HSBC made drastic rate reductions to a number of its certificates of deposit (CDs) with terms ranging from six months to 48 months.
The 48-month CD experienced a rate drop from 0.80% APY to 0.15% APY. The bank’s 12-month CD now pays a mere 0.01% APY, down from 0.20% APY.
Last month, HSBC also slashed the rate on its online savings account, from 0.40% APY to 0.20% APY.
At this point, even online savings rates from other banks are offering much higher returns.