Anyone with HSBC direct savings APY keeps going down?

[Chris1980]

My account had a APY of 2% a few months ago now it's down to 1.3% it seems the more money i move into HSBC the more it goes down even when there website shows 1.6%

I have read other people have the same issues but when i look around at other high yield savings accounts they all have went down.

[Jluke]

Stop adding money, please.

welcome to the forum.

[disneysteve]

The Fed has lowered rates a few times in recent months. Every time they do that, savings rates drop as well. We're with Ally and they just dropped the rate again also from 1.5% to 1.25%.

[Chris1980]

A lot of people seem to use ally. After looking I see that they all went down.

[Chris1980]

Jluke care to give more detail?

[kork13]

it seems the more money i move into HSBC the more it goes down

Stop adding money, please.

Jluke care to give more detail?

Pretty sure he was tongue-in-cheek

[Jluke]

Yes. You adding money has nothing to do with the rates going down.

bigger things happening in the world that are impacting interest rates.