HSBC Direct $25 Bonus vs Emigrant Direct Bank (Is ING even in the competition?)

[sweeps]

Originally Posted by Sweepsplayer

My shot-in-the-dark guess is that they'll go to either 4.30% or 4.35%. They've proven that they want to stick it to Emigrant and ING, and staying 5 or 10 basis points over them is probably enough.

After Bernanke's comments today that more rate hikes may be needed, I think HSBC will go to at least 4.50% after the promo is over.

[pyotr]

Finally, 33 days after I embarked on my path toward opening the HSBC online savings account it is finally fully functional and ready for action. I was getting discouraged waiting for the crazy-long passwords and ID#s (was joint account with my wife) to be mailed to me, but everytime I called HSBC I was greeted by cheerful and very helpful representatives with solid information to encourage me to wait longer. I believe the telephone customer service from HSBC is just as good if not better than INGdirect. They have a system on the application status website where if you click on the "Call Me" logo my home phone rings almost instantly and I'm on with an HSBC rep (a free call). What I don't like about HSBC is that they don't give you the daily interest accumulating tally the way INGdirect's website has it.

In approximately another 2-3 weeks, I am told I will receive my $25 sign-up bonus into this account. Setting up bank-to-bank transfer with my base checking account at Wachovia was a breeze: instead of waiting for the HSBC ATM card to arrive, I simply called up HSBC and a pleasant young lady internet specialist went through the process with me step-by-step bypassing the ATM/pin code requirements. It takes about a week to transfer money into this account. I am told it typically takes 3-4 business days to transfer money from my checking account to HSBC online savings. I am hearing from others that it typically takes longer to transfer money out of HSBC to another account. ?True or Not?

[fratkid21]

for me, it takes long...
they say 3 bus. days... however, i am finding that it takes 5 full bus. days, and if there is a weekend in there, you will lose 7 days of interest....

ing and ed, take a day and a half at most!

with that being said, i still like the user interface and the convenience of the atm card and my local branch with HSBC....

I also used the atm to deposit, and it showed up the next day.

[Ima saver]

I know I am losing interest, but that is why I like staying with my home town bank.

[jerseyguy]

I signed up for HSBC online savings account a month ago and just got my first online statement. I accrued almost more interest in one month with them then all last year with my dopey simple savings account at my local bank. Rate is 4.8%, I know this will end end of April and will probably go down to low to mid 4's, but I still have a huge thumbs up for this bank so far.

[JoyJoy]

Not only are they paying good interest, but they are giving nice lines of credit on their cc at 0% for 12 months online! Instant approval.

[BTC]

I hate how long it takes for transactions to post at HSBC. That's a huge drawback, imo.

[goodtosave]

Originally Posted by BTC

I hate how long it takes for transactions to post at HSBC. That's a huge drawback, imo.

3 days of lost interest to be exact or 5 days if the weekend falls in between the 3 business days. And that's just one way transfer.

[fratkid21]

hmmmm.... i found it to be 5 days, and 7 if the weekend was included..... was it unusually slow for me???

[goodtosave]

Originally Posted by fratkid21

hmmmm.... i found it to be 5 days, and 7 if the weekend was included..... was it unusually slow for me???

This is so messed up. Someone should contact the Office of Thrift Supervision if they are interested in pursuing this issue.

http://www.ots.treas.gov/docs/4/48780.html

well as I mentioned in another thread, I gave up on the "big three" and took a shot at GMAC bank. I have to say I'm very impressed so far. The speed with which my deposit appeared, the quick delivery of my account materials. I like the idea of having the checkbook and card to use where no waiting is required (and the refunding of the first 4 ATM charges you might incur each month was a nice touch too).

will their good interest rate last (heck, will THEY last)? who knows, but I'd be willing to absorb a fair difference in interest to maintain the convenience of accessibility for my emergency fund.

see me in a month for my "GMAC Bank sucks" thread. I'm a fickle little monkey.

[fratkid21]

so you get a check book and an atm card? and to they refund you the atm fees from the other bank that you are using? along with not charging their own fees for using a foreign atm?

[fratkid21]

let us know know it works after you make a "test" withdrawal from some random atm machine....!!!!!!!!

[fratkid21]

FYI Everyone: From GMAC website:

"There is no charge for withdrawals at a GMAC Bank or NON-GMAC Bank ATM. A fee may be assessed by the ATM owner for use of a non-GMAC Bank ATM. The first four fees per statement cycle assessed by the ATM owner, up to a total of $6, will be refunded by GMAC Bank."

So you are basically credited $1.50 per transaction if you make 4 atm transactions, etc.

Most random atm machines charge a minimum of $2-3 to use their ATM machines. There are even some here in south florida (especially ones at bars/restaurants) that charge as much as $5-7 per transaction. I was recently charged $7 for using my Bank Of America card at a local night club.

So, hence, you are probably only good for 1-2 atm withdrawals per statement cycle from GMAC. Which is no big deal, i guess, if you are truly using it in an emergency!

I honestly can't ever see a need for the atm access (I will have the card of course, just in case...hence the term "emergency fund"), I have no doubt normally the situation will allow me time to transfer the funds to my checking account just as I would do with ING or any of the others.

for me it's about the convenience being available not to mention the better rate than ING. the interest difference between GMAC, HSBC, and ED is negligible when I factor in the extras I get from GMAC that give me ease.

everything is certainly subject to change though, who knows what will happen in a few months, GMAC could drop into the 3's, ING might finally catch up, possibly even surpass everyone, anything could happen. heck, getting to your money at GMAC could turn out to be a nightmare, maybe it takes 7 days to get funds moved over, you never know.

[fratkid21]

well, i am now debating on opeind a GMAC acct... let me know what your transfer times are like...

will do fratkid, once I've got everything situated, I'll try a small transfer on a Monday morning and maybe a Thursday to check the weekend effect (that will use up two of my available for that month so I don't want to "play" anymore than that the first month).

[fratkid21]

Rexdart-

I just opened my GMAC account online, and funded it with my checking account with the $500.

Then, I was playing around with the account, and went under the exxternal linked accounts, and my checking account (that i funded it with) was not there.... so i assumed that the funding account does not automatically show up as a linked account. So, therefore, I took the extra steps to link that same checking account, and am now waiting for the "random" trial deposits. Does this sound like what you had to do, and does it sound right?

Next question, how long after you opened the acount, did it take to get your checks, ATM card, account materials, etc.?

ahh, thanks for pointing that out about the external linked accounts (I hadn't noticed that!)


does seem strange don't you think that the funding account wouldn't automatically be there?


my new customer packet arrived just a few days after I opened the account last week but I haven't gotten the check card and checks yet (I wouldn't expect to get those that quickly). the packet does have a signature card to fill out and return but it doesn't state that the issuance of the card and checks are contingent upon its return, just that until they receive it, there will always be a chance that a check you write on the account might not be honored (I mailed mine off today).


I'm on there right now setting up my checking account as the linked account....

[fratkid21]

rex-

yeah, i did the extra step as well...

however, this is not uncommon... as with HSBC, the funding account does not automatically become linked, I had to do it separately with HSBC as well.

ING and ED, both automatically added the funding account as the externally linked account, if i remember correctly...

let me know your trials and triumphs... will keep you posted...