Once again I’m starting to wonder if financial institutions really want my money. Not in terms of lovingly holding it for me – I already know they want to take my money by fees and other means… By always paying off my credit card each month I’m actually “costing” them money. No balance – no interest.
But this time around I received notice from HSBC that my Online Savings Account rate is once again being adjusted down…
With this notice (and all of the previous ones) – I’m feeling pretty good that HSBC is kind enough to still be 5 times the rate of the national average. So that makes – .3% the nation average? I might as well put my cash in a bag with money signs on it under my bed! Still – this online savings account started at 5% – and has gone down hill ever since. I know, I know… “It’s the economy, stupid” – but it would still be nice to know that I’m getting something back for letting HSBC prop up it’s balance sheet with my dollars. At an effective 0.0042465753424657534246575342465753% APR each day, I’m not seeing very many pennies being put back into my account for my generosity! Don’t get me wrong, I’m blessed that I have a few dollars saved up – but there has to be a better way to hang onto cash…