HSBC Direct Slashes Interest Rate to 2.45% APY

HSBC Direct joins a long list of high yield savings accounts that have slashed interest rates in recent days. As long as the fed continues to leave the federal rate at roughly 0%, we will continue to see low rates for high yield savings accounts.

HSBC Direct cut their current “high-yield” rate from 2.60% to 2.45%. While sub 3.0% rates seem to be the rage nowadays, I’m sure we will see higher rates in the near future. As soon as the Fed starts raising interest rates or as soon as lending increases, high yield savings rates should increase as well.

Are high yield savings accounts still worth it?

These current rates beg the question -are high yield savings accounts still worth having? My answer is yes, high yield savings accounts are still worth having, even at a 2.45% interest rate. You’ll be lucky to get a tenth of that at your local brick and mortar bank and the power of compound interest is far too powerful a force to ignore. Here are more benefits of high yield savings accounts.

Be sure to check the top high yield savings account rates for a current list of the top high yield savings account rates.

By High Yield Savings Accounts

The founder and editor of with a passion for personal finance and experience in the financial industry.