Bank savings rate blog BankDeals daily e-​mail alerted us to a new relatively high rate from HSBC Direct, which introduces a 3.​5% APY for online savings accounts through August 15, 2008. While we still believe money market mutual funds offer consistently better returns than even the highest-​yielding bank savings accounts, we do track the highest-​yielding bank money market deposit account (​MMDA) offerings, such as Countrywide Bank and Capital One Online Savings. In the past, HSBC and others have offered attractice introductory rates, but most of the high-​yielding, internet-​only banks have underperformed over periods of longer than one-​year.

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