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Important News About Your Online Savings Account - Mon, Jan 5, 2009

HSBC has just sent another email, stating that it has lowered the interest rate on the Online Savings Account to 2.60% APY.

Important News About Your Online Savings Account

You have probably seen the recent news about the Federal Reserve lowering its target rate to an historic low, a range of between 0% and 0.25%. Recognizing this change and the overall interest rate environment, the new rate on your Online Savings Account is 2.60% APY*, effective January 5, 2009. We will continue to monitor the market and advise you should there be any future changes.

Despite this change, your HSBC Direct Online Savings Account remains a great place to save. With no fees§§ or minimums and a rate that is more than 6x the national statement savings average± it makes sure that every dollar you have with us is hard at work, helping to bring you closer to your financial goals.

HSBC Direct is part of HSBC Group with more than 140 years of history in helping our customers achieve their financial goals. HSBC Group remains one of the world’s largest financial institutions with 10,000 branches in 85 countries and territories.

In the current market environment saving and careful money management is more important than ever and at HSBC we are committed to helping you. HSBC Direct currently offers leading rates on a range of CDs, including our 3.00% APY*** for a 12-month term. You can apply in just minutes, and have the comfort of a fixed rate deposit. Simply click here to learn about our latest rates.

Thank you for your continued support and best wishes for a successful 2009.

Learn More

Sincerely,
Kevin Martin
Executive Vice President
Head of HSBC Direct U.S.

P.S. You might be interested to know that HSBC recently created a $5 billion lending fund to support small businesses in the U.S. Click here for more details.

HSBC Direct deposit accounts are offered by HSBC Bank USA, N.A. Member FDIC. Deposits are insured to the maximum permitted by law.

* Annual Percentage Yield (APY) is accurate as of 01/05/2009. APY is variable and subject to change. Minimum deposit to open is $1.00.

§§ No regular monthly or transaction fees. Other account-related charges may apply (e.g., NSF, stop payment order, and returned item fees).

± National Statement Savings Average located at http://bankrate.com/brm/publ/passbk.asp?caret=2 in the Passbook/Statement Savings survey results as of 10/15/08 courtesy of Bankrate.com. HSBC Direct Online Savings Account APY is currently 6 times the national statement savings average APY.

*** Annual Percentage Yield (APY) is accurate as of 01/05/2009. A penalty may be imposed for early withdrawal. Minimum balance to open and obtain APY is $10. APY subject to change without notice prior to account opening and funding and applies only to accounts opened through hsbcdirect.com.


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This entry was posted on January 5th, 2009 at 9:14 pm and is filed under News, HSBC. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Certificates of Deposit (CDs)

These are also known as "time deposits", because the account holder has agreed to keep the money in the account for a specified amount of time, anywhere from three months to six years. Because the money will be inaccessible, the account holder is rewarded with a higher interest rate, with the rate increasing as the duration increases. There is a substantial penalty for early withdrawal, so don't select this option if you think you might need the money before the time period is over (the "maturity date").