HSBC Direct increases Online Savings Account rate

Published: 03-Jun-2008

HSBC Direct, the online-only banking business of HSBC Bank USA, has increased the rate for its existing and new Online Savings Account customers to 3.50% APY on both new and current funds.

HSBC has said that the offering rewards savers with a rate that is nine times the national savings average, and is up from 3.05% APY. The increased rate is effective immediately, and will run through August 15, 2008. Kevin Martin, executive vice president and head of HSBC Direct US, said: We are committed to helping our customers get the most from their money, and we constantly look for ways we can reward them. Increasing our HSBC Direct Online Savings Account to 3.50% - when other savings rates have been falling - gives new and existing customers an even better reason to start saving more.