moonraker

here's the link, HSBC will raise rates until april 30th (so may) to 6% on new deposits...( so its almost like a 3 month CD but its not... its a savings acct, all liquid) good deal for a few months if youve got a good chunk of change to dump. then after april it goes back to whatever the current rate will be by then (right now its 5.05, still pretty damn good.

http://money.cnn.com/2007/01/28/news...ce=yahoo_quote

i know there's always a lot of threads around here for online savings accts with good rates, so thought i'd throw this in here

i currently have ING and love their interface and transfers, but i might dump it into hsbc for th few months and then see where rates stand in may at each and move from there

i know a few people have experience with HSBC... whats the verdict? pretty good? transfers for free and only take 1-2 days? give us your impressions

GIBSON6594

I love HSBC. If you avg out the 6% and the 5.05%, you are basically getting a yearly rate of 5.29% started at 1/29/07. ING can't touch that...

JediMindTricks

thanks for the link.

i've been looking into these for our church. is it possible to open an online savings account (like hsbc and ing's) for a church?

the applications i see are all for individual or joint accounts...

AdamNJ

I only have ING. While I wish the rate was a little higher to better compete with HSBC and Citibank, the rate difference is not enough to make me want to switch. Also I'd rather not give my money to Communist China....I'd rather the inventors of a shoe carved out of a tree have it.

GIBSON6594

"Who is HSBC?


We are the world's local bank.

Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises over 9,500 offices in 76 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by nearly 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.

Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities."

AdamNJ

http://en.wikipedia.org/wiki/Hsbc and
http://en.wikipedia.org/wiki/Hongkon...ng_Corporation and
http://en.wikipedia.org/wiki/HSBC_Tower%2C_London

HSBC = Hongkong and Shanghai Banking Corporation

"With the movement of HSBC's group headquarters from Hong Kong to London in 1993"

GIBSON6594

Right, but the headquarters have moved, and there are several countries with stake in HSBC. Oh well, it's your choice.

Smalls

I just opened a ING account last night @ 4.5%. Just saw this today. Damn. Guess I will stick with ING now.

But like you said, the transfer interface and such is real nice.

jupitersolo

Looks like I'll be checking them out because of this and another problem with ING.

GreenMonster

I've been dealing with Etrade... Just dumped a couple of my cd's into their complete savings 5.05%

NiteQwill

Blah blah blah.

HSBC is one of the world's largest banks. Their stock performance proves this well.

SeCsTaC

Would it be worth it to open up an account with only 5000 dollars? Is there any catch? Can you not take out your money for awhile?

GIBSON6594

Depends on where you have that money now and what it's doing. If you have it just sitting in some checking account, move it today. You won't get a lot, but it's better than what you are getting now. You can take it out whenever you want.

BstonBruin

lets say you get 6% calculated daily...out of 5000 thats about 25 dollars a month in interest, that 25 getting larger after every month

yunginTL

so the interest rate is divided by 12 and you are actually compound little incriments of interest right?

What would $5000 leave you at the end of the year if the rate stayed at 6%

GIBSON6594

$5,308.39

yunginTL

and the 8.39 came from where?

GIBSON6594

the compounded interest. You get paid monthly on these accounts, so look at it this way...

You have a January balance of $5000

5000X6%=300

But the 300 is divided by 12 and given to you each month, assuming you keep the earned interest in the account, that interest in then factored into the new principle.

So...300/12=25...your February balance is 5025.

5025X6%=301.5/12=25.125

So your March balance is 5050.13

Keep doing that calculation until December and you will wind up with $5,308.39

yunginTL

okay thats what i thought thanks ofr clearin it up

stixbc

If you have 50k or more, CountryWide Savings has their SavingsLink accounts at 5.40%APY.
Also, check Bankrate.com for rate comparisions - they're a good resource.

videojock

Yes I agree, bankrate is usually where i go fishing for rates. Very good source.