My Dear John to HSBC
Yesterday, I received this email from the lovely folks over at HSBC:
Dear Single Ma,
We are writing to inform you that based on the recent drop by the Federal Reserve, HSBC Direct has adjusted your Online Savings Account rate to 3.55% APY*. At 8x the national savings average**, you are still earning one of America’s highest savings rates.
HSBC Direct will continue to evaluate and respond to market changes so we can provide you with competitive rates. And if your rate changes, whether up or down, we are committed to always letting you know.
You can feel confident knowing your savings are with HSBC Direct. We’re part of HSBC Group, one of the largest financial institutions in the world, and have over 140 years of experience helping customers manage their savings.
We sincerely appreciate you saving with HSBC Direct.
Jean Carrow
Vice President
Customer Relationship Center
HSBC Direct
…and here’s what I think about it.
Dear John HSBC,
Thank you for informing me that you “adjusted” my Online Savings Account rate to 3.55% APY. Considering what I’ve been contemplating lately, this is just the news I needed.
When I first noticed you from across the internet, you offered me a 5.05% APY. The rate was so attractive, you managed to lure me away from my beloved ING Direct and its $25 opening bonus. Throughout the year, our friendship blossomed into a wonderful love affair based on a mutual understanding. I gave you a $500+ deposit every month and you gave me a $50+ interest payment every month. But lately, things have changed.
Over the past 5 months, you’ve “adjusted” my Online Savings Account rate from 5.05% to 4.5% (Sept), 4.25% (Dec), 3.8% (Jan), and now 3.55%. Who do you think you’re kidding? Your rate isn’t “adjusting” anymore, it’s DROPPING. At first I didn’t mind, but you have taken my kindness for weakness. And since you insist on dropping your rate so often and so quickly, I am committed to letting you know that we’ve come to the end of our road.
I hate to do this because I was confident knowing my savings were with HSBC, but I am even more confident when my money is earning a real competitive rate of return. Despite what you may think, 3.55% APY is not all that appealing. In fact, the phrase “8x the national savings average” is borderline insulting. How long are you going to ride that washed out marketing horse?
And I hate to break it to you darling, but I, too, evaluate and respond to market changes. I hope you didn’t think I would allow YOU to look out for MY best interest. Thanks, but not thanks. I can manage just fine on my own. Haven’t you heard the phrase…what you won’t do, another bank will? Did you think you were irreplaceable? With nearly $14,000 to give, I know I’m a good catch.
Hmph!
Now please brace yourself because I have something else to tell you…
I saw your good friend the other day. Yea, your buddy Bank Deals, and he introduced me to the seven-month 7% APY Certificate and the 15-month 5.35% APY Certificate at the State Department Federal Credit Union. I will begin moving my emergency fund on Thursday, all except $1,000. When I get settled, I’ll come back for the rest of my things. And there’s no reason to be upset with your friend…you did this to us. I wish it didn’t have to end like this, but even 140 years of experience isn’t enough to convince me to stay.
I really enjoyed our love affair while it lasted: the 5.05% APY, our bi-weekly exchanges, your generous deposits, the sneak peaks at my growing balance - ah, the memories.
But it’s over now.
Sincerely,
Single Ma
Prudent Saver
United States
[inspired by Boston Gal when she "broke up" with ING]
~*~*~*~*~*~Work to achieve, not to acquire.
And as always, BE FABULOUS!
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15 comments:
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Smart Spending (Trackback), 6 February 2008, 21:06
Interest rate falling? She ends the love affair…
Single Ma at Fabulous Financials apparently took it as a personal slight when her bank informed her in a letter that — due to rate cuts by the Federal Reserve — her online savings account was, so to speak, losing interest. So Single Ma responded with…
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Fabulous Financials v2.0 » 7.00% APY Certificate of Deposit (Pingback), 7 February 2008, 18:44
[...] of this new found love, I officially broke up with HSBC today. It was hard to say goodbye, but now that $12,000 of my emergency fund will be earning [...]
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Fabulous Financials v2.0 » Top 5 Fab Picks of the Week - Remixed (Pingback), 9 February 2008, 18:00
[...] Single Ma’s Fabulous Remix: My Dear John Letter to HSBC [...]
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Have you read the Fabulous Financials comment policy lately?
That is…fantastic!!!!
I wish I had a bank I hated so much, so I could write a similar letter.
I don’t “hate” them, they were good to me. It’s just, at some point, all relationships come to an end. [-SM]
To da left, to da left, LOL! I love it!!
Hahah! I love it:) Good response:)
I want to be just like you when I grow up!!! You are on top of you s@#*! I love it!
Hell yeah Single Ma! I have an account with ING and I noticed that happening to me too. Of course they didn’t event send a letter, they just kept dropping the rates…I need to get on down too.
This is a funny post in a serious sorta way. Thanks for sharing this.Lol
That’s funny. I’ve been feeling almost the same way about my online savings account. Only my bank’s washed out horse is their fabulous service. I just “adjusted” the location of my deposits from ING Direct (still paying less than HSBC) to Emigrant Direct (just lowered to 4.05%, so still paying more than HSBC).
You’ve made a nice catch. I’m trying to stay liquid right now because I’m also switching checking accounts (my old one had my social security number as the account number, which I loved because I could remember it, but which sadly is also very stupid, so I am finally getting rid of it). So I’m in that phase where I’ve requested that all my automated stuff be switched over, but I don’t quite know when the move will happen for each thing.
You crack me up Single Ma!!! I’m sorry to hear about the breakup but I am glad you found someone so quickly.
I guess HSBC must not know bout you single ma. You can get another one in a minute. LMAO…this response to HSBC written like only single ma can.
Great letter….ING is doing the same thing except you don’t even get a letter! Bastards!
I guess I’ll cancel my HSBC account too. That’ll be HSBC, Citibank and Emigrant Direct all canceled in a month. I had a combined $132 between all three accounts, so they won’t miss my money. HSBC was the biggest interest payment from all my bank accounts last year though, but I moved my money to BoA late in the year out of convenience.
I’ll be keeping ING Direct though. I’ve earned a good bit of referral money from them, so they can stay.
can you pls pls pretty pls send this to them?? and post their response?? ha! love it xx