There’s a catch: If you want to earn 6.0% APY, you’ll need to deposit “new money” into an HSBC Direct account. Money transfered out and then back in doesn’t qualify; only your net increase does. This special rate will only last until April 30, and their regular interest rate is currently 5.05% APY.
It’s not worth it for me to start shifting money around, but if you’re interested, here’s the relevant text of their announcement.
Until April 30, your HSBC Direct Online Savings Account gives New Money 6.00% APY. So if you have money elsewhere, it’s time to move it. You’ll make the most of your savings and be that much more secure.
During the New Money promotion, deposits from outside of HSBC earn a market-leading 6.00% APY. That’s 11 times what traditional savings accounts offer. And checking accounts obviously can’t compare.
I’m not a fan of the HSBC Direct web interface, and I am much less a fan of that company’s credit card practices. I keep some cash in an HSBC Direct account, but the bulk of my savings is still in reliable ING Direct, despite their lower rate (currently 4.5% APY).
Email this article
Print this article
Share this article: Twitter | Tip'd | Facebook | Delicious | Reddit | Digg
About the Author
