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 [...]

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In the wake of the recent rate cuts, ING announced today that the rate on it’s Orange Savings Account has dropped to 3.40%. Below is the email I received from them:

Subject: ING DIRECT Rate Change

Dear Affiliate,
ING DIRECT’s Orange Savings Account has changed to 3.40% APY.
The rates for the Electric Orange Checking Account have changed as [...]

Looks like HSBC Direct is again dropping the rates on their high interest savings accounts. It was earning 4.25%, but today I received the following email from HSBC notifying me that the new interest rate is 3.80%:

Subject: HSBC Direct Interest Rate Update

We are writing to inform you that based on the recent drop by the [...]