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.


Save Money on ATM Fees with the Allpoint ATM Network

If you are looking to save money on ATM fees, you should search for a bank or credit union that is a part of the Allpoint ATM network. Allpoint offers all member banks free ATM withdrawals from their branded machines – and there are over 37,000 of them in the US, meaning you are never far away from your money. After all, why should you have to pay to access your money?

Many prominent banks and credit unions are part of the Allpoint ATM network, including a personal favorite of mine, ING Direct. Free ATM access is just one way that you can maximize your returns on your high yield savings account. Here is more info about the Allpoint ATM Network.

Allpoint ATM Network Facts

  • America’s Largest Surcharge-Free ATM Network.
  • 37,000 Surcharge-Free ATMs Around the World.
  • 1 out of 12 ATMs in America is an Allpoint Surcharge-Free ATM.
  • Convenient Locations: Allpoint ATMs are Located in National and Regional Retailers such as 7-Eleven, Target, and Costco.

Allpoint ATMS by region


Allpoint ATMs by State

Use the Allpoint ATM locator to locate ATMs near you.



Why You Need a High Yield Savings Account

Everyone needs a High Yield Savings Account, everyone. If you are serious about growing your savings, then you need to put your money into a high yield savings account where compound interest can make your money grow. Here are the top reasons you need a high yield savings account.

Why you need a high yield savings account

Higher interest rates. Most brick and mortar banks offer laughable interest rates, sometimes as low as 0.20% for a standard savings account. The top high yield savings account rates are often 5-10 times higher than the national average. If you don’t have a high yield savings account, you are leaving money on the table.

High yield CD rates. The good thing about high yield savings accounts is that their high interest rates roll over into other banking features as well, including high CD rates. Here are the top high yield CD rates from nationally available banks.

Few fees. Most high yield savings accounts have little to no fees, and have low minimum balance requirements (most are as low as $1.00).

Best place to park emergency savings. Everyone needs an emergency savings account, and a high yield savings account is the best place to put your emergency savings account – that way you will earn more money from the interest of your deposits.

Earn more money while waiting to invest. I like to invest my money in the stock market and in other equities, but brokerage accounts don’t typically pay very good interest. While I’m waiting for the best deal, I like my cash to earn higher interest than what the best discount brokerages pay.

Make it automatic. The top high yield savings accounts allow customers to automate their savings through direct deposit, ACH transaction, automatic deposits, and other automatic transactions.

Online bill pay. Online bill pay is a free feature with almost every online high yield savings account. Online bill pay makes it easier to pay your bills on time and will save you time and money. Many brick and mortar banks charge for this feature.

Easy access to your money. Most high yield savings accounts offer ATM access at a wide variety of locations, and many offer free AM access. Most local banks have limited ATM locations and charge higher rates. If you need to transfer money, your cash is never more than a couple days away.

As you can see, there are plenty of reasons why you need a high yield savings account.

As a side note, I recommend doing your due diligence and researching banks before signing up for a new accounts. Read the fine print and be aware of any possible fees before opening a new high yield savings account.


Welcome to High Yield Savings Accounts

Welcome to High Yield Savings Accounts – a website devoted to High Yield Savings Accounts, high yield savings account rates, high yield checking rates, online banking, interest rates, bank sign up bonuses and free money, high yield CD rates, checking accounts, Certificates of Deposit (CDs), CD Ladders, and other banking topics such as Federal Deposit Insurance Coverage (FDIC). The goals is to maximize your savings returns to earn more money!