# 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:** 2
**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:** [June 1, 2009, 12:53pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/21 "2009-06-01T12:53:30Z")
Bump. We just changed these to 1.55%.:banghead: 🖕 Apparently they’re no longer willing to lose money on them. ---
**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:** [June 1, 2009, 12:55pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/22 "2009-06-01T12:55:00Z")
^ Yeah, I just got my email notice the other day. Pretty soon they’ll be charging me to keep money in my savings. ---
**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:** [June 1, 2009, 12:58pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/23 "2009-06-01T12:58:56Z")
it’s gotten so bad that my crew only deals with cash money now ![http://i274.photobucket.com/albums/jj265/mdeegan2/u_car.jpg](http://i274.photobucket.com/albums/jj265/mdeegan2/u_car.jpg) ---
**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:** [June 1, 2009, 12:59pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/24 "2009-06-01T12:59:44Z")
This is why I don’t read my mail. :uhh: ---
**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:** [June 1, 2009, 1:02pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/25 "2009-06-01T13:02:10Z")
i just sit and wait every month for the email. oh well. it was good while it lasted. my regular savings is .9%. I will probably close my HSBC acc and move it to my regular BOA. It will be easier to get too also. ---
**Author:** ![speedracer18t](https://avatars.discourse-cdn.com/v4/letter/s/f04885/32.png) [@speedracer18t](https://forums.speedlife.net/u/speedracer18t)\ **Post date:** [June 1, 2009, 1:18pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/26 "2009-06-01T13:18:27Z")
just got an email from hsbc for my online saving… now at 1.55% apy ☹ ---
**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:** [June 1, 2009, 1:21pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/27 "2009-06-01T13:21:09Z")
Ya, I got the email late last week about it. ugh, I miss 6% ☚ ---
**Author:** ![BigRon](https://avatars.discourse-cdn.com/v4/letter/b/58956e/32.png) [@BigRon](https://forums.speedlife.net/u/BigRon)\ **Post date:** [June 1, 2009, 1:36pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/28 "2009-06-01T13:36:14Z")
GMAC Bank is now called Ally, FDIC insured and good rates: [http://www.ally.com/index.html](http://www.ally.com/index.html) It is funny that the American Bankers Association (ABA) file a complaint for unfair rates: [http://www.ally.com/messages/](http://www.ally.com/messages/) Rate comparison tool: [http://www.ally.com/compare-savings-cds.html](http://www.ally.com/compare-savings-cds.html) ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [June 1, 2009, 1:42pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/29 "2009-06-01T13:42:12Z")
> [@JayS](#): > > ^ Yeah, I just got my email notice the other day. Pretty soon they’ll be charging me to keep money in my savings. lol… yea, ftl. sadly now is when i have the most in savings too since i am constantly concerned about my companies health… i’d be making a good chunk of change monthly if it was still at 5%+ ---
**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:** [June 1, 2009, 2:27pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/30 "2009-06-01T14:27:40Z")
ummmm Ally is 2.25%. I wonder how much it has dropped since the recession. I dont want to move the money just for them to start going down the shitter too. ---
**Author:** ![BigRon](https://avatars.discourse-cdn.com/v4/letter/b/58956e/32.png) [@BigRon](https://forums.speedlife.net/u/BigRon)\ **Post date:** [June 1, 2009, 2:46pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/31 "2009-06-01T14:46:20Z")
They were at 2.8 a bit ago. They make a point at marketing that they will not tempt people with good rates and change them so I doubt they move much in the near future unless it is up ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [June 1, 2009, 5:35pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/32 "2009-06-01T17:35:03Z")
Rates go up and america starts saving again, fixing the majority of the problem with our economy, but then the US can’t pay back its debt. Rates go down, no reason to save and will send ourselves right back to where we were before, money becomes to cheap and inflation takes hold. We have ourselves in a pickle that is going to be painful either way now. ---
**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:** [June 1, 2009, 5:47pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/33 "2009-06-01T17:47:12Z")
rates go up and america stops spending money and more businesses fail and more people are unemployed and theres less money to spend. Inflation is still quite manageable because all the low interest is doing is cancelling out would-be deflation. Cheap money is a necessary evil right now. ---
**Author:** ![TradersBASE](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/tradersbase/32/5321_2.png) [@TradersBASE](https://forums.speedlife.net/u/TradersBASE)\ **Post date:** [June 1, 2009, 7:13pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/34 "2009-06-01T19:13:41Z")
> [@Joe](#): > > rates go up and america stops spending money and more businesses fail and more people are unemployed and theres less money to spend. Inflation is still quite manageable because all the low interest is doing is cancelling out would-be deflation. Cheap money is a necessary evil right now. x2 The opposing force to deflation is cheap easy money. Bailouts and low interest rates keep things in motion. Plus how else could we expect another bubble to build? LOL ---
