# Federal Reserve/HSBC Rant vs online savings acc interest rate. **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [January 6, 2009, 12:39pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843 "2009-01-06T12:39:36Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![dreid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dreid/32/7388_2.png) [@dreid](https://forums.speedlife.net/u/dreid)\ **Post date:** [January 6, 2009, 12:39pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/1 "2009-01-06T12:39:36Z")
I opened a 3.25% online savings account with HSBC to build some cash. I figured hey, let my money make money while it just sits there. So a few months back I rec a email from HSBC. blah blah blah, yada, yada, yada, your interest rate is going down but its still one of the highest at 3%. I get another email yesterday saying that the Federal Reserve has lowered there interest and thus we(HSBC) will be lowering ours as well to 2.60%. What the fuck? I check out the federal reverse site and google and I cant find any info on the interest rate change. Thanks alot goverment, I really cant blame HSBC too much. The 2.60% is still better than any regular savings at .9%. /rant ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 6, 2009, 12:42pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/2 "2009-01-06T12:42:00Z")
looks like my emigrant direct account is at 2.71% today… do you want cheap loans or high interest savings? can’t have both. this is to encourage you to spend money. uncle sam says spend! 😃 ---
**Author:** ![dreid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dreid/32/7388_2.png) [@dreid](https://forums.speedlife.net/u/dreid)\ **Post date:** [January 6, 2009, 12:43pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/3 "2009-01-06T12:43:33Z")
Its just a sign of the times I guess. Im about to empty the savings anyway to buy a house lol ---
**Author:** ![Eazy716](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/eazy716/32/7443_2.png) [@Eazy716](https://forums.speedlife.net/u/Eazy716)\ **Post date:** [January 6, 2009, 12:46pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/4 "2009-01-06T12:46:38Z")
dont feel bad, mine started at 6% ---
**Author:** ![JCuz](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jcuz/32/7338_2.png) [@JCuz](https://forums.speedlife.net/u/JCuz)\ **Post date:** [January 6, 2009, 12:47pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/5 "2009-01-06T12:47:09Z")
i opened mine when it was at 4.25 … lol ---
**Author:** ![dreid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dreid/32/7388_2.png) [@dreid](https://forums.speedlife.net/u/dreid)\ **Post date:** [January 6, 2009, 12:47pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/6 "2009-01-06T12:47:35Z")
wow. It was good while it lasted ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 6, 2009, 12:48pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/7 "2009-01-06T12:48:09Z")
Wow… fail. The understanding of finance is strong in the open forum… ---
**Author:** ![dreid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dreid/32/7388_2.png) [@dreid](https://forums.speedlife.net/u/dreid)\ **Post date:** [January 6, 2009, 12:55pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/8 "2009-01-06T12:55:39Z")
> [@walter](#): > > Wow… fail. > > The understanding of finance is strong in the open forum… care to explain sir finance?? ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 6, 2009, 1:02pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/9 "2009-01-06T13:02:48Z")
[http://www.letmegooglethatforyou.com/?q=how+interest+rates+work](http://www.letmegooglethatforyou.com/?q=how+interest+rates+work) ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [January 6, 2009, 1:04pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/10 "2009-01-06T13:04:31Z")
Mine was 5.05% when I started. I just keep mine for a emergency fund anyways, I don’t care how much interest it will earn. I only make a couple hundred bucks a year in interest anyways. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [January 6, 2009, 1:05pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/11 "2009-01-06T13:05:01Z")
OMG LOL… [www.letmegooglethatforyou.com](http://www.letmegooglethatforyou.com) FTW. ---
**Author:** ![walter](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/walter/32/7202_2.png) [@walter](https://forums.speedlife.net/u/walter)\ **Post date:** [January 6, 2009, 1:06pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/12 "2009-01-06T13:06:26Z")
> [@theblue](#): > > OMG LOL… [www.letmegooglethatforyou.com](http://www.letmegooglethatforyou.com) FTW. :eekdance: ---
**Author:** ![skatanic28](https://avatars.discourse-cdn.com/v4/letter/s/8e7dd6/32.png) [@skatanic28](https://forums.speedlife.net/u/skatanic28)\ **Post date:** [January 6, 2009, 1:06pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/13 "2009-01-06T13:06:46Z")
> [@JustinH](#): > > Mine was 5.05% when I started. same here ☹ ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 6, 2009, 1:17pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/14 "2009-01-06T13:17:29Z")
> [@theblue](#): > > OMG LOL… [www.letmegooglethatforyou.com](http://www.letmegooglethatforyou.com) FTW. Added to favorites ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [January 6, 2009, 1:23pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/15 "2009-01-06T13:23:49Z")
Fucking government!!! :run: ---
**Author:** ![Viper966](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/viper966/32/7268_2.png) [@Viper966](https://forums.speedlife.net/u/Viper966)\ **Post date:** [January 6, 2009, 1:26pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/16 "2009-01-06T13:26:34Z")
yea, i got in with HSBC when it was 5.5… it was nice, it was like a CD but with no early out penalties… you want a big return? invest in the stock market (hehehe) or gold ---
**Author:** ![dreid](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/dreid/32/7388_2.png) [@dreid](https://forums.speedlife.net/u/dreid)\ **Post date:** [January 6, 2009, 1:29pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/17 "2009-01-06T13:29:58Z")
> [@walter](#): > > [http://www.letmegooglethatforyou.com/?q=how+interest+rates+work](http://www.letmegooglethatforyou.com/?q=how+interest+rates+work) nice come back lol **When interest rates are high, fewer people and businesses can afford to borrow, so this usually slows the economy down. However, more people will save (if they can) because they receive more on their savings rate.** When the central banks set interest rates, such as the U.S. [Fed Funds rate](http://useconomy.about.com/od/monetarypolicy/a/fed_funds_rate.htm), it is the amount they charge other banks to borrow money. This is a critical interest rate, in that it affects the entire supply of money, and hence the health of the economy. **Examples: High interest rates can cause a** [**recession**](http://useconomy.about.com/od/grossdomesticproduct/f/Recession.htm) **.** ---
**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\ **Post date:** [January 7, 2009, 4:46am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/18 "2009-01-07T04:46:39Z")
i didnt get any letter from them and mine is at 3.75% 😕 ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [January 7, 2009, 5:34am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/19 "2009-01-07T05:34:50Z")
If it makes you feel any better we still lose money on the Online Savings. We pay out a higher return than the money market stuff we put your deposits into. It’s a loss leader, designed to get new customers from different states in the door and then hope they like us enough to use other products. ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [January 7, 2009, 5:38am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/20 "2009-01-07T05:38:51Z")
mine was over 5 when I got it… it is a fucking financial meltdown, everyone’s assets are devaluing. People’s 401K’s are getting crushed and are experiencing negative returns. You should be happy you’re still able to get positives. [Next page](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843.md?page=2)