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Tuesday, January 30, 2007

Going with the HSBC's higher yield

Over the weekend, received an email from HSBC Direct, stating that they have raised the annual yield on its online savings account to 6 percent. It is a limited time offer, expiring April 30 and applies only to new deposits.

Finally, it's good to see a firm that rewards existing customers; otherwise most firms dangle various incentives to attract new customers but once you are in, that's the end of special treatment.

Of course, for HSBC, the idea is to not only attract new customers but also to have existing customers invest more money from else where. And that’s what I will be doing. I will be taking money out of my local bank account and transferring to HSBC. In addition, as both I and my spouse have individual HSBC accounts, we will be taking the money out of one of the accounts and depositing into the other account. This will allow us to add what HSBC calls "new money" into at least one account where it can yield 6%, otherwise the existing money in both accounts would be earning the lower rate.

For the comparison between HSBC and other bank’s current rates, see the following article:

CNNMoney.com - Online savings rate jumps to 6%

posted by Ruby @ 7:20 AM

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