Now that all the heat seems to have died down from the latest Fed interest rate reduction I have decided to switch my high yield savings account. I was very happy with my HSBC Online Savings account, however they lowered their interest rate from 5.05% to 4.5% which is now a lot less competitive than some of the higher yield accounts.

I’ve decided to go with Countrywides 5.50% APY savings account which is up there with the highest rates out there. I do give up a few luxuries I had with HSBC though - there is a 10k minimum deposit with Countrywide (and a $10 fee if your balance falls below this). I also do not get instant transfers to my checking account but rather go back to the standard 3-4 business days that most bank to bank transfers have.

I can close the account with no penalty after 90 days so I suppose its worth rate chasing a bit.

Countrywide 5.50% APY Savings Account