HSBC Direct Cuts Rates To 4.5%

We checked HSBC Direct’s front page daily after the Fed interest rate cut, in fear that our fave online saving account would also cut its high 5.05% interest rate. We chuckled as complaints rolled in about people’s various money market accounts getting their rates trimmed. After we were lulled into a false sense of security and stopped checking, a reader pointed out that HSBC has slashing the rate to 4.5%. Noooooooooooo…

No matter, we’re thinking of porting all our cash to Emigrant Direct’s “American Dream Saving Account,” boasting a rate of 5.05%. Will it hold? There’s another main contender in this field of fee-less, no minimum deposit required accounts, ING Direct, but we’re not fond of the color orange enough to stoop to 4.3%.

(Photo: DCvision2006)