**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:** [June 1, 2009, 7:15pm UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/35 "2009-06-01T19:15:00Z")
> [@Penfold](#): > > Rates go up and america starts saving again, fixing the majority of the problem with our economy, but then the US can’t pay back its debt. Rates go down, no reason to save and will send ourselves right back to where we were before, money becomes to cheap and inflation takes hold. > > We have ourselves in a pickle that is going to be painful either way now. yes a 2% difference in interest rates is going to “make american save” :banghead: ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [June 2, 2009, 6:35am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/36 "2009-06-02T06:35:59Z")
> [@Joe](#): > > rates go up and america stops spending money and more businesses fail and more people are unemployed and theres less money to spend. Inflation is still quite manageable because all the low interest is doing is cancelling out would-be deflation. Cheap money is a necessary evil right now. But, the economy doesn’t need people to buy shit on credit to be healthy. I guess the problem is that 30 years of a false economy allows everyone to throw basic economic fundamentals out the window? We have not gotten any richer as a whole, just more in debt. ---
**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:** [June 2, 2009, 6:43am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/37 "2009-06-02T06:43:13Z")
I would disagree. When companies and individuals have to pay cash for everything, nothing gets done. We’ve been borrowing from elsewhere for decades now with the idea that we can make more utility out of their money than the interest we have to pay back. It’s worked for us. Think of us like the world’s savings account…they dump their money in, we give them a few %, and use it to make our economy soar. We continually have liabilities to a lot of people around the world, but they trust us as the place to invest their money. The problems we’re facing now are due to foreign competition being able to make stuff 90% as good as we do for 50% of the cost; it’s harder for us to maintain that spread when people don’t want to buy our crap for the prices we sell it for. ---
**Author:** ![Penfold](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/penfold/32/5007_2.png) [@Penfold](https://forums.speedlife.net/u/Penfold)\ **Post date:** [June 2, 2009, 6:54am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/38 "2009-06-02T06:54:19Z")
> [@Joe](#): > > I would disagree. When companies and individuals have to pay cash for everything, nothing gets done. We’ve been borrowing from elsewhere for decades now with the idea that we can make more utility out of their money than the interest we have to pay back. It’s worked for us. Think of us like the world’s savings account…they dump their money in, we give them a few %, and use it to make our economy soar. We continually have liabilities to a lot of people around the world, but they trust us as the place to invest their money. The problems we’re facing now are due to foreign competition being able to make stuff 90% as good as we do for 50% of the cost; it’s harder for us to maintain that spread when people don’t want to buy our crap for the prices we sell it for. I agree with you completely, but in the last 15 years or so we haven’t been using that borrowed money wisely. Instead of buying things that increase productivity we were buying chinese crap for the house/garage and “luxury” items. Its equivalent to a business taking out a loan they should be using for a new CNC machine and instead buying a Harley davidson to ride around the shop on. ---
**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:** [June 2, 2009, 7:07am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/39 "2009-06-02T07:07:59Z")
Yep. We’re not as far apart on this as it looks. That’s why I said the problem we’re facing is people buying from the foreign competition. In the past, we borrowed money from other countries, loaned it to people to buy american stuff, which made the american companies produce more, and led to lots of wealth creation. Now, we borrow money from China and people use it to buy Chinese shit and perpetuate THAT cycle. Unless we do something, we’ll be stuck in a race to the bottom til our people are making only slightly more than they are, or we simply don’t manufacture anything. ---
**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:** [June 2, 2009, 7:17am UTC](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843/40 "2009-06-02T07:17:37Z")
Penfold :picard: please stop. and thanks for the ally info… I’m dumping my cash into there for a while… it’s FDIC so nothing to lose. [Previous page](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843.md?page=1) [Next page](https://forums.speedlife.net/t/federal-reserve-hsbc-rant-vs-online-savings-acc-interest-rate/60843.md?page=3)