Sunday I took the plunge and applied for a FNBO Direct account. Higher interest rates and greater stability ratings are pretty big draws. I'd set an account up for my parents a few months ago to try to save them from the paltry 0.7% interest they were getting on their money market account at their local brick and mortar, and they've been satisfied with FNBO. I was thinking I might just move a little money in at first and then gradually shift my savings later on once I got a better feel for how FNBO's customer service compares with HSBC's excellence, but my application approval was in the same batch of emails as the notification of HSBC's latest rate cut so I'll be migrating all but $5 of my savings account balance as soon as the trial deposits clear. I'll still have $8,000 in HSBC cds to move when they mature.
I'm toying with the idea of using a referral link to snag $25 from ING as well. Then I'll be positioned to become a rate chaser. Dollar Savings Direct looks tempting, but Emigrant doesn't seem to be doing any better than HSBC in stability ratings lately. I guess I have less faith in the FDIC than I once did.