but the tax rate are different for everyone and for different states. Therefore it is not possible for them to calculate the return after tax.
What I’m more concern about HSBC is their interest rate is no longer competitive.
-FBNO give 6%
https://www.fnbodirect.com/01d/html/en/
-Countrywide give 5.4%
https://bank.countrywide.com/landing/sl2.aspx?src=CFCTL001D003&tier=50000&time=19
Most major banks give about 5.05% (Wamu, Citi, etc.) – There is no incentive for me to park my money with HSBC, while I can earn higher return else where.