The HSBC Advance online savings account is now paying 0.20% APY, down from 0.40% APY. Originally offered by the now-defunct online banking division of HSBC (HSBC Direct), the account was a leader in savings rates in 2008 — often appearing more attractive than ING Direct’s savings rate.
Today, the HSBC Advance online savings account is far from competitive. Currently, the top online savings rate is 1.00% APY from Barclays Bank.
The low rate may be enough to drive customers to other online banks.