HSBC: two rate drops in under a month

[red92s]

HSBC dropped savings rates from 1.85% to 1.65% today. This follows a rate drop on March 9th. I'm not really a "rate chaser" but some of the rewards checking programs are starting to look more and more appealing at 3x what the "high interest" online savings accounts are offering.

Since January my savings balance has doubled, and my interest income has gone down

[buzz]

I was thinking about opening a rewards checking account, but I could not bring myself to expose a large amount of savings to debit card fraud. Alliant is still paying 2.75 APY and I get about $20/month cashback from my Chase Freedom card. I'll take the peace of mind.

My HSBC Online Savings has about $3.92 in it, but I still use the Billpay account. Alliant has free billpay also, and pays 2.5 APY on checking, but I like to keep at least 2 or 3 accounts open. HSBC has treated me well for the past few years, and I'm sure their rates will become competitive again in the future.