By  Updated on Mon Jan 7, 2013

HSBC Advance Savings Rate Falls to 0.20% APY

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.

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