I received the following email from HSBC Direct today announcing that they have dropped their interest rate to 3.55% on their savings accounts. It was previously at 3.80% as of 1/29/08. On the plus side, the rate is still higher than the 3.40% that ING is paying.

Subject: HSBC Direct Interest Rate Update

We are writing to inform you that based on the recent drop by the Federal Reserve, HSBC Direct has adjusted your Online Savings Account rate to 3.55% APY*. At 8x the national savings average**, you are still earning one of America’s highest savings rates.

HSBC Direct will continue to evaluate and respond to market changes so we can provide you with competitive rates. And if your rate changes, whether up or down, we are committed to always letting you know.

You can feel confident knowing your savings are with HSBC Direct. We’re part of HSBC Group, one of the largest financial institutions in the world, and have over 140 years of experience helping customers manage their savings.

We sincerely appreciate you saving with HSBC Direct.

Keep saving,

The Money Kings

Keywords: HSBC DIRECT Savings, rate, 3.55%, hsbc, savings