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Originally Posted by Aleta
Thanks Sweeps. I opened one up today. There are no minimums, but you have to keep the account there for 6 months as long as you keep $1. balance. As far as float times, it doesn't matter if you're already transferring out of a savings account. You're still earning interest.
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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.