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Tuesday, January 11, 2011

HSBC Drops Rate Again!!

For the 2nd time in 6 weeks, HSBC has dropped their online savings account interest rate. It was dropped to .90% as of today. This comes on top of a drop to 1.0% on November 30th.

It is still better than a typical bank savings account of .30%, but you have to look around. Remember that online savings are a bit less liquid than a standard bank account. It takes 4 or 5 days to get it from an online account, as opposed to same day with a regular bank.

I have an account at BECU and it pays 6.17% for the first $500 and .50% for the rest.

You just have to consider how important it is to have money making .90% that is not completely liquid.

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