These days, even the White House’s economic team is tamping down expectations for an economic recovery – only weeks after the Obama administration sent out some smoke signals that the worst was behind us.
On Tuesday, Vice President Joe Biden’s chief economist, Jared Bernstein, told reporters that without a reduction in unemployment, there wouldn’t be an economic recovery. His boss was less circumspect – Biden said in an Oct. 20 speech that the U.S. economy was “in a depression” (although to be fair, he used the term in context to describe what it’s like to be unemployed these days).
But why split hairs? Talk of more economic strife certainly won’t help consumers’ mindsets, nor will it do much for bank rates. Interest rates can only rise as the economy improves (and the Federal Reserve raises interest rates to fight inflation).
So, that’s all the more reason for bank investors to scour the financial landscape for great rate deals. BankingMyWay is on the job again this week, with some good bargains on savings and checking accounts.
Bank Savings Accounts
Bank rate levels are dropping, but some are holding steady at levels that investors might not want to ignore.
Take HSBC Bank (Stock Quote: HBC). Only a month ago, its National Statement Savings Account was yielding 1.45%. Today, that rate is down to 1.35%. But even so, that rate is light-years higher than the average U.S. savings account rate, as measure by BankingMyWay.com.
But, as virtually all bank Web sites warn you on similar deals, “APY is variable and subject to change”.
For the HSBC savings account deal, you only need a minimum deposit of $1, and the account doesn’t charge any onerous “management” fees.
For more details, check out the deal.