Beat: HSBC Cuts Online Savings Account Rate

[calmB4storm]

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Dear XXXXX,

We are writing to let you know HSBC Direct has adjusted your Online Savings Account interest rate to 4.50% APY*.

This rate remains among America’s highest, at 10× the national savings average**—so you can continue to maximize your savings growth with HSBC Direct, recognized as the “Best Online Savings Account” by Kiplinger’s Personal Finance.

Click here to log in and learn more about recurring transfers, direct deposit, and other powerful ways to get the full benefit of your Online Savings Account’s high interest rate.

Thanks for choosing to grow your savings with HSBC Direct.

Your HSBC Direct Customer Service Team

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I'm assuming this is a result of the Fed cutting interest rates?
Meaning most other banks will be cutting their rates in the near future too?

I'm trying to figure out whether or not it's worth switching to a different bank. I only have $5K in savings, so I won't do it just to gain .01% or something... Thanks for any help.

[dazraf69]

Same here..my dollar is worth less and i am earning less. Go USA!!!

ETrade advertises a 5.05 rate. But I can see that going down as well.

[Acein8ter]

I just received the same email from HSBC...

[jalexand42]

same email, freaking buttheads.

Guess I'll look to move it if others stay higher.

[prohornblower]

My FNBO account just emailed me to say they were going down to 5.05%.

They've been at 6% for the last 5 months or so. I expected it to go down to around 5%. Meh.

[smartalecc5]

amtrust went down too

[Uglyowl]

It's a matter of time folks. Everyday a bank offers a rate above 4.75% they are losing money on the deal. You are seeing the delay to cut from banks jockeying for position for the deposits.

Expect to see most high yield accounts around 4.00% after the Fed is done.

[kimchi]

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I'm trying to figure out whether or not it's worth switching to a different currency

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[bills217]

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I'm trying to figure out whether or not it's worth switching to a different currency

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A+ would read again

[T50_Omaha8]

I didn't even get one week of the old rate in on my new account...

Oh well, HSBC is still infinitely better than Bank of America, although that 5.4%APY CD I got a few months ago with BoA turned out to be excellently timed.