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      07-15-2013, 06:25 PM   #124

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Join Date: Jul 2009
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Originally Posted by badazzm View Post
Australia is giving 11.5-14%, Singapore is giving 9-11% and India is 8-10%. Go to your local HSBC and find out before typing ignorant responses.
I just checked.

HSBC Australia is giving 3.15%

I found an Indian bank called "Mauritius" that gives 3.65%.

I did some more digging and found an article that talks about an 8% savings account for HSBC, but there were severe limitations -

When you scour the market and look at what’s available, the highest rates are available on regular savings accounts. HSBC and First Direct are both offering rates of 8.00 per cent - impressive when you consider the average no notice account is paying just 0.31 per cent according to the Bank of England.

However, the reason why banks and building societies are able to offer higher rates on regular savers is because of the way these accounts work. The rate tends to be fixed for a 12 months after which the account matures and you will move your money elsewhere.

During the 12-month term you must pay money into the account every month and you can’t usually access your savings until maturity. The amount you can pay in is also capped, restricting how much you can save. It is for these reasons that regular savers often pay higher rates of interest than other savings accounts.

The maximum you can deposit each month is usually £250, although some accounts allow up to £300. As a result, while regular savings accounts are great for those wanting to get into the savings habit, existing savers or individuals with a large amount of money they’re looking to invest may find that they’re not quite as attractive as they initially appear.

After all, the only money you’ll earn the full annual rate of interest on is that paid in in month one. The money you deposit in the final month will earn just one twelfth of it. Consequently, the amount of interest earned over the 12-month term may be less than you were expecting.

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The bolded part is the most relevant to me. Yeah 8% sounds great until you realize the limit is absurdly low.

If there was a low risk way of accruing 11-14% on $500k+ investments, everybody would be doing it. If it sounds too good to be true, it probably isn't true.