HSBC Direct 6% APY promotion for new money

I noticed this new 6% promotion at the HSBC Direct web site today.

Here are the details:

From January 29 - April 30, New Money in your account earns 6.00% APY.

By “New Money” we mean funds deposited during the New Money Period, less any withdrawals, that were not previously held by any member of the HSBC Group. New Money excludes your Starting Balance and must be in available funds for the promotional rate to apply.

Your Starting Balance is the available balance in your account as of the close of business on January 26, 2007.

Keep in mind that your HSBC Direct account is designed to hold balances up to $2,000,000. Don't worry, we'll give you notice if you go over that amount.

This is a nice deal that will give you a 6% APY on liquid funds for up to three months, which will make it the rate leader for a three month investment unless another bank matches HSBC's rate.

Next week I will be moving some cash from a maturing T-Bill and my Bank of America Cash Maximizer® Savings account into my HSBC online savings account and get me some of that 6% interest. I encourage everyone reading this to do the same. :)