I find it interesting that even though the Federal Reserve opted not to lower interest rates this week, some banks are adjusting their interest rates anyway. HSBC Direct lowered its online savings rate from 3.50% to 3.25%, giving competitor FNBO an upper hand in the battle for top high yield savings account (FNBO’s rate is still 3.50%). American Express also raised the regular APR for new credit cards issued by an average of 1.0% on several popular cards. Despite the rate hike, with a 9.99% regular APR, Blue from American Express remains one of the best all-round cards available. As the financial industry struggles, they’ll try to squeeze customers to remain profitable, but if you know where to look, good deals on your basic savings and credit products are still out there.
Despite Fed Decision, Banks Are Moving Interest Rates
September 17, 2008 by
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About David E. WeliverDavid Weliver founded MoneyUnder30.com at the age of 25 as he struggled to conquer post-college debt on entry level paychecks. Today, he works full-time publishing Money Under 30 to help other young professionals jump start their financial lives. You can find David on Google+ or LinkedIn.
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