HSBC bumped to 5.05%

Russell · #2 (**permalink**) 06-30-2006, 09:11 AM

Cool! Unfortunately, while I still have half my money in HSBC I feel dumb for tying up my other half in the GMAC 1 yr CD towards the end of Apr at 5.3% - oh well, live and learn.

Ima saver · #3 (**permalink**) 06-30-2006, 09:29 AM

Can someone put up a link??

sweeps · #4 (**permalink**) 06-30-2006, 09:32 AM

HSBC Direct

BTC · #5 (**permalink**) 06-30-2006, 09:57 AM

Emigrant better not be far behind. I would like to see them leap frog HSBC.

poundwise · #6 (**permalink**) 06-30-2006, 10:06 AM

I think its hilarious that the rate is 5.05.... as opposed to 5.00. Amboy started this, I believe, just to be able to say that they were offering the highest rate of any of these no/low minimum plans. Apparently HSBC has followed suit.

More than caring about the .05% or what-have-you, I like to see these companies all showing an interest in maintaining a high rate offering and being competitive in this market. I believe, if memory serves, that in the last week or so, we have seen rate increases from Amboy, Capital One, and now HSBC. Not too long ago, GMAC and Emigrant raised their rates as well.

I have been one to defend ING, to some extent, for a while now... however, if they continue to offer 4.25 while virtually everyone else is 4.75 and higher, then you cannot help but question the wisdom in opening and/or maintaining an account with them. Perhaps we'll see them shift their rate upward soon too.

[Addendum: I see that ING is now 4.35. I'm glad to see a move upward even if unimpressive.]

Overall, my comment is, "Cool!" because I am very glad that we have these competiing organizations and the ability to earn this level interest on liquid accounts.

sweeps · #7 (**permalink**) 06-30-2006, 10:18 AM

HSBC has been consistently at or near the top for quite a while now, I wouldn't consider this 5.05% a publicity stunt.

poundwise · #8 (**permalink**) 06-30-2006, 10:27 AM

I didn't say that exactly. But, there is little reason to doubt that Amboy and HSBC set their rates 5.05 specifically for any reason other than to be higher than 5.00. I don't speak in terms of putting them down or calling it a stunt, I think it shows their willingness and desire to be at the top, even if that top is just a 'smidge' over others. More power to them!

Saluki96 · #9 (**permalink**) 06-30-2006, 10:28 AM

Wow, awesome! I wasn't expecting that, considering they had just raised it. It makes ING's move today even more paltry.

Mixelflick · #10 (**permalink**) 06-30-2006, 10:32 AM

Well, I just sent them over $12,000. We need to reward the rate leaders.

So much for their survey which revealed "customers are loyal, we don't need to have the highest rate". They slid from 4.8% to 4.5%. I'm sure the money left as they quickly went back up to 4.65, then 4.8 and now 5.05%.

Giddy up.

BTC · #11 (**permalink**) 07-02-2006, 07:57 AM

Maybe it's 5.05 simply because they decided to pass along the entire .25 increase in the fed funds rate.

markio26 · #12 (**permalink**) 07-02-2006, 05:26 PM

i received the email of the rate increase from hsbc... very nice, i must say.......
SUPER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!

poundwise · #13 (**permalink**) 07-02-2006, 09:59 PM

Quote:

Originally Posted by BTC

Maybe it's 5.05 simply because they decided to pass along the entire .25 increase in the fed funds rate.

I'm sure that's a possbility.