# FYI: HSBC Online-Only Savings 4.25% APY **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [January 3, 2008, 11:09am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158 "2008-01-03T11:09:47Z")\ **Posts on this page:** 20\ **Page:** 1
**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 3, 2008, 11:09am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/1 "2008-01-03T11:09:47Z")
Just thought I’d share. I never bothered looking at HSBC savings accounts until this afternoon and was fairly surprised to find that if you open an online-only savings account it’s currently a 4.25% APY. No fees, $1 dollar minimum balance. With no risk and no fees, it seems like a decent way to stash some cash before you spend it. [http://www.hsbcdirect.com/1/2/1/](http://www.hsbcdirect.com/1/2/1/) ---
**Author:** ![snowracer101](https://avatars.discourse-cdn.com/v4/letter/s/258eb7/32.png) [@snowracer101](https://forums.speedlife.net/u/snowracer101)\ **Post date:** [January 3, 2008, 11:12am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/2 "2008-01-03T11:12:05Z")
so, if you put $5,000 in that account… how much intrest would you make in a year? ---
**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 3, 2008, 11:13am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/3 "2008-01-03T11:13:10Z")
It was as high as 5.5% at one point. ---
**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 3, 2008, 11:13am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/4 "2008-01-03T11:13:21Z")
$5000 \* .0425 = $212.50 I opened an account today just as a way to get some cash out of my hands before I can find a way to make it go away with nothing to show for it. On top of that, 4.25% is a pretty good annual return for no risk and free access any time I need it. ---
**Author:** ![Locutus](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/locutus/32/7574_2.png) [@Locutus](https://forums.speedlife.net/u/Locutus)\ **Post date:** [January 3, 2008, 11:13am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/5 "2008-01-03T11:13:47Z")
212.50 ---
**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 3, 2008, 11:19am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/6 "2008-01-03T11:19:16Z")
i joined in when it was 5.0 ish but i keep getting emails stating they are lowering it because of changes made by the federal reserve ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [January 3, 2008, 11:19am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/7 "2008-01-03T11:19:34Z")
ummm… most savings account compound daily, not annually. So, $217.07 and, [4.75%](https://services.mandtbank.com/personal/daily/savings_emoneymkt.cfm) \> 4.25% :fyi: > Pricing > No minimum balance, no monthly service fee > $1 per withdrawal in excess of 4 per month > > Other Features and Services > Free M&T Web Banking > Free account access at over 1,600 M&T Bank ATMs2 > Four free withdrawals, including telephone transfers, per month > Plus - Direct Deposit, Electronic Statements, Easy Save > This product is not available for non-personal accounts > > Interest Rates > Interest is compounded daily and paid monthly. **_M&T Bank online savings is not an intro rate…_** from personal experience ---
**Author:** ![66impalass](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/66impalass/32/7429_2.png) [@66impalass](https://forums.speedlife.net/u/66impalass)\ **Post date:** [January 3, 2008, 11:20am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/8 "2008-01-03T11:20:52Z")
ya, I got it when it was up at 5.5%, but read the fine print, it is an introductory offer and goes back down to fuck, I can not find the rate on my last statement ---
**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 3, 2008, 11:21am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/9 "2008-01-03T11:21:56Z")
I’m still rocking the emigrant direct at 4.65% today. ---
**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 3, 2008, 11:22am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/10 "2008-01-03T11:22:32Z")
> [@Nikuk](#): > > ummm… most savings account compound daily, not annually. > > So, $217.07 I thought that 4.25% APY meant 4.25% compouned annually? ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [January 3, 2008, 11:25am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/11 "2008-01-03T11:25:10Z")
