HSBC Direct Raises Savings to 4.80%

(posted @ Bankdeals.blogspot.com) It looks like HSBC Direct intends to be the online savings account leader. It just raised its Online Savings Account rate from 4.25% to 4.80% APY. As was the case in December when it raised the rate to 4.25%, not all of the website has been updated with the new rate. The new rate is currently being shown at HSBC's rates page.

It has been reported on this fatwallet that the rate has been verified by an HSBC customer service representative. Another poster reported that HSBC's phone recordings are specifying that this is a promotional rate that'll last till April 30th. So this seems to be HSBC's version of ING Direct's Winter Save Up Sale . The question now is will the 4.80% apply to all savings or just new deposits. We'll have to wait for the details to be published at HSBC.

This great rate is guaranteed at 4.80 until April 30, thus you can compare it to a 3 month Cd with the advantages that you only need $1 dollar and that you can take the money out whenever you want to.