HSBC Direct recently raised the rate on their online savings account to 3.50%, which is higher than both E*Trade (3.15%) and Wamu (3.30%). This new rate applies to both new and returning customers.

The account features no minimums or fees, and only requires a $1 deposit. The rate is guaranteed through 8/15/2008. ATM cards are available, and unlimited links to external accounts can be set up.

In addition, HSBC is also offering a $25 bonus for completing the following steps:

• Apply for an HSBC Interest Checking Account online
• Open and fund your Interest Checking Account with $2,000 in new money
• Get $25 credited to your account*

This offer ends on June 15, 2008.