> [@Fry](#): > > I thought that 4.25% APY meant 4.25% compouned annually? APY is a disclosure statement. APY = the rate of interest earned through compounding if you leave all interest accrual in the account. APR = annual percentage rate, if you were to withdraw your interest earning when paid (monthly). edit- here, [What Is Annual Percentage Yield?](http://banking.about.com/od/savings/a/apy.htm) > In the example I’ve used, you’ll find that the APY is 6.183%. In other words, if you get 6% annually with daily compounding, your APY = 6.183. Try changing the compounding frequency and you’ll get an idea of how the APY changes. For example, you might show quarterly compounding (4 times per year) or the unfortunate 1 payment per year (which just results in a 6% APY). for example, with the M&T Bank _4.75% APY_ I posted,they state _APR is 4.63%_. ---
**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 3, 2008, 11:26am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/12 "2008-01-03T11:26:53Z")
Ah, I get it now. Thanks! ---
**Author:** ![chino](https://avatars.discourse-cdn.com/v4/letter/c/bcef8e/32.png) [@chino](https://forums.speedlife.net/u/chino)\ **Post date:** [January 3, 2008, 11:29am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/13 "2008-01-03T11:29:13Z")
> [@JayS](#): > > It was as high as 5.5% at one point. yea, was going to say it used to be a lot better it has come down a lot in the recent credit suckyness. ---
**Author:** ![Avatar](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/avatar/32/5076_2.png) [@Avatar](https://forums.speedlife.net/u/Avatar)\ **Post date:** [January 3, 2008, 11:45am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/14 "2008-01-03T11:45:48Z")
> [@JayS](#): > > It was as high as 5.5% at one point. Sure was. I’ve had one of these accounts for almost 2 years now and have earned some decent interest. ---
**Author:** ![eclipsed](https://avatars.discourse-cdn.com/v4/letter/e/bbce88/32.png) [@eclipsed](https://forums.speedlife.net/u/eclipsed)\ **Post date:** [January 3, 2008, 11:50am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/15 "2008-01-03T11:50:03Z")
> [@Nikuk](#): > > ummm… most savings account compound daily, not annually. > > So, $217.07 > > and, [4.75%](https://services.mandtbank.com/personal/daily/savings_emoneymkt.cfm) \> 4.25% :fyi: > > **_M&T Bank online savings is not an intro rate…_** from personal experience yep… M&T’s rate is not introductory ---
**Author:** ![oldford](https://avatars.discourse-cdn.com/v4/letter/o/f17d59/32.png) [@oldford](https://forums.speedlife.net/u/oldford)\ **Post date:** [January 3, 2008, 11:51am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/16 "2008-01-03T11:51:10Z")
M&T FTW ---
**Author:** ![Avatar](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/avatar/32/5076_2.png) [@Avatar](https://forums.speedlife.net/u/Avatar)\ **Post date:** [January 3, 2008, 11:51am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/17 "2008-01-03T11:51:26Z")
M&T = the suck ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [January 3, 2008, 11:52am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/18 "2008-01-03T11:52:44Z")
> [@Avatar](#): > > M&T = the suck lolz. this is one of the very few consumer products that they’ve gotten right. 😛 ---
**Author:** ![sureshot](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/sureshot/32/7578_2.png) [@sureshot](https://forums.speedlife.net/u/sureshot)\ **Post date:** [January 3, 2008, 11:53am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/19 "2008-01-03T11:53:19Z")
Yeah. Old news. Glad to see Nikuk laying the smack down though. ---
**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 3, 2008, 11:56am UTC](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158/20 "2008-01-03T11:56:03Z")
FYI, FNBO ( [www.fnbodirect.com](http://www.fnbodirect.com) ) is @ 5.05% APY currently. Not introductory, no minimum. I currently carry both an FNBO act and another ING act (guess where most of the money is) You an easily convert APY to APR and vice versa using the EFFECT and NOMINAL functions in Excel. The bank is going to print whichever is more appealing visually to the consumer. It is the same in terms of your money though, just different ways to write it Tomato, tomato [Next page](https://forums.speedlife.net/t/fyi-hsbc-online-only-savings-4-25-apy/41158.md?page=2)