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Originally Posted by goodtosave
When HSBC floats your funds for 3-4 days, you do not earn interest. For example, they debit $100 out of your account 1/8/07 and you receive credit to your destination account on 1/11/07, you will have lost 3 days of interest from 1/8/2007 to 1/10/2007.
These may not matter but it's 0.14 interest a day(assuming 5%) for every $1000.
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With the above calculation if you transferred $20k you would lose $2.80
while the funds are waiting to post? I take it you consider this a bad deal? It could be. Would this offer of 6% be worth the loss? This offer is for funds transferred before 4/29/07, how long is the rate good for? when will it return to the current rate of 5%? Sometimes you're making such a small amount of money for the move it may or may not be worth it. It all depends on the amount of funds you have.
Before long everyone will have 10 online MM accounts and just hop from one to the other everytime there's a rate change.
