By Mr. B(Rates may be out-dated. Please see the Current APY Wiki for updates)
A particular thread at FatWallet on where to move one’s money after the 6% promotional period ends on April 30th got my attention. HSBC’s rate prior to the 6% promo was only 5.05%, and that is where I suspect it will return on May 1st. However, one never knows for sure what HSBC will do, but I expect the rate to lower significantly.
So, what to do with the money I have currently in HSBC Direct Savings when this promo ends? Mainly, it depends on what new rate they choose. Anything over 5% means that I will do nothing. 
That’s a decent rate, and I see no need to shuffle money around and potentially lose a few days of interest for a tenth of a percent or so.
However, if the rate is below 5%, I’ll move elsewhere. There’s always E-loan (currently at 5.25%) or E-Trade (currently at 5.05%). Either of these services are acceptable. See my comparison.
The way I see it, money that I keep in an online savings account is money that I keep aside for emergency savings. Anything beyond that is in mutual funds. I don’t pay bills with it. I don’t withdraw from it unless I absolutely have to. I want it to build quietly and regularly without too much maintenance on my end. For this reason, shuffling it around for a few tenths of a percent is not worth it to me. Now, if another 6% interest rate comes along, I’ll be more than happy to let the money shuffle begin.
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