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i saw my hsbc direct saving acct. rate drop from 5.05% last year down to the current rate of 3.55%. same with my citibank e-saving which was at its high at 4.75% last year and down to 2.25% currently. with the fed cutting..im afraid it these rate would go down further. so any of ya out there which is using one of the popular banks out there and earning higher interest than this (3.55%)? i dont want a no name small bank in a small town with a teaser 1 year rate. i want a popular bank like citibank, hsbc, bank of america etc. this is in nyc btw if it helps. and i know about bankrates...that website is full of bait and switch rates.
Agree that the HSBC Direct is probably one of the better ones. I have gotten an email from them within days of every rate-cut so far, so I expect to get one another one later this week/early next week saying the rate is lowered once again. I still think they are a good bet since they are one of the largest international banks.
Prefer to stay away from small banks altogether. Too many out there that just seem to open up overnight and position themselves for a buyout.
I hate seeing the teasers - it's obviously so misleading for the average consumer.
Last edited by GeminiGal; 03-18-2008 at 01:24 PM..
Reason: spelling
Check out Bank Deals - Best Rates and Deals . They do an excellent job updating rates on various products (including checking and savings accounts) from around the country.
LOL.......The Fed just cut rates again by .075 percent.Soon our money will just sit in a account making NO interest.
Oh, no, it won't just sit. It'll be gobbled up, too, by the raging inflation. Not to mention much of it was probably saved before the dollar became the new peso and was worth something at the time you deprived yourself in order to save it. They don't fail to tax you, though, when you attempt to at least grow a little bit your already taxed money! Just checked the rate on my savings account - down to 3.05%... and that's before the lovely event today. Oh, well, there's nothing we can do other than buy some lubricant.
I've seen this movie before. Remember my uncle had savings about enough to buy 3 condos. When he passed away, you could buy 3 fridges. Only that I had absolutely no need to screw up my life and transport it halfway across the world in order to watch a worse remake of the same darn movie! At least most of you guys live in the country you're accustomed to, around family, etc. In other words there's something for you to offset this beautiful economy. To me breathing more easily financially was the only advantage and now it's gone.
This is the biggest scam going. Low interest rates on savings at sub-inflation rates (Official CPI) while the real inflation rate is probably somewhere in the 5%+ factoring in food, energy, health care, and education costs.
But hey, I can buy a cheap Chinese-made wrench for about the same price as a quality
American-made wrench a few years ago so there's been no inflation in those goods right?
And I can buy a CD player for $59 today when it used to cost me $250. Nevermind thatI still have the old one that I bought in 1985 and it works fine but the new ones end up in the garbage on or before the 90 day warranty runs out. Please mail entire contents prepaid postage to P.O. Box XXXXX, FarAway, Canada. Cost $35.
Come on we're not getting the real inflation rate. We're all getting duped while our standard of living gets sold overseas.
Soon it will be -2.50% and you will have to send them a check each month for the interest they are due
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Soon our money will just sit in a account making NO interest.
Not to mention much of it was probably saved before the dollar became the new peso and was worth something at the time you deprived yourself in order to save it. They don't fail to tax you, though, when you attempt to at least grow a little bit your already taxed money!
Oh, well, there's nothing we can do other than buy some lubricant.
