HSBC Offers 6% APY Until April 30, Tops E-Loan

01.28.07 | Online Savings Accounts | 0 Comments | by junger

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This is why having multiple online savings accounts is good.

I just got an email from the HSBC Direct folks that new money — a.k.a. money not currently in your online savings account with them — will earn a 6% APY until April 30.

Nice.

The current leader in the race for highest-yielding online savings account belongs to Eloan, which started out at 5.50% and has since fallen to 5.38% (minimum $5,000 to open). But with new money earning such a high rate at HSBC, it looks like it is time to move my money back in.

Here's the complete letter:

Dear JASON,

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 maximize your savings and reach your goals and dreams faster.

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.

You?ll earn up to $150 in just 3 months on every $10,000 of New Money deposited. And, with compounding interest, your savings will continue to grow even after the promotion.

There's no reason to have your cash lying around anywhere else. Log on to move your money into your HSBC Direct account now, and earn 6.00% APY* for as many days as you can until April 30.

Your HSBC Direct Customer Service Team

The only problem I forsee is the what-seems-like forever time it takes for money to move in and out of HSBC accounts. They really milk the transfer process for every last second (at least when you are moving your money out).

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