Opening a high yield savings account was one of my better financial decisions. At first, I was able to keep savings liquid yet earn interest rates comparable to those local banks offered for certificates of deposit. When the interest rates began tanking in response to the Fed's rate cuts, I moved just under two thirds of my savings into a seven month cd. Now that rates have dropped further, I'm debating how much of a rate chaser I want to become.
I like HSBC. Their phone support when I managed to lock myself out of my account was superb, and I appreciate being able to withdraw money from an ATM even though I'll probably never do so. I'm tempted to stick with them simply because doing so requires no effort.
There are better rates out there right now, but I've done the math and am not sure it's worth moving my liquid savings around to make an extra $25 a year. Does that make me a lazy and irresponsible slacker? Maintaining eighteen different bank accounts and trying to make sure I eke out every possible penny of interest doesn't sound like an enjoyable or efficient use of my time. I'll probably move a little more money into certificates to lock in rates, but I want to minimize hassles. There are enough in life already.