1.65% APY Online Savings at HSBC Direct

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I've had an account with HSBC for 3 years now. I've been very pleased with their rates and the service. It is very simple to manage the account and very secure. The rates do tend to fluctuate a lot but they are still much higher than the brick and morter banks.

1.65% for a year?

Don't be a wuss. Buy stocks. ETF SPDR.

#2 Palm is a good buy now, and cheap. ETF might be good if you're short selling.

Bah, my credit union is 2.23% now. Screw HSBC.

HSBC is one of the banks in line to fail and is the 6th largest holder of Derivatives (aka toxic assets).

http://www.marketoracle.co.uk/Article9738.html

If you can get your money out do so ASAP before you lose it. Don't rely on the FDIC because they are going broke fast and with the coming hyperinflation, by the time they reimburse you the number of dollars you lost, the value of those dollars will have decreased to nothing.

The Fed and Treasury and using hyperinflation to reduce the debts that exist in the economy as well as what the US owes the Chinese and other creditor nations.

And with that thought, buying some of the things on BB is a good way to lock the value of your currency (not "money" as money is gold, silver, or something that stores value) into things that you can use to barter later. Ben really ought to have more food and jerky oriented ads to prepare folks here for what's coming.

Sleep tight!

no bail out money for this company to date

GMAC Bank 2.25%
DollarSavingsDirect 2.05%

Wow! A full 1.65% interest (taxable, of course) so you really see net 1% (or less, depending on your tax bracket).

The cost of living is rising at 5 times that rate (at least), so sock your money away here and watch it lose value from the first month.

B of A offered me 1.98% yesterday for $5000 no time limit on a CD. 2% if left in for duration of CD term. There regular savings is something like 0.01%.

GMAC is part of GM, hence forget about that one.

FNBO 2.1% no min, INGDirect 1.85% But like #4 said your credit union could probably give you better rates.

I found a way better deal here
http://www.highyieldcheckingdeals.com/

It referred me to a credit union in my home town that yields 5.01% on the first $25000 and 1.01% there after.

Main things need to maintain that rate are

- Direct deposit or auto billpay (I did direct deposit)
- eStatements (e no mail)
- 12 POSTED Visa check card purchase before the end of each billing period (varies by a few days each month). Plus there is no minimum amount to purchase each transaction as long as its posted.

As long as you meet those requirements month to month, you will get that rate. OTHERWISE you will drop to .15%. As long as you are diligent and make the necessary amount of purchases (I checked my BOA CC statements before opening the account & for the past 3 months , I make at least 20 transactions on average a month), you'll be fine.

And don't worry about credit unions not being FDIC insured. They are insured by the NCUA which is basically the credit union equivilant of the FDIC. Plus since the credit crisis (2007 on) started, only 14 credit unions have failed vs 50 banks so far.

thanks for the info, cappy. Having to have 12 purchases sucks but its a small price to pay for a fixed 5%. might be worth looking into..

No problem Vic. As I stated before, I just checked my credit card statements for the past few months to see if I met the quota. As long as you match up with that, you should be good.

Just to give you an idea of what I expect to make.

$25,000 daily balance for one year 25,000 x .0501 = $1252.50

My monthly charges are $1.65 . So 1.65 x 12 months = $19.80
this is for the Visa and ATM network you'll need to qualify.)

$1252.50
- 19.80
-
$1232.70 a year net profit.

Not too shabby for using my credit card like I normally do.

Schwab is doing 2% savings accounts and 1% checking accounts.
http://www.schwab.com/public/schwab/banking_lending/savings_account?cmsid=P-2986789&lvl1=banking_lending&lvl2=savings_account

The Credit union seems like a great option too, but when it comes down to it.. keeping 3-6 months living expenses in saving and the rest in an inflation protection bond fund (3-6%) would be a better option then having to worry about not meeting the payout requirments (using atm card 8-12 times) that credit unions have on thier esavings.

hsbc is ok until you have to buy stocks, then it takes like 3 days to get your money transferred to etrade or back into your primary bank. That 5% does sound nice.. if I had 25k

#10, GMAC is no longer part of GM. GMAC was purchased away from GM by Cerberus.

this is a great bank they have good rates. they also offer good customer support

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