HSBC Savings Account Withholds 28 Percent Taxes
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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