HSBC savings 5.05% APY

This weekend HSBCdirect.com increased the rate of its savings account from 4.80% to America's highest 5.05% APY. Please read our last Monday's Posting on 'Hi Yield Savings Accounts'.

The only problem with HSBC accounts is their 3 day hold period during any transfer of money. So, if you are transacting large amount, you may loose significant amount of interest, while you deposit or withdraw. Emigrant-direct, Citibank or Ing-Direct are very prompt in that regard. They usually transfer by next business day.