Contributed by Dr. D | May 5, 2006 01:26 PM PST
Earlier this week, I reported that HSBC was introducing a new high-yield savings account to compete against the likes of ING Direct and President's Choice. Now, they've gone one step further and increased the rate on their savings account.
HSBC now pays 3.10%, which is an increase from their original rate of 3.00%. This compares to 3.00% at ING Direct and 3.00% at President's Choice. As I explained in my earlier article, 0.10% is not a lot of money over the course of a year, but hopefully it is indicative of a desire at HSBC to remain at the forefront of this market and to attract new savings with a premium rate.
However, they are all put to shame by the rate at ICICI Bank (Canada), which pays 3.5% on its HiSave account. I am going to look into this account further.
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My Experience with President's Choice Financial (May 07, 2006)
I've been banking with PC Financial for about a year and a half now. Here's the report card. Two things motivated me to open an account with PC. The first was the lack of banking fees. I had been paying $28 per month with my ... Read
ICICI Bank Savings Account (May 06, 2006)
Until recently I had never even heard of ICICI Bank. However, with my recent review of interest rates at the major banks on savings accounts, theirs caught my eye. ICICI pays 3.50% annually on both Canadian dollar and U.S. dollar savings accounts. Although this may ... Read
HSBC Introduces High-Yield Savings (May 02, 2006)
Stung by high-yield accounts offered at smaller (at least in Canada) financial institutions such as ING Direct, President's Choice and others, HSBC has revealed its new high-yield savings account at an initial rate of 3%. This compares favourably with President's Choice, is slightly less than ... Read
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