Simple Debt-Free Finance

A Simple Approach to Getting Out of Debt & Into Wealth

HSBC Direct Increased its Rate!

Posted on | June 11, 2008 |

I just got an email from HSBC Direct saying that they’ve upped my interest rate to 3.5%! WooHoo!

Most of the time, when I say “WooHoo” it’s dripping with sarcasm but this time I really mean it. It was a very pleasant surprise. The rate is effect until August 15, 2008 and may adjust after that, but 3.5% is a very decent rate with the federal funds rate so low (currently 2%).

Of course, it’s all to get more money under their control since the amount they can lend and invest is dependent upon the amount of money deposited with them, but that’s OK because I use HSBC for my primary emergency fund savings anyway. It’s a win-win.

ING is also offering a savings incentive. They call it their Automatic Saver Sweepstakes:


“Every month that you have a recurring deposit of at least $100 with an Automatic Savings Plan or Direct Deposit into your Orange Savings Account or Electric Orange, you’ll be automatically entered to win. This will give you a chance to win one of five $1,000 prizes every month, or our Grand Prize - $30,000 to be paid to your Orange Savings Account or Electric Orange. That’s right we are giving away a total of $60,000″

I LOVE ING, but since HSBC pays more interest, I keep the majority of my savings with them and use ING for smaller, goal oriented savings: new computer, sewer and water bills, etc…

For a free $25 when opening an ING Direct Orange Savings account, grab a referral here.

It seems like ING and HSBC aren’t the only banks trying to squeeze out some more deposits. J.D. at Get Rich Slowly has a post title, “Current Deals and Contests from Online Banks“, that runs through ING, HSBC, Washington Mutual and more!

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