WTDirect has dropped the rate on their online savings account to 3.06% APY, down from 3.31%.
While that's a pretty significant drop, the rate is still pretty competitive with a number of the other accounts out there.
HSBC Direct, in line with many other online savings accounts, is dropping its interest rate to 3.00% APY.
We currently using HSBC Direct for our housing fund.
After a summertime promotion, HSBC Direct is lowering its online savings account APY to 3.25% APY.
While I'm a fan of HSBC and use it to hold our housing fund, dropping back to 3.25% puts it further out of the top-rate leaderboard, with DollarSavingsDirect (3.75% APY), FNBO Direct (3.50% APY) and WT Direct (3.26% APY) leading the way.
After their system problems last week, HSBC Direct says they're back up and running.
As a follow-up to my email last week, I am pleased to let you know that our systems have now returned to normal operating conditions. As always, we continue to monitor all systems closely and will let you know if there is any change in status. I can confirm that all customer information, data and funds were secure at all times.
In the event that you were charged fees as a direct result of our system issues please know that these will be refunded. If any deposits were delayed you will receive interest from the date they were originally deposited.
Should you have other questions about your HSBC Direct account please submit your question through "BankMail" when you are logged into your account, or contact our Customer Service team at 1-888-404-4050.
Providing consistent world class service levels is our priority and is something that we failed to do last week. We fully appreciate how important it is for you to have reliable access to your online accounts and we are committed to providing this. Again I apologize for any inconvenience you may have experienced.
Thank you again for your support and for saving with HSBC Direct.
Executive Vice President,
Head of HSBC Direct U.S.
The Consumerist has a bit more about how much the outages affected customers, especially people who were waiting for their direct deposited paychecks to clear.
The widespread problem is limiting access to HSBCDirect accounts, and at least 8,000 Catholic Health System employees up in Buffalo are still waiting for their direct deposit payments to materialize.
The bank is keeping select upstate branches open late so Catholic Health System employees can come in and trade their pay stubs for cash. As for affected HSBCDirect customers, the bank promises to "return full–system functionality to you as soon as possible."
Glad to hear everything is working right again. You're not having any problems with HSBC, are you?
Had problems accessing your HSBC Direct account recently? The company knows about it, and they say they've pretty much got it worked out.
I want to update you on our recent systems issue and extend my apologies for any inconvenience you may have experienced in trying to access your HSBC Direct account.
Our teams have worked diligently to test and re-engage the impacted systems to ensure that we are able to return full–system functionality to you as soon as possible. Most of the impacted systems are now up and running and we continue to work through any remaining issues.
As part of HSBC Group, one of the largest and most highly–capitalized financial institutions in the world, with over 140 years of experience helping our customers achieve their financial goals, we remain committed to meeting your needs and understand how important continuity of our online services are to you.
I will continue to keep you updated on our progress, and again I sincerely apologize for any inconvenience this system issue may have caused you. And I thank you for saving with HSBC Direct.
Executive Vice President,
Head of HSBC Direct U.S.
I don't check into my account that often — everything is automated — but want to know: have you had problems accessing your HSBC Direct account recently?
HSBC Direct is extending the promotional 3.50% APY rate on their online savings account until September 15, 2008.
The promo, announced in June, was intended to end on August 15.
Here's the text of the email they sent to account owners Tuesday:
Customers like you have told us how much they love our big fat rate. And as far as our customers are concerned, we can’t give them too much of a good thing. So that’s exactly what we’re going to do.
- You’ll keep earning 3.50% APY* on all balances in your Online Savings Account.
- That’s 9x the national savings average.±
- Deposit more now to take full advantage of our great rate extension.
Now’s the time to watch your savings grow. So deposit more today.
The 3.50% rate puts HSBC at the top of online savings accounts, tied with FNBO Direct and Goldwater Bank.
But here's the catch: it's only until August 15, 2008.
“We are committed to helping our customers get the most from their money, and we constantly look for ways we can reward them,” said Kevin Martin, executive vice president and head of HSBC Direct U.S. “Increasing our HSBC Direct Online Savings Account to 3.50% — when other savings rates have been falling — gives new and existing customers an even better reason to start saving more.”
Why HSBC would choose to make the rate change a temporary one (or announce it as a pre-planned temporary adjustment) I'm not quite sure. My best guess is that they are trying to get to the top of the APY lists for people looking to save their economic stimulus checks.
We currently use HSBC to hold our housing fund, and while the online interface can sometimes be a bit klunky and they take their time moving money around, their rates have always been competitive.
HSBC follows E-Trade as one of the only banks to increase the rates of their online savings accounts in the recent past.
HSBC online savings account customers got a "personal message" from the company's executive vice president, Kevin Martin, announcing a rate cut in reaction to the Fed's continued action on key interest rates.
In these challenging times, having a savings plan is more important than ever. At HSBC Direct we are committed to helping you with your savings goals by providing the best rate we can.
As you are undoubtedly already aware, there has been a general trend of reducing interest rates in the U.S. market over recent months. These changes have been influenced by the Federal Reserve moving its target interest rate down in response to developments in the economy and financial markets. Last week the Federal Reserve again reduced this key rate, by 0.75% to 2.25%.
At HSBC Direct we review our rates regularly in the context of market conditions, the federal funds rate and the overall economic environment to ensure we are providing you a competitive rate at all times. Following a further review of all of these factors, we have reduced our Online Savings Account rate by 0.50% to 3.05% APY* effective 3/20/2008.
We will continue to evaluate and respond to market changes so we can provide you with the very best rate possible over the coming weeks and months. At HSBC Direct we are committed to a direct and open relationship with you, even if we have to pass on news about reductions in our rates. We think this is fair to our customers and simply the right thing to do.
The good news is, you’re still getting a competitive rate — 7x the national savings average.** And you can feel confident knowing your savings are with HSBC Direct. We’re part of HSBC Group, one of the largest and best capitalized financial institutions in the world, with over 10,000 offices around the world and 140 years of experience helping our customers achieve their financial goals.
We sincerely appreciate your support and your saving with HSBC Direct.
Executive Vice President
Head of HSBC Direct U.S.
I've still got my money in HSBC (in fact, my nearly year-old automatic housing savings transfer is just about up) and I don't plan on moving it anytime soon. The rate cuts are affecting everyone, so even though there might be a few teaser rates available, I've stopped rate chasing.
HSBC is looking for help designing its next-generation online savings account.
At HSBC, we are continually looking for ways to improve your experience with our HSBC Direct Online Savings Account. To help us better meet your needs, we would greatly appreciate your response to an important survey. Depending on the sections you qualify for, this survey could take up to 15–20 minutes to complete.
Last year, they asked their customers for advice on improving their online savings account. My biggest pet peeve was (and still is) how long it takes for money to go in and out of the account. It shouldn't take as long as it does.
There's no freebie like a Starbucks gift card for taking this survey (which they say will take 15-20 minutes), but you might get an idea of what HSBC is looking to do in the future.
HSBC has dropped the rate of its online savings account again, in response to the Fed's rate cuts of the past few weeks.
HSBC's online savings account is at 3.80% as of Tuesday, down from 4.25%. That's a pretty big cut — moving beneath 4.00% for the first time in a while.
With chances for more rate cuts this week, don't be surprised if your accounts continue to fall.
HSBC Direct will continue to evaluate and respond to market changes so we can provide you with competitive rates. And if your rate changes, whether up or down, we are committed to always letting you know.
HSBC's online payment account is currently at a 2.50% APY, with online CDs up to 2.85%.