HSBC Extends Rate For Online Savings Account

HSBC is extending the interest rate of their Online Savings account until September 15th. The current rate 3.5% was supposed to expire in August, but from the lack of interest rate cutting by the Fed’s recently, HSBC has decided to keep the rate for another month. Hopefully we will see a trend in rising savings account rates again.

This account has one of the highest interest rates out there for a $1 minimum balance savings account. HSBC’s Online Savings account is free to open and requires only $1 for a minimum balance. There are no fees with this account. There is also an ACH transfer system that allows you to move money to and from your current checking account for free.

I currently have this account and having my emergency fund in it. Since I want my emergency fund in cash for easy access to it if I need it, I want it earning the highest rate possible, and currently this is it.