Friday, April 28, 2006

HSBC online savings rate: 4.5% after Apr 30th

Just got an email from HSBC about the future interest rate

"We are writing to let you know that beginning May 1, 2006, your HSBCdirect Online Savings Account rate will change to 4.50% APY**. This is one of America's leading rates and still 8x the national average*, so you can continue to watch your money grow"

It's totally out of my expectation. I thought it would be something around 4.75%. Now two of the most competitive ones are GMAC and Presidential. Will do some research on those banks and see if I should open another account just for the 0.25% interest difference. Or maybe I would just start to buy some treasury bills. At least the interest is state and local tax free.

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