Canadian High Interest Savings Bank Accounts

HSBC Bank Canada has boosted the interest rate for new deposits to its Direct Savings Account to 4.75 per cent. HSBC Bank Canada is making the high interest rate offer available to both new HSBC Direct customers as well as to existing customers who are adding additional funds to their online account.

This online high rate savings account can be set up at http://www.hsbcdirect.ca. The HSBC introductory interest rate for online savings accounts is one of the highest in the country. The HSBC Direct Savings Account is an online savings account, accessible 24 hours a day, 7 days a week through Internet banking, telephone banking or an ATM.

In case you missed the announcement, here is a direct link to the press release and all the offer details: http://www.newswire.ca/en/releases/archive/February2008/04/c6552.html

So say I create a new account and put in money now… The interest rate I receive will be 4.75% but after March 2nd it will be 3.70%?