HSBC Direct Extends Promotion
The 3.50% APY offer for HSBC Direct’s online savings account is a “promotional” offer that was extended from August 15th to September 15th. This is good news for those who pushed their funds to the higher offer. There’s still no hint as to where the rates will go after the promotion ends but with so many other banks increasing their rates, there’s a good chance the 3.50% APY will stick.
My strategy has always been to keep several of these accounts open and shift funds from my checking account into the highest rate when they are available. I don’t “rate chase” because the interest lost in the transfer can easily wipe away any additional interest earnings, but it’s good to always push to the highest bar available.