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You're browsing: Complaints » General Issues, Savings Issues » Article Title: HSBC Savings Account Withholds 28 Percent Taxes
09
Apr
HSBC Savings Account Withholds 28 Percent Taxes
Watchdog

GG in Virginia gives this analysis of HSBC savings accounts:  “I just looked at my statement on my internet savings account with HSBC.  They withhold 28% federal income tax from my interest which drives the advertised interest rate of 5.37% to 3.87%.  I am in the 15% marginal tax bracket.  I realize I will be due a refund at tax time but I am losing a lot of money as the withheld taxes are not drawing interest, at least not on my behalf.  Those funds are drawing interest for HSBC.”

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Category: General Issues, Savings Issues
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